What every manager should know about employee reward system?
Being the manager or the owner of your organization is bestowing rewards on your employees and motivating them to perform better in their role is something a regular or an episodic part of your business. The reward system is a great way to render thanks to your employees who are already performing very well in their job.
There is no doubt in mentioning the fact that employees are the lifeblood of every organization. Installing these guys on the job is an important task for every recruiter or manager. Generally, those employees leave organizations who feel unrewarded, underestimated and unmotivated. By furnishing your employees with the tools to help them witness a range of benefits that is instrumental in their growth as individuals, they will be able to feel more occupied and in control of their career. They will see from their rewards package how much value their contributions mean to the organization.
Managers should be aware of actually who, what, and when to give a reward to an employee. They need to ensure that their employees are aware of how to earn the rewards. Managers should also communicate transparently with the employees as if what they need to do to be in receipt of that reward. Set levelheaded and see-through performance benchmarks for these rewards.
In general, the HR department of an organization is typically in charge of giving rewards and benefits, yet the manager can also propose an employee for rewards and the benefits based on the proven and excellent performance.
Motivated employees are the ticket to give a plentiful success to every company. Employee Reward System if carried out properly, helps turn around performance, morale and strengthen employee loyalty.
Here are some good points we at SHIFTS suggest encouraging your employees:
1. Paid time off or additional vacation period
2. Flexible working hours
3. A note or a letter of appreciation from the company’s CEO
4. Dinner (for two) at a local restaurant or a group lunch for an outstanding department
5. A photo and a brief description in the company newsletter or magazine
6. Movie tickets
7. Discount vouchers
9. Thank you meeting
Apart from the aforesaid suggestions, you can search for more valuable employee rewarding ways online to help encourage your employees based on the ethnicity of your business.