Companies reward their employees with both tangible goods, as well as praise. For example, a sales department may offer a monthly bonus to the highest earner. Not all tangible rewards come in the form of money. Some companies host free lunches, or give away company gear to good workers. Many managers choose to reward their best employees by simply praising them for a job well done, or by recognizing the hard work they put in to a project.
Workplace reward systems are incentive programs that encourage employee engagement and productivity by offering bonuses, increased pay, additional time off or other awards for a job well done. Reward systems recognize staff members who excel in areas such as customer service, loyalty and sales ability. Organizations implement workplace reward systems to retain employees, increase morale and improve overall service and productivity within the company.
Here are 10 factors that motivate employees:
1. Studies have shown that for employees to be motivated, recruiting minimums must be present. These include pay, working conditions and job security. Without these, headhunting even the best employees will yield undesired performance results.
2. Employees who are attempted to be motivated by the fear of losing their job will have less energy and drive to complete daily tasks. This will have the opposite of the desired effect.
3. Rather than money, studies have shown that how creative an employee feels when working on a project is the strongest and most pervasive driver. Rewards that are strictly monetary will stifle the creativity of a project and an employee’s unique approach. Pure monetary gain takes the “interesting factor” out of a job.
4. The most sought after employees have a tendency to seek out challenges, to extend and exercise their capabilities, to explore and to learn.
5. Imposing too many laws, rules and formal processes will often impede the ability to motivate staff. The more set a process is, the less likely it is