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Reward systems are very critical in an organization. Employees who feel underpaid tend to register lower morale and motivation. Designing an appropriate reward system is very crucial in achieving productivity and efficiency. Remember rewards are not always monetary. Lots of non-monetary rewards can also prove motivating to your employees. A rewards system has about six different elements. These are talent development, compensation, benefits, recognition, and performance management. These elements will retain, motivate, engage and attract the top talents.
How Rewards align & engage the workforce: First, you have to create a corporate culture grounded in empathy and gratitude. Empathy breeds commitment, a sense of belonging and boosts the ability to deliver. You also have to instil a broad business goal, have a challenging work environment and a culture that holds and rewards meritoriously. Thirdly you’ll need leadership, a shared vision, and responsibility through goal alignment and the motivation of employees. Lastly, you need clarity of aims and rewards and transparent means of distributing the rewards to those who perform the tasks.
Is The Rewards Strategy Motivating The Workforce? For your reward scheme to change the workforce it needs a couple of elements. First, it needs to move from blanketed to a segmented reward system. It also needs to move from basic communication to online real team system. Thirdly it needs to reward in anticipation of even greater rewards in the future. It should also allow individual choice for each employee so that they get a reward that best meets their desires rather than standardized rewards. For example, while one may want monetary reward, another may choose shorter work hours.
Major refrains for Your Reward Scheme: Its not enough to use an effective reward system. The system has to be grounded in properly thought out ideas of commensurate compensation and motivation. First, the reward scheme should not be isolated from your business context and people strategy. You also have to factor in communication tools, cultural barriers as well as the budget constraints. One critical issue is that you should never adopt a reward system that does not reflect your company values. Review your reward system regularly and retire redundant policies.
Finding a Right Reward Strategy: Not all compensation schemes will work for your firm. Your workplace demography, the level of education, industry, technology and lifestyle will shape how employees react to specific rewards. Make sure the reward system is progressive and also coherent in terms of combining the available rewards into one large package. There is never a right way to reward employees. Just make sure your method is sustainable, motivating and scalable. Come up with a couple of reward schemes and test them for proper fit. Once you find the most appropriate compensation system tweak it and review it regularly.