Most businesses are recognising that a reward program can help boost employees’ performance at work. That’s because they feel valued and are naturally inclined to contribute to the company’s success when they are rewarded well. But how exactly does a reward program transform an employee from average to a high performer?
Many consulting firms, like Power2Motivate, attribute it to a few reasons and offer the best solutions. Let’s explore them.
They Feel Peer Respect and Appreciation
Every manager’s dream is to lead a high performing team that accomplishes targets and breaks every barrier. But do you know what drives the entire team? It’s mutual respect and appreciation. A study revealed how a positive workspace and social climate could impact task performance.
High performing teams start with each finding true meaning in their work. Then they should develop mutual interaction that promotes trust and respect among the members.
A reward program helps the team members develop an admiration for each other, which fuels the performance.
They Feel More Valued
Another strong reason why reward programs work so well is that employees feel like they’re being valued within the organization.
In big companies where there are hierarchy systems in place, it’s not uncommon for employees in the lower hierarchy to feel less valuable. Thus, they often end up with low productivity. A recognition and reward program can alter the situation.
Especially in the sales department, where every salesperson’s performance matters, a sales incentive program can help boost the morale of the entire team. But the key here is to tie the incentives to different actions rather than the final sales action. This would ensure the salespeople are not demotivated when the sales don’t materialize.
They Feel Their Time is Valued
No matter what position he or she serves, everyone has 24 hours in a day. Everyone should feel like their time is being valued at the company. This creates a positive work environment, which leads to higher productivity.
Therefore, companies implement a Travel Incentive and Reward Program that offer employees free or discounted travel opportunities. This form of reward is considered better than cash bonuses because it emotionally connects with the employee.
The bonuses that trigger the travel opportunities can come from a point-based system tied to employee’s work. So for every task completed, they earn points and ultimately earn the travel tickets.
They Feel Their Loyalty Is Worth It
In every company, some employees have served for 5-10 years or even more. That’s a significant portion of someone’s life. By valuing this commitment, managers make the employees feel more valued in the company. They realize that their time investment in the company was worth it. A simple handwritten note or a small announcement is all it takes. Some organizations go a step further and institute a “Years of Service Award” that recognizes these dedicated employees.
Therefore, if you haven’t implemented an Employee Recognition or Reward Program within your company, it’s time to create and implement one. Companies like Power2Motivate will help you in creating a sophisticated Reward Program from scratch which can potentially open the doors for the future growth of your company.