Rewards are a part of many organizational cultures and their link to workforce job performance is undeniable. Specifically, research shows that among other things, tailoring rewards to individual performance helps lower turnover. With attracting top talent and employee retention on the forefront of employers’ minds, it’s worth thinking about job performance rewards and their potential impact on strengthening your team. But, deciding on the right types of rewards for your workforce can be a challenge. Organizations like Google are known for rewarding their team with perks like free gyms, rental cars, and daycare. While these are certainly popular with employees and candidates, performance-based rewards are becoming increasingly common.
Rewarding your workforce− the big picture.
Recent research found that job rewards — monetary or non-monetary compensation directly linked to performance — are the top overall engagement driver for employees. It’s important to note, though, that any job-performance rewards system you implement should be aligned with your business goals. If you’re trying to grow your business and run a lean organization, you want to be sure to structure your rewards system in a way that complements your overall business plan. Here at Palo Alto Staffing, we’ve seen clients use a variety of performance-based rewards for their workforce. From taking teams abroad for working vacations to straight monetary rewards for good performance, there are a number of ways to creatively tie rewards to performance.
Rewarding your workforce− getting started.
Depending on the size of your company, you may be limited in the types of performance-based rewards you can offer your workforce. Whatever the size of your business, here are some tips to help you get started:
Take advantage of online tools.
Here at Palo Alto Staffing, we’re implementing a new social performance management tool from Salesforce called, work.com. The tool encourages your workforce to seek feedback and advice from their teams and allows managers to identify areas in which an employee needs coaching and/or recognition for a job well done. Employees with superior performance are awarded badges (where you can attach monetary rewards), adding both recognition and a competitive aspect that makes the tool a fun way to recognize work performance.
Know your team.
When devising and implementing a new rewards system, it is important to know the people who comprise your workforce. Will they be more motivated to work toward team-based rewards? Or, are they better suited to individual performance-based rewards? Depending on the project, one or both may be used. The key is to be sure you understand the strengths, weaknesses, and tendencies of your team to devise a plan that works effectively for the maximum number of employees.
Be consistent and follow through.
Once you’ve designed a system of rewards for job performance, be consistent and open with how it is implemented. These types of systems can make a big impact on relationships among your team, so a sense of fairness with job performance rewards is imperative. Document and clearly explain your job performance rewards to the entire workforce, then be open and clear with how the program is implemented. What job performance rewards or programs have you used to engage your workforce? Please share your comments.