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Every manager has to deal with a wide range of issues on a daily basis, which is quite stressful and sometimes even overwhelming. In order to reduce that stress, they need to know they can rely on their employees to do their job properly. Likewise, the employees need to be motivated to perform well, which is partly the manager’s responsibility.
As you can see, if just one link in this circle is broken, your business results will suffer. That’s why we’re going to have a look at some efficient ways of motivating and rewarding employees for all their effort and achievements.
Before you get down to evaluating employees’ performance, you need to make sure that you have clearly defined your goals, that they are attainable and that everyone understands what is expected from them. Also, it’s crucial that you have already established some system of rewarding and recognizing success and that everyone is aware of what kind of compensation they can expect for their effort.
Just like every other aspect of your business, this one also requires a budget. Depending on how much money you can invest, there are different options available. What you need to understand, though, is that financial rewards should definitely not be the only kind of reward you’re ready to give. The money you’re ready to allocate for this purpose can be used to offer additional training, cover for the extra days off you’re going to give your hard-working employees, or some other form of reward.
While there are things you should do to motivate your employees which are free of charge (more about it in the next paragraph), you also need to be aware that no person will be sufficiently productive without the right tools. That means that you should create such an environment that people make the most of any aid available, including modern technology. Every worker appreciates having some of the workload taken off their shoulders and, even more so, the fact that modern technology can minimize most risks of human error.
So, if you wish to have employees who are not constantly under stress, consider keeping up to date with modern technology, if possible. It will not only improve your efficiency and reduce the costs, but you’ll have employees who are under much less pressure, which in turn means they are less likely to make a mistake.
Things you don’t need money for
A praise costs no money and, unfortunately we tend to forget that too often. If you notice and recognise someone’s effort and results, make sure they know that. By telling them how much you appreciate everything they’ve done you are sure to increase their loyalty to the company and motivation to continue working hard.
Another kind of reward that doesn’t have to cost you any money is to include some employees who have produced brilliant results in the process of decision making. People who constantly perform above expectations are clearly ambitious and wish to climb up the career ladder. Why not give them an opportunity to put in their two cents next time you need to make a business-related decision?
Choosing the reward
As we all know, not all people appreciate the same things. Some prefer having more time off to any other form of reward, while others react best to financial incentives. Generally speaking, you should try to tailor the reward to suit the recipient, but it can be too time-consuming for a manager to choose the right reward for every employee who deserves it.
Of course, some gifts are more popular than others. According to statistics, nine out of ten people prefer gift cards in lieu of merchandise. This is because they allow people the freedom to purchase whatever they want, thus eliminating the risk of the manager spending money on something that wouldn’t be so appreciated. Getting the right reward is one of the most important things a manager can do to boost employees’ motivation and keep high levels of performance.
Since everyone likes to receive praise and award, you should see to it that everyone really is eligible for such a treat. Regardless of their position in the company hierarchy, people who contribute to strengthening the team and achieving the company goals need to be at the receiving end of some reward. This applies to remote workers as well. No matter where your virtual receptionist or freelancer works from, make no mistake, every single person working at your company has a role that is important for some reason and the better job everyone does, the greater the results and everyone’s satisfaction.
Although having an appraisal system in place is necessary, it is equally important to create conditions in which people actually can earn their rewards. Once the right environment is created, managers can shift their attention to offering a range of benefits in order to keep their employees motivated and loyal to the company.
Selecting the right reward is next crucial step in having satisfied employees, ready to continue doing a great job. Finally, if everyone knows that they could receive some kind of reward and that their work is acknowledged and appreciated, they are much more likely to do their best at work, which should be reflected both in your company’s image and business results.