5 Ways to Completely Revamp your Rewards and Recognition System
Rewards and recognitions are the best way to motivate employees to keep working in an efficient manner and to retain top talent. Treating employees the right way and motivating them frequently is a must for every organization to help enhance employee performance. These rewards and recognitions can be linked with the HR Software so as to track the rewards given to each employee.
Given below are the 5 Best ways to revamp your rewards & recognition systems:
- Rewards on the basis of the common goals of your organization:
This is the most important step towards developing appropriate rewards and recognition system. Assign targets to your employees so that employees work towards the common goal so as to meet their rewards. It motivates the employees to step out of their comfort zone and expand their capacity. Employees will take the extra steps needed to reach the goal. This, in turn, helps both, the employee as well as the employer to grow.
- Encourage peer-to-peer recognition:
Most of the organizations, use this strategy to encourage healthy competition among the employees. The employees are given the task of reviewing each others’ productivity and work quality. This enables them to know what more they can do to improve their own performance. By seeing the employees performing better than them, a sense of healthy competition is created and there arises a race between the employees to outperform within the team. Employees get to work on their weaknesses, that keep them from achieving the target they could not. This results in increased productivity and higher work capacity.
- Use the “Badge” as a reward:
A simple technique derived from school is to reward a person with a Badge for his actions that show his responsibility. Employees can be given rewards in the form of Badges, based on their performances. These badges can be made visible on the HR Software of the organization to show to the world about the top-performing employees. This instils a sense of responsibility in the employee with a badge to maintain it by performing more, and among the other employees by providing them with a goal to work for. This enables the organization to have a healthy competition among the employees.
- Managers First:
Employees are exactly like children in a family. Just like a small child, that learns by observing its elders, employees learn a lot from their managers in the workplace. Managers in the organization must be motivated to work harder towards their targets. When the managers themselves strive hard to reach their targets, the employees who observe them too are motivated to crush the targets. The right environment produces the best employees. Lousy and lazy managers, can in no way motivate their employees, nor can they contribute to the organization in any possible way.
- Personalized Rewards:
Most of the companies and organizations blindly believe that the only means of employee reward is an appraisal which is reflected in the HR Software. But it is not all that the employee wants. This can be changed to gift vouchers in the form of Offer Coupons for Coffee with a friend/partner, or meal coupons. If the organization is financially strong enough, it can reward the employee with a trip with his/her spouse to their favourite holiday destination. You can motivate them by rewarding through badges or recognizing them within the organization with the help of rewards and recognition system. This is an excellent way to take care of the employees by securing their work and life balance.
“Take care of your employees. Or else they will use the Wi-fi in your organization to search for a new organization!”, said a wise CEO. Retain the best talents in your organization by recognizing their efforts and rewarding them in the right manner for their contribution towards the organization. This will make your workplace a happy and outstanding one.