Following on a couple of posts about recognition I would like to bring up reward. Every company does it differently. Everyone wants something different. Nobody gets it 100% right.
We get it. Reward is flawed. But if you want that expensive reward to really stay with an employee I think there is only 4 rewards that can boost loyalty.
Money, progression, development and flexibility
Now there are studies out there that say non-monetary rewards mean more to employees, that they love a box of chocolates or a meal for 2 at that restaurant close to the office. That’s nice but is that really gonna keep someone long term in their role? I know a few people who would be happy as a doorman if their wage kept them comfortable or even better, increasing. Now remember that loyalty is key here and a large increase in pay or cash bonus will keep staff comfortable elsewhere in their life. I guess it’s got be big enough to make a difference. Why do so many people work in banking? It can’t be for the difference they make. Maybe it’s the bonus.
Second reward is progression. You may think that someone progressing in their career is a given if they have the skill and experience. In my opinion, organisations miss a trick by forgetting to tell their staff that they have been promoted as they mean a lot and their contribution is appreciated. Employees will feel good either way, letting them know they are valued will last a bit longer.
And I put my Gen Y hat on for the next reward, development. Gen Y crave development and stimulation in any career. Another missed trick is to say you have earned this. Employers churn out names for training courses to tick a box and fill a quota. I know training is expensive, relate that to how much they mean. It could be anything outside the mandatory training for their role. Some job swapping through to assistance for a postgrad in their field. The key is if someone delivers in their role, keep them stimulated. They have already proven they can do that, find a way to challenge them. And a challenge means they can’t be bored. One word of caution on that one, it only works really well with Gen Y.
Last up we have flexibility. This is very much a personal thing with everyone describing flexibility in a different way. But by being flexible you can meet their ideas of flexible. As long as they have earned it.
Much like Pavlov’s dog, any of these reward bells should only ring after performance. Only difficulty in that is that employees are cleverer than pavlov’s dog (in some cases). You’re not going to get them to perform if the bell stops ringing, so keep it consistent.
I may be well off the mark with reward and people would say that they need more choice. Well I would say reward is a bit like people’s fashion choices. Sometimes you really don’t know what will be best for you. As long as you let the experts do there job, everyone is happy and stays happy.
shredhr 