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Flexibility is King!

Perhaps the most important thing about effective employee reward schemes are that they offer the most appropriate incentive to the individual. Adopting a flexible approach is essential and requires employers to consult with staff about the best reward options available. Schemes that offer a one size fits all approach to rewarding staff are outdated, after all individuals are often motivated by different things. Some prefer financial rewards others prefer increased vacation time to spend with family or friends. The most essential element to remember is that flexibility is king. So what are the best ways to reward employees, lets examine some of these in a little more detail.

Financial Rewards

Money is often a good motivator offering an immediate short term response to the hard work of staff. Offering cash incentives, bonuses, free shares or commission to staff who meet targets or deadlines emphasises their importance to a successful business operation.

Employees who are well compensated for their efforts are more likely to feel valued and remain with the organisation. In addition financial rewards are a great means of boosting productivity as employees strive to work harder to achieve the deadlines or targets set.

Financial incentives are however a short to medium term solution to rewarding employees as there will come a point when overworked or stressed out staff no longer perceive the financial return as a motivating and rewarding factor, especially once they reach a point of stability in their personal financial circumstances.

Recognition

This is a hugely under rated and under utilised reward approach and yet is one of the cheapest and most powerful. Employees like to see that their work is appreciated and acknowledged and formally recognising their hard work within the organisation will make for a more content employee in the long term.

It is vital that this is done both in the short and long term to maintain motivation levels. This can be achieved through weekly team meetings where employees can be acknowledged publicly but also through the use of an annual staff event where those that have performed or delivered consistently are singled out for praise and offered a award or certificate for their efforts.

Increased Vacation Time

This will be important to many employees so that they can pursue personal interests, take time to relax or spend more time with the family. Rewarding employees with increased vacation time can also lead to healthier

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