Home

About Us

Privacy

Add Your Link

Submit Article

Search:




Drink & Food
Jobs & Employment
Computers & Networking
Policies & Law
Property & Estate
Children
Research & Science
Adventure & Sports
Society & Issues
Recreation & Entertainment
Banking & Finance
Malls & Shopping
Healthcare & Medicine
Online & Board Games
Automobile & Automotive
Hotels & Travel
Art & Culture
Home & Garden
News & Events
Education & Reference
Hygiene & Health
Fashion & Relationships
Self Help
Business & Services

Home –› Business & Services –› Management & Administration

Money In Reward And Recognition Systems

Author: Chris Herrmann

The role of money as a motivator is indisputable if you don't have enough. With bills to pay and mouths to feed, most hunter/gatherers will push themselves to get enough money into the bank account to remove those troublesome worries. However, once the threshold of comfort has been reached and there is a steady flow of money coming from a job that is well understood, can money be used as a further motivator?

The answer is firmly in the realms of "it depends". It depends on the individual. Some people will always "jump for the jellybeans" because their lifestyle and their conditioning demand that they acquire the next best car, house, entertainment center or vacation. Others satisfy themselves with smaller dreams that they can achieve without being overly ambitious.

Why Reward Systems?

You will have ambitions for your business. It is important to you that you make the most of your investment both in money and in time and it is important that the people who work with you are focused on the same outcomes that drive you. A well structured reward system can accommodate everything that your people desire and can demonstrate to those who want to do better for themselves, just what it is they need to do to make it happen.

A reward system is more than pay levels, bonuses and stock options. It should encapsulate other forms of recognition for a job well done including promotion, reassignment and a range of flexible bonuses that can be selected to match the particular life-style of the individual person.

Reward systems should be based on the fundamental premise that "You get what you pay for". The old adage "If you pay peanuts, you get monkeys" could never be more true however you also don't want to bankrupt the company, so the balance can be a fine one.

The reward system also has to be responsive. People tire of stretching themselves for future promises. How many times have you heard "If you do this well I'll consider a pay rise at the next review."? If you fail to reward appropriate behavior quickly, you stand less than an even chance of getting the right result.

What is the Reward Strategy?

Like all business activities, it is important to be clear for everyone concerned how the reward system interlocks with the business mission. The Reward Strategy is designed to demonstrate how the company values its people and how the payment practices it adopts help to engage and motivate employees.

The Reward Strategy should deliver the following:

A framework within which the rewards provided by the business will operate
Clarification of the reward objectives
An outline of how reward will be managed
A link between the expressed values of the business and the methods used to manage reward

The total Reward System is, of course, much more than just pay and benefits. Employees also see value in career opportunities, personal and professional development, the management style and, coincidentally, recognition.

Author Bio:

Published by BoomerangAwards.com. Empowering business using technology and an ancient primeval technique to create a new employee recognition and reward program. Obtain your FREE report "20 Tips To Running Successful Recognition And Reward Systems" at www.BoomerangAwards.com

You can also reach this article by using: project management, risk management, small business administration, performance management

Choosing a company name

Explode Your Sales With Free & Exclusive Content

Abandoning Bad Marketing Campaigns

Sales Skills for the Non Sales Professional

The Difference Between Everyday Copywriting and Copywriting That Sells Your Product

Business Management Case Study; Franchising Companies and Unions or Franchisee Associations

Why Should Every Small Business Hire A Coach?

Mergers And Acquisitions

How to Start a Pet Transportation Business

I Want to Start a Mobile Car Cleaning Company

7 Ways to Stay Sharp in Sales ... or how to catch your first monkey

Simple advice on how to "get the peanuts." I wonder if this is the basics of sales success. - Clayton Shold

Business Image - Use Yours To Raise Your Credibility

Business images are formed with or without your express consideration. When developing ideas to prom ... - Joshua Feinberg

Call Center Questions - Determining Roi For Your Call Center?

* How do I calculate my call center's cost per call?There are different ways to determine your call ... - Carey Gillihan

Why Not Take This Management Quiz Now?

Why not give the following quiz to your management staff. It will give you an idea of their understa ... - Tim Connor

Top 7 Tips on Selling a Franchised Business

If you own a franchised business there will come a time when perhaps you wish to sell your franchise ... - Lance Winslow

Home -> Privacy -> Terms of Service

Money In Reward And Recognition Systems

Related Articles