“The Best Ways to Reward Employees”
|
Small business resources for HR article about employee incentives internet business and web site business resources, small business development resources and books for HR article about employee incentives. This site page has the information to make a business website, with cheap internet hosting, for everyone who wants a profitable home based business opportunity.
Every company needs a strategic reward system for employees that addresses these four areas: compensation, benefits, recognition and appreciation.
The problem with reward systems in many businesses today is twofold:
They're missing one or more of these elements (usually recognition and/or appreciation), and the elements that are addressed aren't properly aligned with the company's other corporate strategies.
A winning system should recognize and reward two types of employee activity/performance and behaviour.
Performance is the easiest to address because of the direct link between the initial goals you set for your employees and the final outcomes that result. For example, you could implement an incentive plan or recognize your top salespeople for attaining periodic goals.
Rewarding specific behaviors that made a difference to your company is more challenging than rewarding performance, but you can overcome that obstacle by asking, "What am I compensating my employees for?" and "What are the behaviors I want to reward?"
For example, are you compensating employees for coming in as early as possible and staying late, or for coming up with new ideas on how to complete their work more efficiently and effectively?
In other words, are you compensating someone for innovation or for the amount of time they're sitting at a desk?
There's obviously a big difference between the two. The first step, of course, is to identify the behaviors that are important to your company. Those activities might include enhancing customer relationships, fine-tuning critical processes or helping employees expand their managerial skills.
When business owners think of reward systems, they typically put compensation at the top of the list. There's nothing wrong with that, since few people are willing or able to work for free. But the right strategy should also include an incentive compensation plan that's directly linked to the goals of your company for that period.
You might want to include some type of longer-term rewards for key individuals in your organization. Historically, this has often included some form of equity ownership.
Benefits are another type of reward in a strategic reward system, and your employees are definitely going to notice the types of benefits you provide.
Companies that don't match or exceed the benefit levels of their competitors will have difficulty attracting and retaining top workers.
This is one reason an increasing number of businesses are turning to professional employer organizations like Administaff to gain access to a broader array of company benefits.
However, you can't diminish the importance of recognition and appreciation as integral components of a winning strategic reward system. These two elements rarely receive the attention they deserve from business owners, which is amazing because they're the low-cost/high-return ingredients.
Employees like to know whether they're doing good, bad or average, so it's important that you tell them.
Recognition means acknowledging someone before their peers for specific accomplishments achieved, actions taken or attitudes exemplified through their behavior. Appreciation, meanwhile, centers on expressing gratitude to someone for his or her actions.
Showing appreciation to your employees by acknowledging excellent performance and the kind of behaviour you want to encourage is best done through simple expressions and statements. For example, you might send a personal note or stop by the employee's desk to convey your appreciation.
Another approach is to combine recognition and appreciation in the form of a public statement of thanks in front of the employee's co-workers or team, citing specific examples of what they've done that has positively impacted the organization.
Now that you know what it should include, it's time to review your strategic reward system.
Does it address compensation, benefits, recognition and appreciation? Is it aligned with your remaining business strategies? Is it driving the right behaviours for your company, as well as your performance goals?
If it needs fixing, don't wait. It can mean the difference between your business' success and failure.
Paul J. Sarvadi is CEO, chairman of the board and co-founder of Administaff, one of the nation's leading Professional Employer Organizations (PEO).
Paul Sarvadi is the "Human Resources" coach at Entrepreneur.com and is chairman of the board, CEO and co-founder of Administaff, one of the nation's leading Professional Employer Organizations (PEO), which serves as an outsourced full-service human resources department for small and medium-sized businesses throughout the United States.
Get expert advice, tips for finding the right employees, insurance guidelines and more solutions for your growing business at Entrepreneur.com's Business Management center.
Material copyright © by Entrepreneur.com, Inc. All rights reserved.
Try a local search of our site for your answers
HOME PAGE || About Us || Contact Us || Privacy Policy || Terms of Use || Entrepreneur Coaching || Business Entrepreneur Blog || Subscribe to Newsletter || Free Books & Business Manuals || Famous Quotes || Buy website business || Link Directory – add URL || Write your own eBook || Small business resources || Internet Business Resources || Business Resources || Business Entrepreneur resources || Affiliate Income Resources ||
|
Great Health, Wealth, Relationships and Overall Success! Become part of a group that has committed to a plan, a process, a blueprint and a commitment to inspect and improve their lives. The Jim Rohn One-Year Success Plan (including experts Jim Rohn, Zig Ziglar, Brian Tracy) will help you do just that and become the person you desire to become. Visit: www.jimrohn.com today! |
=================================================
DISCLAIMER: The resources on this site are not intended to be a substitute for professional advice. While all attempts have been made to verify information provided in this publication, neither the author nor the publisher assumes any responsibility for errors, omissions or contrary interpretation of the subject matter herein. There is no guarantee of validity of accuracy. Any perceived slight of specific people or organizations is unintentional. This website and its creators are not responsible for the content of any sites linked to.
The contents are solely the opinion of the author and should not be considered as a form of advice, direction and/or recommendation of any kind. If expert advice or counseling is needed, services of a competent professional should be sought. The author and the Publisher assume no responsibility or liability and specifically disclaim any warranty, express or implied for any products or services mentioned, or any techniques or practices described. The purchaser or reader of this publication assumes responsibility for the use of these materials and information. Neither the author nor the Publisher assumes any responsibility or liability whatsoever on the behalf of any purchaser or reader of these materials.
Site content description: If you just want to make your own website, or as a business entrepreneur, even make a business website that is profitable an drives traffic to your existing business, Strategic Services make your own website resources and directory links will make it fast, simple for you to do with cheap internet hosting. This page has information to HR article about employee incentives make your own website for fun or make a business website as a business entrepreneur wanting a home based business opportunity that earns you a top affiliate income with a company that provides the internet business entrepreneur with everything you need to make your own website as well as cheap internet hosting.
Subject matter on the site includes information and directory links to topics on HR article about employee incentives, how to make your own website, how to make a business website, the best provider for quality cheap internet hosting, HR article about employee incentives, self help personal development training materials for business entrepreneur executive skills, HR article about employee incentives, home based business opportunity outline for internet home based business opportunity, and getting internet home work income business development, including how to start a small business, HR article about employee incentives, free sample business plan for home based business opportunity, HR article about employee incentives, small business web site design tips, and help for HR article about employee incentives making your own website, with a free sample business plan template manual and other business resource for business entrepreneur who wants to make your own website or HR article about employee incentives make a business website with cheap internet hosting. This directory also has a section on HR article about employee incentives, human resource website with HR articles, HR article about employee incentives, free recruitment and career in consulting outlines, HR article about employee incentives, human resource articles, latest industry business news updates and other free business resources being loaded on the site every week.
=================================================
Back to Top of page HR article about employee incentives
back to HR article HOME PAGE
