Money In Reward And Recognition Systems

Money In Reward And Recognition Systems
The role of​ money as​ a​ motivator is​ indisputable if​ you don't have enough .​
With bills to​ pay and mouths to​ feed,​ most hunter/gatherers will push themselves to​ get enough money into the​ bank account to​ remove those troublesome worries .​
However,​ once the​ threshold of​ comfort has been reached and there is​ a​ steady flow of​ money coming from a​ job that is​ well understood,​ can money be used as​ a​ further motivator?
The answer is​ firmly in​ the​ realms of​ it​ depends .​
It depends on​ the​ individual .​
Some people will always jump for the​ jellybeans because their lifestyle and their conditioning demand that they acquire the​ next best car,​ house,​ entertainment center or​ vacation .​
Others satisfy themselves with smaller dreams that they can achieve without being overly ambitious.
Why Reward Systems?
You will have ambitions for your business .​
It is​ important to​ you that you make the​ most of​ your investment both in​ money and in​ time and it​ is​ important that the​ people who work with you are focused on​ the​ same outcomes that drive you .​
a​ well structured reward system can accommodate everything that your people desire and can demonstrate to​ those who want to​ do better for themselves,​ just what it​ is​ they need to​ do to​ make it​ happen.
A reward system is​ more than pay levels,​ bonuses and stock options .​
It should encapsulate other forms of​ recognition for a​ job well done including promotion,​ reassignment and a​ range of​ flexible bonuses that can be selected to​ match the​ particular life-style of​ the​ individual person.
Reward systems should be based on​ the​ fundamental premise that You get what you pay for .​
The old adage If you pay peanuts,​ you get monkeys could never be more true however you also don't want to​ bankrupt the​ company,​ so the​ balance can be a​ fine one.
The reward system also has to​ be responsive .​
People tire of​ stretching themselves for future promises .​
How many times have you heard If you do this well I'll consider a​ pay rise at​ the​ next review.? If you fail to​ reward appropriate behavior quickly,​ you stand less than an​ even chance of​ getting the​ right result.
What is​ the​ Reward Strategy?
Like all business activities,​ it​ is​ important to​ be clear for everyone concerned how the​ reward system interlocks with the​ business mission .​
The Reward Strategy is​ designed to​ demonstrate how the​ company values its people and how the​ payment practices it​ adopts help to​ engage and motivate employees.
The Reward Strategy should deliver the​ following:
A framework within which the​ rewards provided by the​ business will operate
Clarification of​ the​ reward objectives
An outline of​ how reward will be managed
A link between the​ expressed values of​ the​ business and the​ methods used to​ manage reward
The total Reward System is,​ of​ course,​ much more than just pay and benefits .​
Employees also see value in​ career opportunities,​ personal and professional development,​ the​ management style and,​ coincidentally,​ recognition.

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