What are the best employee rewards ?

by on May 11, 2009 · 0 Comment POSTED IN: HR Info Center

Best practices to find out what gets your team moving

Maybe they couldn’t give a darn about that annual company picnic, yet we think, as a management team, it’s one of the most important things we do during the year.

How do you figure this out? One of the ways you get to it is in the one-to-one on a monthly basis between a manager and their employee over what does it motivates them? What do employees want in terms of employee rewards

Best practices for employee rewards formulation
What some companies do, and now here’s the best practice, is they will form committees. They will form groups at different levels in the organization to figure out how should we be recognizing and awarding folks on a non-monetary basis?

The reason I suggest this is sometimes management, sometimes the executive team has a very different perspective on what employees want than the employees themselves.

Perspective in employee awards
We have to match the type of employee reward we’re giving to the achievement or the outcome we’re looking for. If someone achieved an extraordinary result and how a dramatic cost savings, revenue production for the company was a true award, stellar kind of achievement. What we don’t want to do is take them aside and give them a little plaque. We want to give them a valued employee reward

By the same perspective, if this was just a — they stayed over for a few hours a couple of times, we don’t want to give them a trophy for doing it.

So, we have to match the kind of employee rewards or recognition we have to what the outcome or deliverable or achievement was.

Make employee rewards timely and specific
We want to make employee rewards and recognition timely and specific. We want to make it as close to the event that it occurred as possible.

In many companies, we don’t do this but once a year. We have an awards banquet. We have an annual picnic. We publish a — you know, once a year kind of newsletter that says, we’re glad to recognize so and so for what they did.

I’m going to suggest we have to do this on a very frequent basis. Weekly, monthly, quarterly. And we’ve got to have tools to share that with the rest of the company.

At an individual level where it’s praised, it shouldn’t wait for the monthly coaching session. It shouldn’t wait for the annual performance review. It should be on the spot.

Hey, Bob, I really appreciate the fact that you stayed with me for three hours today to get this project done that I got to deliver to my boss tomorrow.

That’s the kind of thing we should be doing right on the moment.

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