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Reward management refers to how an organization develops and uses policies and strategies to reward its employees. Employee recognition and reward are forms of appreciation for the employees’ efforts and performance within the organization.
After increased commitment and dedication to meeting and even surpassing the set targets, rewards help improve employee morale while increasing productivity. It is among the forms of extrinsic motivations used by different organizations. When an employer rewards the best-performing employees, the rest are motivated to work harder to be rewarded next time. An organization can use multiple forms of reward to recognize their employees’ good performance.
Have you been wondering which approach to use to reward your task force? Stay tuned and learn more!
Importance of rewarding employees
Do you know how much employers are seeking hardworking employees who, when hired, will remain committed to driving the best performance?
At times, the productivity of employees with high proficiency levels in the workplace is challenging to maintain. The inability to recognize and appreciate their efforts can result in losing their talents to competitors who are willing to compensate them heavily. Good salary pay is a reward that helps minimize high staff turnover. Employee retention benefits an organization by lowering the amount of resources, including time and money spent on advertising, hiring and training staff to fit in the available job vacancies.
Employees contribute a lot towards a business organization’s success. Hence, always be kind to acknowledge your task force’s hard work by rewarding them. If the employees help drive increased sales and revenue generation, meeting your target or exceeding it, then it is wise to appreciate their input. By so doing, some of the benefits you will reap as a business include;
Attraction and retaining of top talents
In the workplace, skilled or competent employees are among the task forces that help drive positive results. Attracting and retaining top talents is never easy. Though you may succeed in meeting employees with top talents, the salary or compensation involved can keep them off.
If you need top talents who can go the extra mile to offer the best performance, as an organization or an organizational leader, you should also be willing to go the extra mile to appreciate their input by rewarding them. That means if you want top talents, you have an adequate reward management system to use to reward them on a performance basis.
Increase workplace productivity
Many organizations in the present-day era are struggling to perform. Still, businesses face stiff competition from other performing organizations. Then you are likely to wonder, what is the secret?
Among the possible factors you might consider to attribute to success include the ability to compensate or reward employees. At times, an organization requires some additional motivation in the form of rewards to encourage improved performance. In this case, employees feel valued and can perceive how the business organization acknowledges their contribution to overall success.
If you have yet to try rewards for your employees, it is the right time to reward them and assess their impact on your organization’s productivity or performance level.
Builds a positive reputation for your organization
In the business world, competition is real. Many factors support a business organization’s competitive ability. An organization can rely on a single or combined factor. For example, you can enhance your business reputation by offering customer-centered services. However, another company focuses on appreciating the influence and significance of employees by rewarding them to drive improved performance. Right?
Business organizations prioritizing employee wellbeing are highly sought after by employees. They spend less effort motivating the employees to deliver the best services to the customer. Proper handling of the employees, such as through rewarding them, creates a solid and positive reputation for the organization. In the process, people will always yearn to work for the organization. The high-quality services rendered by the motivated task force also help attract more customers.
Remember, a happier team of employees promotes happier customers.
Example
Disney is an example of a company that uses a comprehensive rewards system for attracting and retaining top talent. The company’s rewards package comprises educational opportunities, time-off programs, and health and savings benefits. The company works by attracting, engaging, developing, and rewarding talented teams.
Besides, Disney also instils a culture of inclusion, collaboration, creativity, and integrity among the employees to ensure they enjoy a perfect and positive workplace experience. Such a culture has helped to increase the employees’ morale and motivation, promoting creativity and improved performance.
Forms of rewards to use
Rewards used on employees differ. A business organization with a culture of appreciating employee inputs through rewards can choose a single way of reward or multiple approaches. Irrespective of the type of rewards used, what matters most is the effectiveness of the reward on the individual, especially in driving better performance while encouraging other employees to work harder. Below are some of the rewards that can be used;
Monetary rewards
By mentioning employee rewards, most will think in line with money or things having monetary value. Most organizations use monetary rewards for their employees. The effectiveness of the reward depends on the employee since some employees prefer non-cash awards while others prefer cash awards. Such preference variations should make business organizations use combined approaches when rewarding employees. Otherwise, the organization can find out how they want to be rewarded for good performance from the employees.
Suppose you want to reward your best-performing employees with monetary rewards; some options to consider include profit sharing, gift cards, and cash bonuses.
