The HR Guide to a Meaningful Rewards Program
Apart from the salary itself, benefits and compensation packages are taken into consideration by employees, especially when people are applying for jobs. They tend to compare the benefits they want or have had from their previous jobs when making career-related decisions.
Regular employees in the Philippines commonly enjoy the perks of having a health insurance, 13th month pay or even 14th month pay for some, travel benefits, rice benefits, free shuttle service, and free gadgets to name a few, aside from the usual bonuses and allowances.
It is undeniable that an incentive program plays a big role in motivating and encouraging employees, which results in reduced turnovers and increased productivity that greatly affect a company. However, happiness and satisfaction in the workplace do not only revolve around monetary incentives.
Here are 5 pointers to focus on when creating meaningful reward programs for employees:
Strengths and Weaknesses
Through observation, you can identify which part of the job each individual is drawn to, as well as which part they are struggling in. A one-on-one conversation or regular assessment with an employee would be a great action point in evaluating their strengths and the challenges they face at work.
Doing surveys is one of the most common tools for acquiring feedback and determining satisfaction.
Capitalize Talents and Skills
Take time to figure out the skills and talents that your workers can offer and take good advantage of it by turning his or her particular talent into performance by providing training and workshops in specific fields.
If necessary, consider shifting the employee’s working world as well to where you think he or she is excelling or perfectly suited, as this would open doors for improvement and career growth.
Recognition and Appreciation
Giving a compliment is a significant factor in the workplace. A certificate of recognition or even sharing a sincere praise is one of the keys to motivating employees, as it a good way to express gratitude for his or her hard work.
There is nothing bad at noticing the efforts and recognizing an outstanding performance, but remember that giving out compliments is not an annual event neither a daily routine. Make sure you give it to the ones who truly deserve it.
Adult Learning Principles – Know Your Audience
Part of being an effective coach involves an understanding of how adults learn best. A review of the Adult Learning Principles by Malcolm Knowles will be helpful in knowing each employee’s learning styles. It is proven that adults learn best by doing, as active learning results in longer term recall, synthesis, and problem-solving skills.
Involvement and Engagement
Communication is critical. As cliché as it sounds, make sure no one gets left behind. Don’t just involve but also engage. See to it that every employee knows what’s happening or what is new; utilize the communication channels used in your office to send messages and get everyone involved.
You can try gamification in your workplace. For instance, every Friday, at a particular time, there will be a game that requires teamwork with a prize for the winning department such as food. Not only will this type of reward feed the hungry stomachs, but it would also promote camaraderie among the members as they enjoy eating together.
The long-term success of a company depends on the quality of the workers and their loyalty. By carefully examining your employees, asking the right questions, squeezing the right triggers, and becoming aware of their learning styles, you will discover and realize what motivates each person to excel and be productive.
With that, you can manage to create meaningful experiences and a rewards program that will benefit both the company and its employees.