The implementation of Reward and Recognition (R&R) programmes is pivotal to performance improvement, the building of motivational cultures and top talent retention; it goes without saying – when people feel valued for their contributions, they’re motivated to do even better.
According to a 2013 study by Snelgar, Renard, and Venter, remuneration accounts for over half the operating costs of most South African organisations, meaning there is a real need to maximise the return on this investment. Through effective Reward and Recognition programmes that not only address the need to make people feel valued, but also help to attract, retain and motivate employees across the organisation, businesses are able to get the most out of their investment in people.
Praising employees for a job well done has traditionally come down to offering monetary compensation – the reason why so many organisations shy away from it altogether, considering the economic challenges of previous years that have trickled down into current times. However, while offering people money (added benefits, pay-raises) remains an effective method of reward, there are still other methods which have been proven just as effective in valuing the employee and simultaneously encouraging high performance.
Tailored reward and recognition programmes work best, so it’s worth taking the time to figure out what motivates people at individual and team levels.
Have a look at some of our top tips for Reward and recognition strategies below:
- Announcement in company newsletter or at staff meeting | being praised publicly and in front of colleagues is a great way to motivate an employee to keep aspiring to do well
- Additional development opportunities/offering opportunities to improve further is a good incentive for high performers, and sets a goal for all staff to work towards.
- Taking people out for meals and outings
- taking the time from a work day to go out for a meal shows an employee they are valued
- Direct verbal praise | A simple ‘thank you’ or ‘well done’ goes a long way
- Time off from work | Extra time to spend with family and loved ones is always hugely appreciated by an employee
Do you have any more to add? Send us your best practice tips on Reward and Recognition strategies, and stand the chance to be published in the Investors in People South Africa Best Practice Guide 2015.