As the margins of competitive advantage narrow in all areas of business, organisations are increasingly turning towards their people for sustainable business performance. There are many factors at play when it comes to high-performing, engaged and happy workers, such as organisational culture, the quality of an employee’s immediate manager and appropriate job fit.
As human beings, recognition and reward is a natural factor in encouraging continued good performance on the job. Many companies recognise this and reward their employees in a variety of ways.
As human beings, recognition and reward is a natural factor in encouraging continued good performance on the job. Many companies recognise this and reward their employees in a variety of ways.
As a result, more companies are turning to non-cash rewards to motivate and incentivise their employees and clients, For example, a non-cash reward in the form of bonus points that can be redeemed for a range of luxury prizes is an ongoing reminder to the employee that they have done a job well, and that they are appreciated, every time the employee looks at their big-screen television, their iPod or the photos from their holiday – all paid for through their rewards program – it reminds the employee of what they did at work to achieve those items which would have otherwise required them to save up their hard-earned wages.
Another trend in this space is an increasing tendency to reward more often and incrementally. Gone are the days of the once-a- year bonus. Employees are more likely to receive rewards on a weekly or monthly basis as a way of continually reinforcing good behaviours and higher productivity achievements. This is partly attributed to the emergence of generation Y as an important part of the modern workforce – this generation grew up playing Nintendo and are therefore used to getting rewarded and recognised for good performance on a more ongoing basis than annually.
