REWARDING employees contributes significantly to their job satisfaction and a company’s ability to retain its human capital. But rewards don’t only have to come in the form of money to be valuable in showing appreciation of your staff, and sometimes cash isn’t even the most effective way to reward them.
Everyone loves praise – and public praise can be particularly gratifying. Publically praising employees can give them increased self-confidence, self esteem, peer respect, and a heightened sense of personal value to the company.
Another way to help employees feel valued is to offer them growth opportunities within the company. Don’t stunt their growth and hold them back in the same position, in the same department, just because you’d hate not to have them there. Promote them! This will also generate the respect and goodwill of other team members when they realise that their bosses have their best interests at heart and see a future of personal growth for them in their workplace. A well-deserved promotion brings its own rewards, and in many cases, also provides a pay increase. This way they get paid more to fulfill a more senior role, adding value back into the company.
In addition, a reward that offers job satisfaction is allowing team members to set their own work schedule. They decide when to take breaks, lunch, etc., and for how long. You allow them to work to a flexible schedule, provided that they work for the minimum required hours. If they are given the autonomy to decide how to apply their work hours, they gain a sense of importance and increased value and rarely abuse the trust placed in them.
Akin to morale and confidence-boosting rewards is being chosen to be part of a special focus team. This can give employees a sense of prestige and offers the selected team members a chance to grow while working outside their daily routines. It can give them fresh enthusiasm for their work and offer employers the opportunity to observe their potential.
Prestige, honour, trust, and respect are things most employees want, and will value, and which, with a little creative thinking, employers can provide instead of exclusive financial expression of their appreciation.
- What is your take on remuneration and reward? Do you feel valued at your company? Let us know - you could get published.
* Pieter Scholtz is the co-master franchisor for ActionCOACH in Southern Africa. It is the fastest growing and largest business coaching company globally. Pieter and his partner Harry Welby-Cooke developed ActionCOACH across South Africa, which now boasts 30 franchisees. He is also a certified, leading business and executive coach. He has successfully assisted countless business owners to significantly grow their profits and develop their entrepreneurial skills.