Most companies currently do an excellent job of rewarding their top performing employees. Usually these motivated and hardworking individuals tend to receive top awards such as vacations, additional benefits outside of their salary, and often are soon to get promoted.
However, at this point, you leave out the rest of the employees in your company. In most cases, these employees lack motivation due to the simple fact that they know the promotion or top reward offered by the company will go to the same individual. This becomes an issue when you relay on productivity not just from your top employee but from everyone else working for you.
Some of the reasons that this happens are:
• Equal Reward System
The main issue here is that different employees are motivated by different rewards. For example, someone might like their position and does not want the added responsibility of a promotion but feels underpaid or less appreciated than the “employee of the month”.
• Same Exact Rewards
If you expect the same award at the same time of the year, you lose the element of surprise and your motivation drops. Keeping rewards diverse will leave employees wondering and more interested in reaching that top level to see what they will receive.
• Delayed Bonus Or Reward
Most companies have a standard reward system that usually comes at the end of the year. Many employees lose motivation working towards such a long goal especially if the reward might not be of an interested to them.
How To Create A Customized Reward System In Your Business?
To avoid everything mentioned above and in order to achieve motivation in all of your employees, you need to create a custom reward system. You need to think outside of the box and create a custom reward system different than your competitors or other companies in general. This will not only attract top new talent to work for you, but will also motivate and increase productivity within your current team. Keep in mind that if you want to design it yourself, you need to look at all the different departments and employees you have.
This might take quite a bit of time to put together and execute. If you don’t have the spare time, there are experienced custom reward companies that can do it for you with as little involvement as possible. Speaking to one of these companies just only by giving them your budget, they will surely come out with a great solution for a custom reward system that will be tailored to your business.
In order to create such a reward system, you need to ask yourself several questions such as:
1. What is the company goal that needs to be achieved with teamwork?
2. What goals can each employee strive for in order to meet the end goal of the company?
3. Can you divide the main goal into separate milestones?
4. How can you keep the milestones short so every few months an employee can be rewarded?
5. What type of rewards do individual employees prefer?
Keeping in mind all of the questions above, you will surely succeed in creating the reward and pay strategy that every employee deserves. Monetary or material rewards do not always fulfill the need of appreciation. Sometimes all that is enough is for an employee to feel recognized for their work all across the company. They need the so called “bragging rights” to make them feel even more motivated. This does not mean that a monetary or material reward should not be included but rather have an equal amount of both.
If you are able to create a program that can address all the needs and wants of an employee, then you will surely achieve any company goal that you set.
In order to create such a reward system, you need to ask yourself several questions such as:
1. What is the company goal that needs to be achieved with teamwork?
2. What goals can each employee strive for in order to meet the end goal of the company?
3. Can you divide the main goal into separate milestones?
4. How can you keep the milestones short so every few months an employee can be rewarded?
5. What type of rewards do individual employees prefer?
Keeping in mind all of the questions above, you will surely succeed in creating the reward and pay strategy that every employee deserves. Monetary or material rewards do not always fulfill the need of appreciation. Sometimes all that is enough is for an employee to feel recognized for their work all across the company. They need the so called “bragging rights” to make them feel even more motivated. This does not mean that a monetary or material reward should not be included but rather have an equal amount of both.
If you are able to create a program that can address all the needs and wants of an employee, then you will surely achieve any company goal that you set.
