Most businesses, both small and large are becoming increasingly aware of the importance of implementing reward and recognition programs within the company. The primary benefits that can be gained through the use of quality programs are improved performance and results. When the right programs are implemented properly great success can be had, which is evident in the statistics from those workplaces that already have such a system in place. Here is an overview of some of the most popular and effective recognition and rewards programs.
Service award systems starting early
Many of the bigger corporations and companies offer long-term service award systems. This means after for example 10 or 20 years of committed work they may offer some form of reward such as a gift worth a certain amount of money. Nowadays, it is generally believed that service awards such start earlier, as the thought of receiving a few extra days off or the latest tablet device years in the future is not particularly motivating. Offering yearly incentives that increase in value are much more likely to encourage people to keep up the hard work and remain committed to the company.
Performance-based rewards to create competition
Some healthy competition every now and then is certainly no bad thing and in fact it one of the biggest motivators in the workplace. This works particularly well with teams as even those people that are not all that interested in being the best, are suddenly part of a team whom they wont want to let down. Set realistic targets so that it doesn’t seem like a pointless waste of time and once these targets are reached, offer them the chance for an even great reward if they are able to take it up another level.
Personalized rewards and recognition
The best kinds of reward and recognition are those that have a personal touch. Not everyone is in need of a new phone or a digital camera, so try to come up with rewards that will really be desirable to your specific employees.
Those reward and recognition programs that are the most effective are the ones that take place immediately. When an employee takes work home every night in order to get that important project submitted in time, they will appreciate being noticed and thanked for the project at the time. Often the best reward is some praise and acknowledgement that they are doing well; and this should always be provided in the moment, when it really means something.