Companies that continue to grow in an ever changing economy are companies that have top performing employees that receive rewards for their achievements. When organisations keep their top performers happy, their employees will remain loyal, if one neglects to do so, they may eventually leave and move on. That is why it is important to recognise and reward top achievers with the right incentive.
According to an article on www.entrepreneur.com, “if a company takes the time to align incentives with a numerical target where employees are able work towards a specific number, they are more likely to keep track of their performance and be more motivated to impress.”
The article also mentions the five steps a company can take to match rewards with results, and with Uwin Iwin’s software technology, we can assist companies with achieving this specific task.
Below are the 5 steps companies can take to match rewards with results:
1. Keep Targets Visible.
Always make sure that performance targets are visible to employees at all times. This will encourage them to always be goal-orientated.
2. Clarify Incentives and intervals.
Ensure that all employees know exactly what the expectations of the incentive programme are and that your incentives and tangible rewards are clear. Avoid rewarding in inconsistent increments. Make sure you reward your employees at intervals that are aligned with company deadlines or that works for you, and reward employees as soon as they achieve their expected targets.
3. Create a tie-in with larger goals.
It is important for employees to know how their targets fit in with the overall company goals and how they contribute to the company’s holistic vision.
4. Set Individual Incentives
Always remember to treat each employee as an Individual and understand what will motivate them most in your reward program. Not all employees will be motivated by the same thing, take time to find out personal details about your employees and incentivise them accordingly.
5. Meet regularly and celebrate.
Give your employees a sense of pride and let them know that their hard work is appreciated by rewarding them publicly and celebrating their achievements. It will stimulate healthy competition among team members.
In conclusion, by making sure employees understand the objectives of the incentive program, by providing them with set targets and adapting the reward system to take each individual participant into account, your company can build a unified and motivated team.