1. Create Clear Benchmarks for Earning Rewards and Incentives

Employers should outline rewards and incentives through programs, systems, and procedures. The best reward programs are simple. Employees should know exactly what they’re aiming for – whether that’s a sales metric or delivery of certain projects. When setting these benchmarks, employers must give clear instruction on how to effectively meet those goals and provide tools to boost performance and progression on that path. If employees are unaware of how to win awards or the guidelines are unclear, it can lead to frustration and discouragement.

2. Connect Rewards with Work Standards

Consider connecting rewards with workplace standards. If employees understand the correlation between good work and rewards, they’re more likely to focus on reaching those requirements. An easy route is to provide different levels of achievement along the way. The more an employee sells, for example, the more recognition they gain. Recognize them for keeping pace with company standards. It’s more encouraging when levelling up is an achievable next step. Celebrate the merit-worthy, smaller wins along the way. The more rewards they reach, the more likely they are to be motivated to reach for that next level of achievement.

3. Tailor Rewards to the Staff

If the rewards have no bearing with the staff’s wants and needs, they probably won’t strive for them. Every business has its own workplace culture; so, copying traditional reward systems isn’t always the wisest decision. By tailoring rewards to suit your workforce, personnel are bound to be more incentivized through their interests. If your team members have expressed an interest in staycations, social events, or even an upgrade in tech – meet them where they’re at. Personalize rewards to demonstrate a proactive investment in employees’ preferences. This will no doubt lead to an increase in business loyalty and aspiration to outperform. Furthermore, it helps assure them that their voices have been heard.

4. Recognize All Types of Achievements

It’s too common of an occurrence for employers to get fixated on hitting big targets. Huge business achievements should be celebrated – like closing a deal with a multi-corporate business or signing a high-flying socialite to advertise a product. However, this can create favor to certain departments by dismissing those that aren’t revenue producing. It’s just as significant to recognize all levels of business achievements. Ideally, this system should practice recognizing achievements in everyday operations. Create merits not solely about reaching the big numbers – celebrate career progression and a job well done.

5. Incentivize Individual and Team Efforts

Results can be the end-product of an individual’s hard work. But more often than not, success comes from a team effort. Take a bespoke approach for incentives and reward systems on a team-to-team basis. Provide teambuilding events, sponsored happy hours, or team-wide bonuses as a reward. Teamwork can strengthen productivity, engagement, and overall business relations. Strong collaboration and communication can prove to be solid byproducts for business success – so reward it sufficiently.

Things to Avoid When Rewarding Employees

Fairness should be foremost when giving recognition. Still, it’s impossible to keep everyone satisfied. Employees should feel empowered to bring up concerns of unfavorable or discriminatory treatment to you directly, so that you can address concerns as they come up – but that won’t always be the case. For the best shot at success, here are steps to avoid alienating staff while rewarding productivity: