Recognising and rewarding employees for living up to your core values, such as going the extra mile and delivering great results, will help increase engagement and motivation - resulting in increased productivity. One of the keys to increasing productivity is incentivisation of employee performance.
Let's focus on each aspect, one at a time. The traditional thinking when it comes to an employee reward revolves around the straight-up cash bonus. Cash can quickly diminish in value since it's taxable. Cash does not bring back fond memories. A non-cash reward is more memorable and their effect is longer lasting than cash. Every time a non-cash reward is used, the recipient may remember why and how they earned it. By receiving something tangible and personal, the individual will feel appreciated which motivates them to go above and beyond.
Most employees work daily 9 to 5 jobs, Monday to Friday. Take them a business conference, or consider a 2-day teambuilding event for everyone. All you have to do is focus on rewarding employees.
Every 6 months however, it might be a good idea to take them on a trip. It will relax their mind and bodies, and it will help them stay more connected. Image via Pexels. This site uses Akismet to reduce spam. Learn how your comment data is processed. Rewards — a corporate imperative! Become a team player Rewarding employees who work the hardest and play nice at the office is a great way to increase productivity in the office. Download the eBook and get practical employee engagement ideas that you can start implementing today!
About the Author: Alfred Stallion. Whilst the number of younger people who are making their way into work is on the rise, thanks to advancements in healthcare and medicine, we live in an ageing population. For employers, these three factors can play a huge part in their productivity and performances in the workplace. The workforce is working harder than ever and for longer, but this comes with a mightily large caveat. Constantly having to attract new talent can be costly whilst failing to retain brilliant staff members can be a huge barrier to productivity and growth.
On the other side of the coin, older workers bring not just experience, but also wealth of potentially hard-to-find skills to the workplace. Like the job-hopping younger generations, productivity and output can be severely affected if key older workers within an organisation decide to either retire or move jobs — taking their valuable skills and experience with them.
When an organisation chooses to reward and recognise its workforce, it starts to build a positive company culture. Well, rewards are an important part of keeping employees happy and productive. There is a direct correlation between rewards and employee happiness, with 86 percent of employees saying that they feel happier and prouder when they are recognized at work, and 85 percent saying that they felt more satisfied with their jobs.
A large majority — 70 percent — of workers also noted when they were happy at work, they were happier at home as well. Satisfaction at home is important because it has a significant impact on employees' ability to do their jobs well and avoid issues with presenteeism, or not working to full capacity when they are at work.
Motivated and happy employees also contribute to the bottom line — and the difference is significant. Profitability also increases with employee engagement, with those companies boasting engaged employees seeing almost one-third higher profitability. Clearly, there is a return on investment that's inherent in keeping employees satisfied with their work. Beyond keeping employees happy, though, which is key to motivation, employee recognition also increases trust in the workplace.
Rewarding and recognizing employees creates stronger relationships, which in turn spurs motivation. And finally, as mentioned previously, rewarding employees for their work motivates them to stay. The U. Recognizing and rewarding employees demonstrates both a respect and appreciation for their efforts.
It shows the employer trusts that they are doing their jobs well, which not only encourages them to stick around, but also to work harder to give their best efforts.
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