Different people are rewarded in different ways. So, what may seem to one employee like a great reward for good work, may well be scoffed at by one of his colleagues.

Having said that, there is one thing which all workers appreciate. MONEY! If you know that working well will help you earn more cash, then you are going to pull out all the stops. Here are a few financial steps companies can take to try to keep staff motivated and happy:

*If you want the best workers, pay the best rewards. Decent salaries will attract quality staff.

*Run an annual bonus scheme. The better your company profits, the greater share employees receive in recognition of their contribution to those results.

*A loyalty bonus scheme whereby staff are rewarded for length of service. It can take two forms. Either a lump sum payment after a landmark period, say every five or ten years, working for the company. Or a salary scale which sees you getting an annual percentage raise, with that percentage figure doubled every five or ten years.

*Share schemes. Not only does that reward staff financially, it also gives them a feeling of ownership and pride in the firm.

Money is important. But there are other things which some staff appreciate. My company runs an employee of the month scheme. The winner gets to choose from a list of prizes, including cash, being able to park in the boss's parking slot for a week, a half day off and so on.

We also have a special sales day in September and the outstanding employee gets to go to the Christmas party for free. Whilst you expect sales people to go flat out all year, it does help focus them and adds a competitive edge to what they are doing.

We have regular sales days, when there are spot prizes. The boss might suddenly say: "Next person to clinch a sale gets a bottle of wine." Or: "Starting from now, you have an hour to sell and the person selling the most wins a case of champagne." It all adds to the fun and motivation. It probably doesn't really cost the company either because staff productivity increases across the board.

One final word. Staff like being appreciated. It is always god to thank or congratulate staff individually when they have done well. Let them know that you don't take them for granted. But don't do what my ex boss once did. About twenty of us stayed an extra seven hours until after midnight because of a computer problem. We heard nothing from the boss until a fortnight later when he wrote us all a photocopied letter and sent a small box of chocolates for us all to share. Trouble was, there weren't even enough chocolates for one each. Do you think we would have felt like staying on again if there was a similar problem in the future?

Learn more about this author, Phil Hill.
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