Employee Rewards Reap Results

The way you reward people forms an essential foundation for effective people management. Money is by no means the only motivator of people, but too little money demotivates powerfully. Studies have shown that material reward is far more powerful than monetary.

 

1. How To Determine Levels Of Reward

To determine how much reward is appropriate, consider the question what level of employee reward will attract, retain, and motivate people of the calibre that you require. If an employee does something that results in a one-time boost for the company, a one-time incentive is most appropriate.

 

2. Why Give Employees Added Rewards In Addition To Wages?

Keep in mind that the main reason why you are giving an employee reward is because you want exceptional results, not comparable performance. Exceptional productivity will more than cover extra pay.

- Employee rewards should be set for noteworthy achievements
- Rewards must be related to a particular completion of a given task
- Employees should be encouraged to express their recent achievements
- Ensure the employee knows they deserve it, it will have a great impresion on their personality

 

3. Employee reward should never be an alternative for a reasonable remuneration scheme

This type of award should not be set as an enduring option to stable income amendments when, in fact, these changes should be carried out for constant and regular completion of tasks, excellent execution, and notable modifications in conscientiousness, or enhanced assessment of a status. Remember that employee reward is a one-time incentive program; therefore, it should be set out clearly and must be understood well by the employees so that they will know where to stand.

 

4. Employee rewards should not reflect the impression that these are changes to one’s basic pay

It must be set out clear to the employees so that they will not expect anything more than what they have to receive. Make it apparent that the extra pay is for special achievement only and nothing else. Generally, employee rewards may be in the form of cash incentives or non-cash fringe benefits. It could even be something of no real financial worth such as a personal letter of commendation.

 

5. Reward By Volume

If you have to use a monetary type of employee reward, give reward based on results. This means that the employee gets a fixed amount for a specific amount of results. In theory, this gives the employee the best incentive to maximize output. In fact, employees tend to put a ceiling on their earnings and thus on their effort. Nevertheless, the key concept here is that the management should only give an employee reward that is tied to an individual achievement. The reward must be reasonably large to have value - no one likes getting an overly small reward as it could have the opposite effect and make the employee view the company as cheap or undervaluing them. Never reward an employee for what has been accepted as a sensible objective. It should be given for extraordinary achievements only.

 

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Attitude determines Altitude

Your attitude determines your altitude – in business and in life. You can’t change someone else’s attitude for them. But this powerful adage is a great reminder that you can put in front of anyone who needs an attitude adjustment. I want to talk about a few of the many ways each of us can develop a winning attitude every day. It’s what leaders do.

Marcus Aurelius, the great philosopher who ruled the Roman Empire, said it simply: “Our life is what our thoughts make it”.

Life isn’t that simple. However, I am advocating – in the strongest terms – that we assume a positive attitude instead of a negative one.

Mental attitude - the power we hold in our heads. Reality can be changed dramatically by a single thought. In nutrition the adage is you are what you eat. In terms of leadership, it’s more likely you are what you think. Contrary to what people want to believe, outside influences don’t usually determine your happiness or success, rather it is how we react to those influences – good or bad. So how do you change your reactions to those outside forces?

Make how you react a conscious priority, which means practice daily.

Humour is vital. When things aren’t going your way, keep everything in perspective and relax. I laugh. Others throw up their hands. Whole industries get very cynical.

Positive self-confident feelings not only help you achieve more; they also make others want to be associated with you. People are drawn to others who have an upbeat outlook, who have a can-do attitude. Constant complainers don’t collect an easy following.

Positive self-confident feelings not only help you achieve more; they also make others want to be associated with you. People are drawn to others who have an upbeat outlook, who have a can-do attitude. Constant complainers don’t collect an easy following.

One of a leader’s most important jobs is to set a positive and self-confident tone, exuding the attitude that failure is not an option. A positive attitude is the cornerstone of leadership. It’s the same confidence that a quarterback, a golfer, or a tennis star projects every time they come out of the locker room.

To gain strength from the positive and not be sapped by the negative, here are a few ideas:

Focus on the 90% of your team who will run with your vision and your plan - don't let negative co-workers drain you or poison your team.

Tap your spiritual essence at work too - use your spirit and your heart to move you and your work forward.

Break the negative energy cycle – if you see yourself spiralling down or in a rut, mix it up, breakup the routine and do something fast that lifts you up. When you see one of your team members in a rut of unproductive or unprofessional behaviour address it, don’t let it fester.

Active listening – takes time. Work at it, to hear what your team wants. Often just by being heard, problems can go away and people really make a big turnaround.

You must be the emotional manager of your office - not your assistant, not the new hotshot you just hired. In a family, parents must be the emotional managers or chaos rules the home. In your business, you must wear that mantel, albeit reluctantly at times. It’s part of your leadership role and power. Hone it, as well as your reactions to external events, and you’ll see the culture around you shift to the positive.

When in doubt, don’t hire – keep looking. You can’t grow organisational capability consistently faster than your ability to get enough of the right people to implement that growth and still become a great company. So unless candidates for the open position have that can-do attitude and are a strong fit for your company in who they are – don’t hire them. The skills can be taught; the and-then-some positive attitude cannot.

If you'd like to know how Leadership and Management Solutions Pty Ltd can assist your organisation with training or business solutions, please visit our website or contact us via email.

Email  info@leadershipmanagementsolutions.com.au
Website www.leadershipmanagementsolutions.com.au