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Rewarding Employees on a Budget - Rewards for Employees

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Rewarding Employees on a Budget - Rewards for Employees

  1. 1. Member of the Better Business Bureau with an A+ rating General Service Administration (GSA) MOBIS Contract Holder 8401 Claude Thomas Road, Suite 30, Franklin, Ohio 45005 | 866.316.9126 | info@designingdigitally.com | www.designingdigitally.com
  2. 2. REWARDING ON A BUDGET
  3. 3. Everyone likes to GET A PAT ON THE BACK FOR A JOB WELL DONE, especially if that pat includes some type of bonus. The task can seem impossible when you are trying to figure out how to incentivize employees to perform well while staying within a tight budget. However, rewarding employees and motivating performance DOES NOT ALWAYS REQUIRE A TREMENDOUS AMOUNT OF MONEY. You may be surprised, but surveys have found that some workers actually prefer a more personal "thank you" note, being singled out in front of colleagues, or other forms of recognition.
  4. 4. In tough economic times, small and mid-sized businesses must keep in focus WHAT THEY WANT TO REWARD while being creative in coming up with ways to keep the troops happy. "The goal of any rewards program should be TO ENGENDER THE LOYALTY AND TEAM SPIRIT and have a good workplace where people feel appreciated." "It's also likely to help you MEET BUSINESS GOALS especially with small to mid-sized employers." Nancy M. Cooper
  5. 5. The purpose behind a recognition program is to help motivate your employees to earn the rewards and ultimately help you MEET BUSINESS GOALS. Here are steps you can take to design an EFFECTIVE EMPLOYEE REWARDS PROGRAM.
  6. 6. STEPS TO DESIGN AN EFFECTIVE EMPLOYEE REWARDS PROGRAM
  7. 7. The first step you need to take is identifying the activity or activities you want to reward. You can choose to reward behavior, such as exceptional customer service, team work, or leadership. DO YOU WANT TO REWARD: • positive performance so that employees will strive to succeed? • stellar behavior that serves the best interests of the company? • employees who put forward suggestions that improve functioning or save the company money? • individual employees or teams? ONCE YOU ESTABLISH WHAT IT IS YOU WANT TO REWARD, THOSE THINGS SHOULD BECOME THE FOCUS OF THE PROGRAM IDENTIFY WHAT YOU WANT TO REINFORCE
  8. 8. The goals of your employee rewards program CAN ONLY BE MET IF YOU GET STAFF "BUY IN" OR PARTICIPATION. "Let the employees know that you are establishing a recognition program, let them know that the budget is tight, but it is important to you that there be recognition of their good work and top-of-the-line efforts." Nancy M. Cooper ONE OF THE BEST WAYS TO FIND OUT WHAT MOTIVATES YOUR EMPLOYEES IS TO ASK THEM MOTIVATE YOUR EMPLOYEES
  9. 9. There's NO POINT IN STARTING A RECOGNITION PROGRAM that is not going to motivate employees or help you achieve business goals. So in addition making it work for employees, you have to make sure that it works for the good of the company. That's why it's so important to put thought into the methods of recognition you use, as well as how effective and practical they are for the company. What works for one company may not work for another. YOU SHOULD CUSTOMIZE THE REWARD TO MAKE SURE IT WORKS WITH AND IS ACCEPTED BY YOUR COMPANY CULTURE MAKE SURE IT WORKS FOR THE COMPANY
  10. 10. During a recession or prolonged economic downturn, financial rewards may be highly prized by your staff. However, when people feel that they are being fairly compensated, then the best rewards for performance or behavior don't line your pocketbook or wallet. People like recognition. PEOPLE ENJOY BEING THANKED FOR THEIR WORK. There are a number of ways this can be done, with little or no financial investment.
  11. 11. WAYS TO RECOGNIZE EMPLOYEES
  12. 12. Sometimes the most meaningful form of recognition involves some type of opportunity as proof that an employee is valued by an organization. “Opportunities can range from being asked to sit on a panel discussion on your manager's behalf, an educational or mentoring opportunity, or being sent to an industry conference,” Ventrice says. OPPORTUNITIES
  13. 13. Something as simple as writing a personal THANK-YOU NOTE to an employee for a job well done can leave a lasting impression. Personal thank-yous can be very powerful. Some people keep them for 10 years. Other people have taken a bar napkin featuring scribbles form the boss and had it framed. PRAISE
