Workplace Reward Systems
If you want to promote healthy competition in your workplace then the first step might be adopting a workplace reward system. These are incentive programs that encourage engagement, competition and productivity. There are number of different ways you can create reward systems to benefit your business.
You firstly have to establish what the goals for your company are within any specific period. You can create long term rewards to encourage maintained productivity. Although setting short term goals will encourage your employees to keep up the momentum.
If your company offers benefits then your employee’s will definitely take notice. Companies that don’t match or exceed the benefit levels of competitors may have difficulty attracting and retaining top workers. It will also lack a presence of competition in the workplace.
If the goals of your company are to increase productivity then the best reward system for you is probably quota-based. This will not only encourage healthy competition but also stimulate workers to meet personal and company goals. This is when offering benefits to your employees can really work in your favour. For example, monetary based rewards such as bonuses, increased pay or additional time off will just push your employees that little bit further.
Perhaps you are trying to improve attendance within the company. If this is something that you prioritise then you need a reward system based on work ethic. Most reward programs are usually performance based but it’s important to focus on attendance too. When your employees are taking unscheduled absences this can cost organisations money and affect customer service. By offering an incentive to adhere to their schedule and strive for excellent attendance it creates an opportunity for them to compete for the best benefits.
There are a range of behaviours which you can choose to reward. By establishing what specific behaviours are important to your company you can begin to create an appropriate reward system. Your current targets may be to enhance customer relationships or help employees expand their managerial skills.
It’s imperative that you are creating a positive work environment to keep employee morale high. When employees are feeling uninspired and have a lack of incentive it can stem from workers not feeling positive about their jobs. This is when poor job performance and absenteeism can become rife. By creating the right reward system you can boost the morale of your employees and create a positive work environment. Healthy competition encourages interaction amongst employees as well as productivity.
Reward systems improve attitudes towards companies as well as increasing engagement. They inspire workers to do well and also stay within the company longer. Rewards make employees feel valued and successful. They will feel loyal and pursue any advancement opportunities within their current company.
Once you’ve implemented a reward system in work place, how do you maintain it? Well-designed systems require project management. Providing your employees with real time feedback and continually reinforcing the reward system will help it keeps its momentum and value.You can even personalise rewards to be tailored to the recipients. The employee needs to see that the reward opportunities are directly linked to their own efforts and results. This way you can anchor the meaning of the achievement more deeply. This is more effective than just treating rewards as an administrative task.
It’s also incredibly important to make sure that everyone has an opportunity to win. The best reward programs are built on the principles of fair competition. Every reward should be fully earned and people should know exactly what they have done to achieve it. Every employee needs to feel like they have the opportunity to be a winner.