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How Successful is Your Employee Rewarding System?
Recognizing your people for their efforts and hard work is one of the most influential motivation tools. Your little effort can take you a long way. Every organization looks out for an innovative and strategic employee recognition system that caters all the critical areas including benefits, recognition, compensation and appreciation.
Majority of organizations, amidst the flashy reward systems, tend to miss out the core elements of the entire process and these are appreciation and recognition. Every individual strives to give the best and expects little appreciation and recognition for their accomplishments or efforts. Thus, if you fail to align these elements with your rewarding strategies, then your efforts might go in vain.
A successful rewarding system would be the one where employees are recognized for two major attributes and these are performance and workplace behavior. Though, performance must be the major deciding factor, yet behavior makes a difference to your workplace personality and how well you get along with people.
Measuring an individual’s performance is quite easy as it involves reviewing how the employee contributed in organizational goals and objectives and how close he/she came in achieving individual targets given by the company.
While assessing performance is easier, assessing someone’s behavior is the most daunting task. An individual’s behavior fluctuates on account of a number of factors. Here, what you can do to judge it is identifying the areas where these behavioral attributes have contributed in organizational growth as well as establishing healthy workplace culture.
See, this makes sense here; you have to decide if you want to reward an employee for being innovative or just for being on their desk all throughout the day.
Whatever be the case, employers cannot neglect the importance of recognition and appreciation in establishing a successful reward system. Though, these are the low cost attributes, but the returns are higher. Even the Millennial workforce is always keen to get feedback on the job done and get appreciation if they did a good job. At the same time, recognizing them for any of their positive actions or attitudes motivates them for demonstrating these actions and attitudes on a regular basis.
Therefore, now that you know what’s’ important to keep the zeal and enthusiasm alive among your workforce, you must analyze your systems and find out where you lag behind. The rewarding system must be well-aligned with the company’s strategic business goals and drive right behaviors and goals for employees. To establish the same, you need transparent Performance Management Systems that help you evaluate every individual’s performance and other attributes while recognizing and appreciating employees.