5 employee Reward method Nigerian business owners should adopt
Employee reward programmes and schemes has been widespread and recognized in many organizations and business enterprises today, this valuable initiative commonly referred to as
“staff incentive schemes” recognises your employees’ achievements, efforts and their roles to the success and development of your organization.
There is that engaged and passionate employee in your business working harder with sets goals of delivering more productivity to your business, not necessarily for the reward that comes with it but because they care about the success of your business.
The employee reward schemes is considered to be an enviable perk that allows you invest on your employee in a positive manner by recognizing their efforts and achievements, build relationships with them and giving them reasons to align and stay with your organization.
Most Organisations need top notch employees who have the passion, affective commitment and intellectual engagement for the organization.
Employee reward programmes increases staff engagement, lowers absenteeism and boost a much higher level of productivity in an organization as it engages and steers the employees to be more driven to hit targets which in turn enhances your company’s image and status, boosting it’s productivity.
Engaging the proper and best way of employee reward services to your employees helps mitigate employee attrition and ineffectiveness while improving their morale, staff performance and development.
This incentive is designed to promote teamwork, encourage synergy and making the team work effectively, in other words, effective employee reward methods motivates your workers, makes them satisfied with their performances and helps steer competition in the organization.
There exists several forms of reward services in organizations. There is the monetary reward which comes in the form of presenting physical cash to the employee, it could also manifest in the form of increment in wages, allowances,
commissions and other bonuses and financial benefits attached that will sure contribute to the financial uplifting and betterment of the employee due to his efforts and contribution to the success of the organization.
Monetary incentives remains one of the best way to boost the morale of the employees working for your organization, in order to boost much productivity and steer hardwork among your employees as they are motivated by cash.
There is also the non monetary reward package service which may not directly improve the financial position of the employee and this could come in the form of praises and recognition, leave grant, promotion to a higher level, etc.
Non monetary rewards could also come in the form of “an employee of the month certificate” and this could satisfy the employees’ psychological desire as he is recognized for his efforts thus boosting his esteem.
However this needs to be carefully analysed and evaluated before deciding on the kind of employee reward services to implement.
CAREER BOOSTING REWARDS
This remains the best non monetary offer and motivation any organization can present to their employee, this gives them a chance to advance their careers,
provide opportunity to learn new skills, develop themselves, embrace new tasks and challenges making them feel more engaged and enthusiastic to your businesses especially when they are being integrated into bigger projects and their ideas would be needed.
Thus it is necessary organizations evaluate and analyse the employee and his/her career path and this would go a long way to boost their career in the future.
The career boosting reward gives them the chance to move up the organizational ladder, nothing motivates an employee better than knowing their services would be rewarded
with promotions which gives them the opportunity to discover their potentials, develop new skills and take up new challenging roles and enabling them focus on their specialty.
The best candidates are not solely motivated by salaries but they are greatly motivated when they are granted with the opportunity to learn, grow and be challenged.
With the growing population of social recognition platforms, the culture of social recognition should be built in an organization and it should be it’s prime focus,
it helps create and build trust and loyalty when the employees involved are being magnified with praises and accolades.
This makes them feel important through appreciation which could come in the form an SMS, email messages, social media pages and physical gatherings (devotions, meetings) where the employee is celebrated and showered with appraisals.
This goes a long way to spur up their vigour and that of other employees to strive to work more, aim for more effectiveness.
GIFTS, TRAVELS, TOURS AND HOLIDAYS
Gifts, holidays and free travels for employees proves your organization to be a grateful one and that it truly appreciates their employees.
the organization should be able to offer a wide array of eye catching employee reward benefits that could come in the form of gift cards, computers, tablets, travels, subscription, health insurance, donations and a variety of other packages.
the employee could even be offered to choose their benefits from a wide ranging options, this however should be carefully planned and should be determined by the financial strength of the organization.
Start up firms, small and medium scale business enterprises can also better motivate the employees in their service by doing the little they can and giving the little they can offer and not go overboard or try to compete with other bigger and more established firms.
However anything that would make employee spend less from their monthly Income (or add to their wages) would go a long way to motivate them.
SHARING EXCESS PROFIT
Employees are always aware when your organization is yielding unusual profits, they know when their inputs are yielding results and it can not be kept hidden from them.
The little percentage from the excess profit could be set aside for the employee or it could be utilized for all the staff in generations for their overall contribution to the success of the business.
It makes them feel so appreciated for their team work and collaboration to ensure the organization’s success.
This has proven to be a great motivation to the entire staff.
This could also manifest in situations were the organization’s management takes the entire staff to an exotic resort in the island for some days vacation and all expenses including accommodation fully paid by the organization.