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How To Reward Employees In A More Effective Manner?

 

How To Reward Employees In A More Effective Manner?

1.      Having a reward system that fits your organizational needs will make recognizing employees much more effective. Vantage Rewards is an easy to use, cloud-based rewards platform that automates and simplifies employee recognition.

2.      Make sure the type of rewards fits the person you're rewarding. Performance-based rewards would more benefit a salesperson. Similarly, a new hire will be more motivated by intrinsic rewards such as praises and career advancement.

3.      Recognition from one's peers is a strong motivating factor for any employee. No matter the type of rewards, be sure to acknowledge it openly. Put it up on social media, office notice boards, and give the award publicly.

4.      Frequent and timely recognition is a crucial factor. Never hold off rewarding a piece of good work for a later date.

5.      It's essential to measure the effectiveness of your reward system. One way to do so is to take necessary feedback from your staff.

What types of rewards do they prefer? Are the rewards motivating? Do they feel that anything can be improved?

Finally

According to you, which of the above types of rewards would suit your company the most? Tell us in the comments below.

 

References

 

Cox, J. W., & Hassard, J. (2010). Triangulation in organizational research representation of Organizational Science. Management Science, Vol.12, 109-133.

Daniels et al., (2011). Here to stay –Taking Competencies the next level. Work at Work Journal,10(1), 70-77.

Deutsch-Salamon, S. & Robinson, S.L (2011). Trust that Binds:The Impact of Collective Felt Trust on Organizational Performance. The University of British Columbia

Dewhurst, M., Guthridge, M., Mohr, E., (2010). Motivating people: getting beyond Money, Business Source Complete.

Descombe, M. (2007). The Good Research Theory and Design for Small-scale SocialResearch Projects, Philadelphia: Open University Press.

 

Comments

  1. Ganga PathirajaJanuary 18, 2021 at 6:54 AM

    Rewarding is an effective motivation factor that can be used to improve the productivity of employees in an organization. Out of above stated reward systems, frequent and timely recognition will be the most suitable for our company.

    ReplyDelete
  2. Janaka IsharaJanuary 18, 2021 at 7:44 PM

    I think Performance-based rewards is mostly suit any organization .

    ReplyDelete

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