subject: A New Way Of Rewarding Your Employees, Intertwined With Old Methods [print this page] For many businesses it can be difficult to implement reward schemes when working with limited resources and tight financial budgets. If this is the case, a good way of rewarding employees would be to offer more of what you have to give, encouraging employees to work harder in order to get accrue credits which they can use to purchase benefits from a selection offered by the business. So, for example, you could have extra holiday days, vouchers for various stores or other employee benefits currently offered by the company. This way it gives employees something to work towards and offers them the chance to get more from the business than they normally would.
Many businesses still stick with the traditional methods of salary adjustment in order to give employees motivation to do well and reward them for good performance. This traditional style can have different effects on various types of employees; some will feel pressured and crumble under this extra stain having the opposite of the desired effect, while others will excel under the pressure. During these tough economic times people are increasingly becoming obsessed with getting their hands on as much money as possible. Although money can motivate people differently, the promise of an increased salary can drive some people to work harder than anything else.
A clever approach that businesses could take would be intertwining the old and new reward schemes; this takes away from the monetary aspect (although keeping it as a large part of rewarding employees) and places more emphasis on an employee gaining other, more tangible assets which they might not necessarily have considered to purchase if they simply had the money.
In the same way that you can reward your employees for their good performance, this can also act as a deterrent against employees that are under performing. This can rapidly diversify your workforces priorities but can help them to all work towards one common goal a high performing workforce all striving to be the best possible employees they can as they know they are being rewarded and are well valued by the company. It is important that businesses use the correct reward scheme; one that suits their employees and will be a worthwhile investment of time and resources.
If your business needs inspiration on which reward scheme use and how to implement it successfully within your company then there are hundreds of existing schemes to base yours on as well as ideas that you may not have thought of.
