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...
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