Employee Rewards Reap Results

The way you reward people forms an essential foundation for effective people management. Money is by no means the only motivator of people, but too little money demotivates powerfully. Studies have shown that material reward is far more powerful than monetary.

1. How To Determine Levels Of Reward

To determine how much reward is appropriate, consider the question what level of employee reward will attract, retain, and motivate people of the calibre that you require. If an employee does something that results in a one-time boost for the company, a one-time incentive is most appropriate.

2. Why Give Employees Added Rewards In Addition To Wages?

Keep in mind that the main reason why you are giving an employee reward is because you want exceptional results, not comparable performance. Exceptional productivity will more than cover extra pay.

- Employee rewards should be set for noteworthy achievements
- Rewards must be related to a particular completion of a given task
- Employees should be encouraged to express their recent achievements
- Ensure the employee knows they deserve it, it will have a great impresion on their personality

3. Employee reward should never be an alternative for a reasonable remuneration scheme

This type of award should not be set as an enduring option to stable income amendments when, in fact, these changes should be carried out for constant and regular completion of tasks, excellent execution, and notable modifications in conscientiousness, or enhanced assessment of a status. Remember that employee reward is a one-time incentive program; therefore, it should be set out clearly and must be understood well by the employees so that they will know where to stand.

6. Employee rewards should not reflect the impression that these are changes to one抯 basic pay

It must be set out clear to the employees so that they will not expect anything more than what they have to receive. Make it apparent that the extra pay is for special achievement only and nothing else. Generally, employee rewards may be in the form of cash incentives or non-cash fringe benefits. It could even be something of no real financial worth such as a personal letter of commendation.

7. Reward By Volume

If you have to use a monetary type of employee reward, give reward based on results. This means that the employee gets a fixed amount for a specific amount of results. In theory, this gives the employee the best incentive to maximize output. In fact, employees tend to put a ceiling on their earnings and thus on their effort. Nevertheless, the key concept here is that the management should only give an employee reward that is tied to an individual achievement. The reward must be reasonably large to have value - no one likes getting an overly small reward as it could have the opposite effect and make the employee view the company as cheap or undervaluing them. Never reward an employee for what has been accepted as a sensible objective. It should be given for extraordinary achievements only.

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Executive Search Agents Get Results

Recruiting a senior manager or director for your business can be expensive. Placing adverts in the right papers and journals is a huge expense in itself. If you抮e recruiting at the top level in your business, it may be more cost-effective for you to use an executive search agency.

Did you know that, in some cases, the fee charged by a recruitment agency may actually be less than handling the recruitment in-house? People often turn to an executive search firm when they have had trouble recruiting for a certain position. They may have had a low response to adverts, or discovered that all the CVs that have been sent in are from people who are under qualified or inappropriate for the role. This can be very frustrating, particularly as it is very expensive to place recruitment adverts in the local and national press.

Businesses who don抰 have a full-time Human Resources function, or who are too busy to handle top recruitment themselves often outsource to an agency. Whilst it has a cost attached, it removes the majority of the recruitment burden from the company抯 internal resources and makes sure that the best candidates are put forward for the job. This use of external expertise is really no different from using a design agency to run a website, or a sanitary company to do the cleaning, and leaves the company抯 management free to approach the interview stage fresh and enthusiastic.

Executive recruitment is normally for specialised roles and candidates therefore need to have a very well-defined set of skills and experience. For this reason, businesses are often less concerned with the time taken to employ someone than they are with the quality of the person they eventually hire. This can turn the search and selection process into a long one and managers can go through several sets of candidates before offering the position.

Specialist recruitment agencies come into their own here. Their databases help to search out possible candidates who have the right combination of qualifications, experience and skills, and can even undertake the first round of interviews on the company抯 behalf, so that the final list includes only the best candidates available. This outsourcing of basic recruitment functions allows the company to concentrate on running the business and leaves them feeling confident that the candidates that come for interview are all suitable for the job.

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