Special celebrations
At some point, if you are enlisted among the top performers in your workplace, you will not resist the plan for a special celebration. You will be more zealous and hardworking from the celebration to enjoy more similar or other benefits of your hard work!
Special celebrations can take different forms depending on the organization’s choice and planning. They can be held within the organization’s premises or planned elsewhere. No matter the venue or how the celebration is conducted, the main motive is to appreciate the employees’ contributions and encourage them to work harder.
Public shout-outs
A public shout-out is when an employer publicly recognizes an employee’s exemplary performance. In this case, human resource personnel can identify the best-performing employees before their peers and also appreciate them on the company’s social media platforms. This approach increases the morale of the employees and exposes them to great professional networks.
There needs to be more than a public shout-out to appreciate an employee who is dedicated to their responsibilities while increasing the productivity levels at your workplace. If you recognize their efforts through shout-outs, remember to incorporate other rewards for increased motivation.
Service awards
Service awards are when an organization recognizes the employee’s efforts, primarily based on their overall contribution. When serving clients, a business sector can be known for delivering exceptional services promoted by a particular employee. An organization can recognize the employee through the feedback from clients and the employee’s performance levels.
Therefore, the company can acknowledge the efforts by awarding the employee, ‘Employee of the Month or ‘Employee of the Year’. In this case, the rewards vary. It can be in the form of money, appreciation notes from the company, customized gifts, special celebrations, and shout-outs.
What is an effective reward management system?
A reward management system should determine the objectives or goals to fulfil by rewarding the employees. The organization should also identify the kind of employees who deserve rewards.
The company should review the existing reward policies and practices, if available. In this case, the main aim is to identify any concerns and challenges worth to be addressed.
A culture of rewarding employees has several objectives to fulfil. When developing a reward management system, the human resource personnel should assess the effectiveness of the reward. For instance, after rewarding employee X, did the later performance decline or improve? And why?
The next important step is evaluating the impact or outcomes of the reward. Employers expect that after recognizing and rewarding employees, they should continue showing improved performance. However, a decline in performance after rewards may mean ineffectiveness of the reward use, among other aspects. That is why the evaluation process becomes very important.
After evaluation of the reward outcomes, the HR personnel should develop or redesign the future reward practices to use.
Lastly, the HR professional should implement an improved reward system that guarantees improved employee performance.
Theories of reward management
The expectancy theory
The expectancy theory suggests that people’s decisions differ depending on the rewards they expect to receive. That means that without rewards, employees can work without extending their commitment. They can also underperform because of a lack of a reward management system. However, once they know that good performance or overperformance can attract rewards, they are likely to make choices that will result in improved performance.
Based on the theory, managers should not force results from employees through increasing supervision or micromanagement. Rather, they should change the approach by introducing a rewards program. For example, the company can decide to use certain reward types for the best-performing employees and also those showing improved performance. If the rewards highly motivate the team members, why should you refrain from recognizing and rewarding their efforts?
The two-factor theory
Herzberg’s two-factor theory focuses on the factors that influence motivation level and a person’s satisfaction. In a workplace, rewards are known to increase the employees’ job satisfaction levels. Once the employer rewards the employees for good performance, they feel valued and their efforts appreciated. Thus, they become more dedicated to their responsibilities.
Business organizations with a culture of rewarding employees tend to lower the chances of job dissatisfaction among employees, which can result in a decline in performance. One of the elements of the theory is the hygiene factors. The factors comprise the elements of a job that enable a person to meet their basic needs, such as pay, security, good working conditions and fairness at work.
In this case, salary and benefits are part of the reward management system of an organization, which increases job satisfaction. Based on the two-factor theory, Herzberg recommends recognizing employees for their accomplishments to motivate them to work harder. A motivated team of employees helps create a healthy workplace, can complete their projects on time, and supports the company’s mission and vision.
The principle of operant conditioning in reward management
Operant conditioning suggests that learning happens through rewarding or punishing behaviour. In reward management, performing employees can be motivated to be committed, and high performance can be ensured through rewarding them. The use of rewards helps reinforce the positive and desirable behaviour required or preferred by employers.
An organization that appreciates and recognizes the employee input stimulates them to always present positive behaviour, which can result in improved performance. Rewards are also positive reinforcers since they encourage the average or non-performers to work harder to enjoy the rewards. In the process, the workplace gets employees after the positive competition, contributing to improved business performance.
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