Sometimes with some members of staff, receiving a salary on pay day is not enough of an incentive to keep them motivated and loyal to the company they work for. Whilst a lot of people will be more than happy with their salary, managers and company owners need to think of new ideas to hold their interest and loyalty. Many companies use reward systems for their staff but these do have advantages and disadvantages.
Effective reward is not just about raising salaries, but about finding the right reward system for the business and for the employees. One of the main factors that need to be considered first hand is how much of a reward scheme can the business afford? How does the reward system compare to the competitors? Will the reward scheme chosen suit the employees and inspire them with their daily workload.
Staff reward schemes do not have to be monetary, there are many other options and it may be trial and error before the right scheme works. A lot of staff are motivated by praise so the first reward should always be to thank the staff. Some staff are motivated by extra holiday, so this could be another option. If the company does not have a large budget then perhaps a quarterly or annual party as a way of saying thank you to everyone. If it can be arranged, then have the party during working hours, another way of saying thank you. Make the party fun with balloons, bunting and little giveaways on the tables personalised with the company’s logo or motto on. The food can be served on specially printed plates, with matching serviettes, even the wine can have the company label on, a good way of promoting the business at the same time.
Competition within the staff can also be a motivational tool. A reward scheme within teams of employees or departments can work well. Perhaps have the award ceremony at the party, so everyone in the company can be involved. Present the winners of the scheme with a plaque or personalised glass trophy, this will undoubtedly make them feel that their work has been noticed and they are a valued member of the company.
As has already been mentioned, there are advantages and disadvantages to reward schemes of any sort and what may work for one company or one employee may not work for another. The important thing to remember is that whatever way the management chooses to reward their staff, they are trying to inspire and motivate their staff which can only be a good thing