How do you reward the right behavior in your team? Regardless of how success is defined for your team, the thing that can set your company apart from others is how you treat your employees and reward their performance and behaviors. In addition to the standard benefits (PTO, health insurance and 401K), it’s important for employers to look for creative ways to reward performance in a way that is appreciated. Not only does this help drive productivity and satisfaction, a positive-performance driven culture reinforced with a rewards program also increases employee professional self-worth, individual contribution, employer loyalty and helps guide and build the organizational culture.
If 2020 has taught us anything, it is that our time is invaluable. As employees prepare to go back into the workforce they are asking themselves “Is this the place where I want to spend most of my time” and “is the work I do valued”. Identifying top performers and rewarding desirable behaviors tells employees that their work does not go unnoticed. This will help retain key performers while giving employees purpose and drive.
The key to an effective rewards program is understanding your team, investing in them and knowing what is important to them. Do your employees value monetary rewards or would they rather an extra day off? Is continued education important to them, or do they want “pizza Friday”? This information can be captured during performance reviews, annual company surveys, exit interviews and staff meetings.
Programs we’ve seen others do:
Overall, making recognition and rewards a habitual practice is a continuous reminder to employees that they matter and are valued. How you treat your employees speaks volumes to how an organization is run and in turn how customers are treated. Creating a culture of recognition and appreciation can set you apart from competitors and allows the company to retain talent and for employees to grow and develop.