Rewarding employees is indeed not simple, because human resources today require both spiritual and material satisfaction. Therefore, in this article, BEMO will provide businesses with misconceptions about rewards and some tips to help leaders apply effectively.
1. Misconception about reward
Do not think that employees’ contributions recognized by monthly paychecks are enough because they are devoting their labor for wages. Very wrong! It will become a double-edged sword to harm the business and create conditions for competitors to acquire talent.
Honestly, rewarding employees is “a battle” because businesses have to offer more attractive gifts than competitors to retain and motivate talented employees. However, the reality shows that only 10-20% of managers reward employees suitably, and achieve success in human resource management. The rest are facing problems like:
- Fear of loss of dignity – Some managers worry that employees will not respect them anymore if they appear close. And this will lead to employees lacking discipline, neglecting work. But remember, the employee mentality wants the boss to care, understand their desires, and are willing to give more.
- Underestimating the reward – The mistake of senior managers is not to emphasize the reward, because the benefits have not been clear. But this action is a motivator to boost productivity, satisfy employees’ basic needs, and reduce turnover.
- No time – Managers are so busy, and sometimes they forget about this employee policy. When employees’ contributions are not recognized, rewards from direct management can easily lead to depression. Therefore, management should spend time praising the idea of an employee who contributed and including them in the reward proposal of the HR department.
- Do not want to make a difference between employees – Many businesses have applied team rewards and forgot about outstanding individuals. Perhaps because of the fear of internal competition, this policy was implemented. But this mistake makes potential employees bored and gradually supports egalitarianism. To be fair, management should monitor the effectiveness of each individual, have the policy to reward outstanding individuals, and increase their efforts and contributions.
- Fear of making a habit of asking – An outdated mindset of businesses has lost many talents because employees will be demanding when they regularly reward. But everyone wants to be recognized, and it makes sense for them to strive for more rewards. Therefore, management should acknowledge the achievements of subordinates so that they continue to work more productively.
In general, these are mistakes in the human resource management battle of enterprises, and it is necessary to understand the value of rewards to retain talent.
2. The art of rewarding employees to improve performance
Khen thưởng cho nhân viên hợp lý là điều nên làm để thúc đẩy tinh thần làm việc. Nhưng doanh nghiệp cũng cần có nghệ thuật khen thưởng để nhân viên hào hứng mà nỗ lực. Cụ thể là:
Thank you is a gift: Sometimes, the most needed reward for employees is praise from managers and leaders because this shows that the manager has acknowledged their ability. Therefore, leaders or managers should take some time to send public emails, or choose an appropriate occasion to reward employees with outstanding achievements.
Career path: A very meaningful gift for most employees, because they still want to have a clear career path to strive for anyway. Therefore, enterprises should have specific promotion policies for employees with excellent achievements and give them this opportunity.
Financial rewards: To retain talents or reward employees with financial articles will be very effective in some aspects. Therefore, businesses can apply this solution to employees with outstanding achievements. The form should be increasing salary, increasing year-end bonuses, or an additional % commission.
Reward by course: Many businesses also consider this kind of reward. The reason is employees see that the business cares about their talents and wants to conduct training. Therefore, businesses should let employees choose courses according to their interests or expertise to increase their excitement to commit to higher quality output.
Other forms of reward, enterprises can consider depending on employee preferences.
Once there are rewards in the policy, when should businesses do it?
Weekly reward – First, the leadership should carry out weekly commendation via email, and integrate the individuals who have performed well in the past week.
Monthly reward strategy – Have you ever thought that each month will give a massage, health care, gift card, or a bouquet to the employee with the best performance. For higher-level leaders, businesses should also donate once a quarter for their contribution to the department or organization.
Annually – The reward strategy should be focused, and the value of the gift is significant to deserve the achievements that employees bring.
You need to know clearly that not every commendation means that the employee will work hard. On the contrary, if the reward is not correct or not specific, sometimes it goes against the purpose of this action.
So how to reward and promote the right effects, bumper achievements for businesses? Continue reading below.
3. Rewards for bumper achievements
- Understand the overall strategy: Enterprises need to ensure that all departments understand the overall development strategy. At the same time, you should compare the plans and goals of the department to see if they are consistent with the overall development strategy of the business.
- Engage employees in goal setting: not only will this help employees feel valued, but you’ll also leverage their insights.
- Outline the goals that need to accomplish
- Simple and easy to understand: make sure the direction is clear, what to do, for how long the more specific, the easier it is for employees to arrange and strive to achieve their goals.
- Make the requirements public to your employees.
- Hire people with qualities that align with business goals.
- Reward each part, each small achievement on the way to the final result.
Above are suggestions on the art of rewarding that businesses can apply to their welfare policies. Hope to have brought you valuable knowledge!