Rewards are powerful in shaping employees’ behaviours and even the company’s culture as they express the type of effort being recognised at the workplace. Below are some key factors that can be considered when designing your company’s rewards structure:
What to reward?
Depending on employees’ needs, certain non-monetary rewards may actually be more valuable and relevant as compared to traditional monetary rewards. For example, providing additional annual leave may be more desirable to employees who want to spend more time with their family. Another example may be in the form of providing study or examination leave in recognition for their efforts in displaying an attitude of continuous learning.
How to reward?
When considering to reward between individual performance versus team performance, why not both? A balance between team and individual rewards is often a good mixture that improves information-sharing and synergy towards a common goal, while acknowledging higher-performing employees to encourage their continuous effort.
When to reward?
Apart from giving all the bonus pay-out in the same month, you can consider spreading the pay-out period throughout the year. This motivates the employees to perform all-year round so as to continuously achieve and reap the bonuses available.
The above excerpt is our compilation of ideas for business leaders in the areas of people management, leadership, and workplace happiness.
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