Effective Ways to Reward Employees
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Leaders everywhere are realizing just how dramatic a change an effective employee rewards or recognition system can make, but what's missing is the action.
Transcript of Effective Ways to Reward Employees
- Leaders everywhere are realizing just how dramatic a change an effective employee rewards or recognition system can make, but whats missing is the action. So many companies we talk to see the obvious need to show their employees that they are valued, but they dont know where to go from there. Whats missing is the actionEffective Ways to Reward Employees
- Reality Check Lets put that into perspective; this stat means that 88% of current recognition efforts are irrelevant and therefore ineffective. Thats a very eye-opening number. We see here that there is a clear disconnect between what organization leaders believe employees want, and what employees actually want. of employees agree that they are consistently Recognized in ways that are important to them.12%
- So thats just about everyone right? Its vital to realize that what motivates one employee, could be totally irrelevant to another. Your workforce is diverse, as are their motivators, as should your recognition efforts be. Figuring It Out... 99.4% of todays workforce expect to be recognized when they do good work.
- When mapping out incentives or reward tactics, it is important to recognize the differences in the three generations that your workforce is comprised of, and their differences. Motivating the Generations Millennials, Gen-X and Boomers have distinct macro motivators that leaders would do well to recognize.
- Millenials (or Gen-Y) Born between 1981 and 1995 They need direction, feedback, praise and social interaction from their workplace and managers. They crave informal and fun work environments. They also highly value learning and development opportunities.
- Offering days off, flex-work or work from home options gives this generation the work-life balance that they need to be satisfied. Gen-X Born between 1964 and 1981 Its all about BALANCE for these folks.
- They make up the largest portion of todays workforce, and their motivators are very different. Pamper them, but give them the opportunity to explore new professional avenues and skills. They still love a good adventure. Baby Boomers Born between 1946 and 1963 BOOMERS WANT PAY, TITLES RECOGNITION
- The one constant among all three of these generations is their need to feel valued and appreciated at work. Feedback, gratitude, inclusion and respect are all standards when it comes to rewarding employees, getting them motived and engaged. Theres One Constant Did you know that the most popular and effective method of recognition in the workplace consists of praise from management, attention from leaders and acknowledgement from peers? These types of recognition are often prized above monetary rewards in most studies. GEN Y GEN X BOOMERS Feedback Gratitude Inclusion Respect
- Well, lets start out by establishing that thank you is totally free and effective, but youll need more. So Whats This Gonna Cost? Are you surprised? Most of the clients we work with dont realize how cost effective a rewards or recognition program can be. We will more often than not, see very positive returns on investment in rewarding employees through productivity, engagement and discretionary effort. $$$ Financial rewards typically cost the organization $$$ Non-financial rewards typically range from free to 4%of an employees salary. 5-6% of an employees salary.
- Offering options ensures that everyone actually gets what they want. Offering motivators that your employees dont value, is a huge waste of time and can actually devalue your employees. Give them a wide range of choices in a wide range of categories. GET CREATIVE with your incentives and rewards! Cover Your Bases
- How About Some Help with Reward Program Ideas? When creating and defining awards, take note of your teams strengths and weaknesses and base the categories off of that knowledge. This will ensure that the areas you are weakest in will get attention, and the areas youre strongest in, will continue to be celebrated.
- Peer-to-Peer, Experiential Incentives, Wellness and Work-Life Balance, Community, Low or No Cost Awards and Medium-High Cost Rewards. We are chalked full of ideas for each one of these categories. Head over to the website for idea, after idea of creative and relevant rewards. What About Different Types of Rewards?
- While its not the only factor that keeps employees where they are, offering a variety of benefits is crucial in effective rewards systems. Focus on benefits like: Development Programs, Comprehensive Benefits, Competitive Compensation and even Non-Cash Rewards. Dont Forget the Benefits! EMPLOYEES STAY AT A JOB FOR THE BENEFITS. 6/10
- After weve thrown all this info about effective rewards at you, its important to reveal that the best, most accurate way to find out what your workforce wants in a rewards program is to (drum roll please) ASK THEM! Its true; finding out what is most important to your workers can be as easy as soliciting that information directly from them. The days of one-size-fits-all rewards programs are over. Employers are having to get extremely competitive with their attraction and retention efforts. Take action and find out what your workforce wants today. Do You Know What Your Workforce Wants?
- Thats What We Do! Herd Wisdom has taken the antiquated, annual employee survey and found a better way to gauge engagement, collect honest feedback and present the information to leaders in a way that makes it actionable and timely. We have found that monthly, or even weekly, short, gamified surveys are far more effective than the yearly surveys of corporate past. Employees can take surveys as a team or individual and earn rewards like charitable donations, gift cards and more. Find out what makes Herd Wisdom different today! Visit www.herdwisdom.com