Here Are Three Types Of Rewards You Can Use To Create Better Than Average Employees.
To begin, there are three types of rewards and incentives that are effective.
First, Informal rewards: These include anything from saying "thank you" to inviting a productive team to lunch at a favorite restaurant. Be spontaneous when handling informal rewards and do it as soon as possible.
Second, rewards for specific achievements: Let's say an employee meets and surpasses some standard, whether it's a sales quota, production targets or quality measures.
They prove themselves to be a better than average employee. When that happens, he or she should be rewarded in a manner befitting their accomplishment.
What kind of rewards? Perhaps a rotating award for one specific category of work like a trophy or a plaque that the winners display in their work area for a period of time. If you decide to do this, don't forget to publicly announce these rewards in the company newspaper or on the employee bulletin board.
Rewards can also be given for more unusual, unique individual achievement. How you reward your employees is, of course, a matter of budget and imagination. But never, never just gloss over the rewards and their recipients.
Third, formal awards: These are usually presented for individual effort made over some established period of time, such as an employee of the month or year. These can be very effective when a worker proves themselves to be a better than average employee.
Now that you know about the different kinds of rewards, here are some guidelines when creating a program to effectively reward and recognize your employees:
* If possible, it's a good idea to line up the reward to the person. Why not start with her personal preferences? Reward her in ways she truly appreciates. For instance, if you know a particular hobby she loves, you could buy her an item related to the hobby.
A useful thing you can do as a supervisor is to survey your people about what they want for rewards and incentives. Such rewards may be personal or official, informal or formal, public or private, and they may be gifts or activities, such as a night at the theater.
Keep in mind that studies show money is not as important to many people as other types of rewards. I know, that's hard to believe, but it's true. Also, if you decide to use extra pay as a reward, it is important to make it clear that the extra pay is for special achievement only and nothing else.
While your at it, why not survey yourself?. Don’t you deserve recognition and rewards?
* It’s also a good idea to match the reward to the achievement. Take into account the significance of the achievement. Obviously an employee who completes a twelve month project ahead of schedule should be rewarded in a more substantial way than someone who does a favor for you.
* Be timely and specific. Don’t wait too long to reward. To be really effective, rewards need to be given as soon as possible. It’s been shown that rewards that come weeks or months after successful completion, do little to motivate employees to repeat their actions. Also, don’t fail to explain why the award is being given. In some way, a worker has shown themself to be a better than average employee.
* Rewards and recognition programs, like any other project, require planning, preparation and effective implementation. If you plan your rewards well and select people who will see them through, you'll increase their effectiveness considerably. The company will prosper. Your life will be easier.
Finally, never forget the three words for creating a better team of employees - motivate, motivate, motivate. That’s how you help your people go the extra mile. To be better than average employees. And over time, the payoffs from these efforts will be quite significant.
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