You only want the best for company to help foster growth and attract talent. But for that you need to have a robust strategy to retain and motivate your existing talent. One of the ways to do that is to prevent them from leaving you in the first place. This is easier said than done, however, as many employers miss the mark when they come up with employee reward and recognition programs.
Although these programs can be advantageous in the short- and long-term, you need to be really careful while implementing them. Here are some of the pitfalls that you should avoid when coming up with these plans.
Thinking it’s all About the Money
Money is not the only reward that employees are after, but employers have monetary incentives at the top of their recognition tools. Well, a bonus once in a while based on performance would be nice, but it isn’t the only thing that you can do for employees.
Employees may have been working hard and putting in the effort. You may want to evaluate things and give them some time off by sending them on a weekend getaway. That’s the reward part of things. For recognition, it might just be worthwhile to distribute a corporate email or hold a 15-minute meeting at the office floor to appreciate the employee’s efforts.
Remember that there are companies like power2motivate that provide reward and recognition programmes fro your employees.
Making Things Difficult
The way to make an employee reward and recognition program most effective is to make it “reasonably challenging” to achieve. Make it too easy and you’ll lose effectiveness as each employee will be getting the reward and recognition, taking the “specialty” out of it. Make it too difficult to achieve and employees will eventually stop caring.
An example is that when you set sales targets low for example, employees might get relaxed and let off the burners once they get it and if you put targets too high, it will further serve to demoralize them. Have a pilot project from the rewards schemes and figure out that sweet spot for your rewards and recognition programs.
Rethink What Deserves Recognition
Deciding to give employees rewards on physical output is a given. It might even be more than necessary depending on your business stature and size. But sometimes it pays to recognize efforts that go beyond offering increased output and production.
May be there is someone who livens up the office by making tea for their colleagues in an effort to lift up their spirits. Maybe someone cancelled dinner plans with friends and family to stay and work overtime. Rewarding these people might have indirect financial benefits in the long-term too. Plus, it would reinforce a friendly workplace culture.
Don’t Put Self-Imposed Barriers When it Comes to Rewards
It might be good to have a gift card or voucher for a coffee shop or bookstore as an incentive for employees (things of their interest). But it may be of further benefit to offer an afternoon or evening of entertainment and education through a guest speaker session or training workshop that allow employees to further their personal or professional goals.