  14. 14. Sometimes the most sincere form of flattery is being trusted with more challenging work. "I've heard a lot of people say they were given a new responsibility or they were taking on another customer as a new challenge," Ventrice says. If the company trusts you with new challenges, or tells you that you're too valuable to take vacation at the same time as a senior manager -- that may be all the recognition you need. EXPERIENCE
  15. 15. Another meaningful form of employee recognition is giving that PERSON EXPOSURE TO THE REST OF THE STAFF, TO IMPORTANT CLIENTS, OR TO OTHERS in their field. This can include everything from being pointed out as the most creative software developer of the month on an in-house bulletin board to being invited to lunch with the boss and one of the company's key clients. Create an employee-of-the- month parking space. EXPOSURE
  16. 16. Other meaningful ways of rewarding employees involve customizing a personal sign of appreciation. Show an employee that his work is extremely important to you, assure him you see everything he is doing, and tell him you really appreciate how much he is trying. PERSONAL APPRECIATION
  17. 17. Extra efforts can also be rewarded with understanding of the family/life balance that many workers are trying to achieve. That can range from allowing an employee to telecommute one day a week in exchange for high performance, to allowing them flexibility to start earlier and leave earlier. ALLOW FLEXIBILITY IN AN EMPLOYEE'S SCHEDULE
  18. 18. Use a limited budget for employee rewards to buy a series of gift cards at popular coffee shops, book stores, or online retailers and let the employee choose one when they have done something positive or noteworthy. These can also be administered by co-workers to employees who have exhibited positive behaviors, either helping other staff members, going the extra mile in serving a customer or by their team work. GIFT CARD REWARDS
  19. 19. There are both legal and moral minefields to try to avoid when starting an employee rewards program. You need to really think this through, understand your motivation, and communicate to managers how to distribute rewards so that every employee has AN EQUAL CHANCE. Be sure you train managers TO NOT GIVE THE AWARD TO THE SAME PERSON time after time. DEVELOP GUIDELINES that outline how often rewards are given out, and the value of them. Be sure that the system DOES NOT TURN INTO A POPULARITY CONTEST.
  20. 20. DO'S AND DON'TS WHEN STARTING AN EMPLOYEE REWARDS PROGRAM
  21. 21. If co-workers are able to nominate each other, you need to take steps to make sure that the same clique of friends isn't just always nominating each other. DON'T LET IT BECOME A POPULARITY CONTEST
  22. 22. If the nominations are coming from management, be careful to spread the joy around. If an employee is prone to think they are being treated differently based on some factor other than work performance, this may feed that insecurity and suspicion. DON'T GIVE THE PERCEPTION OF PLAYING FAVORITES
  23. 23. When advertising the program to employees, make sure you spell out very clearly what the rewards are based on, what criteria is used to choose winners, and how everyone in the company is eligible. DO COMMUNICATE THE CRITERIA
  24. 24. Put together a recognition team made up of managers and supervisors in different roles throughout the company. Get the team to come up with ideas, survey employees, and monitor how the program is working. Make sure managers are trained in how to administer the awards so the program works to improve overall performance. DO YOUR HOMEWORK WHEN BUILDING THE PROGRAM
  25. 25. The safest types of programs that don't get a company into trouble are programs that start small, such as distributing gift cards worth $5 or $10 as spot awards. You may want to focus on one goal initially, such as boosting service, and reinforce when rewarding employees that they helped the business meet this goal. DO START SMALL WITH GIFT CARDS OR A PROGRAM TO REWARD A SPECIFIC BEHAVIOR OR GOAL
  26. 26. Member of the Better Business Bureau with an A+ rating General Service Administration (GSA) MOBIS Contract Holder 8401 Claude Thomas Road, Suite 30, Franklin, Ohio 45005 | 866.316.9126 | info@designingdigitally.com | www.designingdigitally.com

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