It was Richard Branson, founder of Virgin Group – an empire of more than 400 companies, including the well-known airline, who said: “Treat people as human beings, give them that flexibility and I don’t think they’ll abuse it. And they’ll get the job done.”
Truthfully, recognizing your employees’ exceptional performance through an incentive program is critical, especially in creating a balanced and harmonious team. Of course, working in a diverse culture could entail a lot of issues—if the rewards aren’t implemented equally.
In fact, it is every company’s priority to ensure the welfare of the employees. So that, in return, they can contribute to the success of the company.
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Therefore, if you treat your employees well by giving proper rewards, they will undoubtedly perform at their best. And as a result, your business will flourish, as well as develop a strong working relationship you’re your employees.
Read on to know how you can create a balanced team and individual rewards program.
1. Individual Incentives Program
Giving monetary compensation to top performers or team has already been a traditional way of recognizing the company’s employees. Indeed, the word “incentive” is somehow connected to sales positions and roles where the results are visible.
However, the downside of this program is that the non-performers might feel neglected. Thus, to make it a balanced team, encourage the non-performers to do well by giving them at least a “consolation” monetary compensation for hitting a particular target.
2. Pamper or Getaway Program
This type of incentive doesn’t have to be cash-based since money can’t buy (genuine) happiness. So, might as well create a program where top team/s or performers will get a chance to travel either within or outside the country.
Other tangible rewards could be the latest version of a laptop or mobile phones. Essentially, employees appreciate it if you give them the freedom to choose which reward fits them—whether its travel, pamper, or gadgets, among many others.
3. Create an Employees’ Day Program
One of the main reasons employees leave the company is if they remain stagnant or complacent.
To avoid losing your best employees, consider encouraging them to participate in any internal programs like the employee’s day program. Activities like this enable employees to unleash their creativity, whereas whoever is the most creative team or individual would get a price in cash, certification, or a paid trip of their choice.
4. Implement a Strong Support Program
Aside from the “pat on the back,”a strong support program could be an incentive or commonly known as “bonuses.” Give proper credit and rewards to your top performers and teams for reaching their own or team’s goals.
If you want to build a healthier and more human interaction, you might want to treat the whole team to lunch or buffet at hotel or decent restaurants. Moreover, you can give them gift certificates to a spa and coffee shops.
Ideally, all companies use both ways to create a balanced team and incentive programs, where they either go for a team-based effort and rewards or individual compensation. In reality, while recognition and public praise are recommended, cutting the check (cash/monetary compensation) for your performers will dominate as they have the freedom to choose what kind of “gift” they can give to themselves.
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How about you? How would you like to be rewarded?