What encourages team members across organizations to be as efficient and responsible as possible?
Appropriate Rewards Systems
Clients that have implemented reward systems that are aligned with their company goals and culture in their organization, have seen great improvements in their team member morale and engagement. Team members become motivated to be time efficient and keep up on their personal tasks; while also being encouraged to use teamwork and help others to get the job done. Team members also become fully responsible for their decisions when using a reward system that encourages them to think like an owner. By rewarding these behaviors, team members feel valued which dramatically increases employee retention as they want to work where they feel important.
Where do we begin?
Choosing to reward team members on specific qualities and actions will make a significant difference in your organization’s bottom line. Some of the questions an organization should ask are:
- What benefits come from an appropriate reward system?
- What are the best practices for developing an appropriate reward system that aligns with our organizations goals and culture?
What are the benefits of an appropriate reward system?
Without seeing the differences of a reward system that is customized to be aligned with their organization’s goals and culture, employers may be hesitant to understand why they need to modify what they already have in place. However, having an appropriate reward system encourages employees to perform at the best of their ability, strengthens team morale and helps them to feel needed. When they are rewarded for doing well and there is a clear tie to their daily actions, they know that they are appreciated. In turn, they will do what they can to help further their organization. A company that invests in their team members, will reap the benefits of their team members investing back into the company.
As mentioned previously, appropriate reward systems will increase employee retention. By decreasing turnover, companies can create a culture that employees want to be a part of by building on the values of both the company and the employees.
What are best practices in creating an appropriate reward system?
One of the most important factors in a reward system is to reward team members based on the quality of the work they perform, and not the quantity of hours worked. If a company were to reward solely on the number of hours worked on a project, an employee would be more inclined to make the project last as long as possible. This would create back-log with the other projects they should be working on. This affects not only deadlines, but it can also negatively impact relationships with their clients.
When an employee is rewarded based on the quality of their work, they are encouraged to do their best job in an efficient amount of time so they add value to their work.
Another best practice in creating reward systems that deliver higher ROI is recognition of both individual performance, as well as an individual’s ability to work as a part of a team. Considering how well a team member can coordinate and participate in a group setting is extremely important in the workplace, especially when many team members are partially or fully remote for now and the foreseeable future. By rewarding team members for having the ability to work well with others, they will be encouraged to participate and brainstorm in groups which results in better communication, improved creativity, and increased productivity.
When an employee is treated well and rewarded for doing well, they will continue to find ways to excel and invest in their company. By implementing ourlinQ, companies have been able to do just that. Our clients have been able to see customized reward systems aligned with their organization’s goals and culture come to life to benefit their team members and the progression of their entire organization. Not only do they see work ethic increase, but their culture is fostered and continuously improves developing into a work family that everyone wants to be an active part of.