Rewarding Staff? There Are Other Creative Ways Than Mere Money

Rewarding Staff? There Are Other Creative Ways Than Mere Money
SHARE
THIS



In this guest post, Karen Gately (pictured below), a co-founder of HR Consultancy Ryan Gately, offers top tips to motivate high-performing staff that won’t break the salary budget…

Reflect for a moment on the effectiveness or your organisations approach to rewarding and recognising people. How are culture, engagement and performance impacted? Do the Leaders you support successfully influence capability and behaviour through the thanks they give and rewards they provide? Do financial and non-financial rewards inspire discretionary effort and impact upon the standards achieved by individuals and teams?c5874dc11d58ab9adca871e40b4ad589-bpfull

If you’re struggling to extract optimum value for your reward and recognition efforts, you’re far from alone. All too often organisations fail to leverage the full benefit of the investment they make in reward and recognition programs. At the heart of the issue are typically two key factors. A lack of effective coaching from managers and poor design or application of reward programs.

The simple reality is, when leaders actively coach their people they are more likely to be ‘tuned in’ to each individual on their team; that is how they are thinking, feeling, learning and ultimately performing. When leaders adopt a coaching approach, they are entirely more likely to communicate both constructive feedback and praise.

Incentive schemes or recognition programs typically fail due to a lack of alignment between decisions made and the outcomes needed. Take for example bonus programs that fail to reinforce cultural expectations or incentive schemes that discourage collaboration and team success. It doesn’t take long working in HR to come across, for example, the highly paid ‘technical expert’ who continues to earn large bonuses despite their poor behaviour impacting the rest of the team.

Getting reward and recognition right matters for reasons beyond spending money wisely. Of course, success should be measured by the return on your investment in bonuses and other financial rewards. What matters more, however, is the impact reward and recognition done well, can have on the performance of your business.

The bottom line is people are more likely to strive to achieve the standards required of them, and beyond, if they believe they are fairly recognised and rewarded. When people don’t feel fairly treated, however, they’re entirely unlikely to invest the full strength of their potential in getting the job done. Gallop research spanning four million employees worldwide, presents compelling evidence of the link between reward and recognition, and organisational performance. Benefits cited include improved individual productivity, increased engagement among colleagues and staff retention. Critically, higher loyalty and satisfaction scores from customers, better safety records and fewer accidents on the job were also reported benefits.

It’s not all about money

While financial rewards unquestionably play a role in inspiring a sense of personal value and commitment, far more important are the words of gratitude people need to hear, and acts of generosity they value.

McKinsey & Company research shows that non-financial incentives are more powerful influencers of behaviour than money. Research consistently shows in fact that when people are satisfied with their salaries, non-financial rewards are more effective than more money in building long-term employee engagement.

Get creative

Making reward and recognition programs work takes a creative approach. While of course there are strategies or initiatives that will work in many instances, far more powerful however are those tailored to your workforce. Look for opportunities to tailor rewards to each individual or team. Adding a personal touch can have a dramatic impact on the extent to which rewards are truly valued.

Keep in mind that the primary objective of rewarding and recognising people is to influence how they feel and in turn behave. To do that you need to know each person and adopt an approach that works for them. Armed with a little understanding of each individual, far more meaningful and therefore impactful rewards can be provided.

While many organisations provide standard rewards or forms of recognition, people often appreciate the effort invested and personal nature of the reward more than the value of the gift itself.  Encourage leaders to think laterally about the benefits people on their team may value and look for ways these can be accommodated.

Think beyond traditional ways of rewarding and recognizing people. While bonuses may form an essential part of your reward strategy, think also for example about ways in which leaders can provide ad hoc recognition of the behaviours and outcomes needed. Tickets to a certain event for example, or a book about a topic the individual is interested in, are far more likely to be memorable than a standard reward everyone gets.

While a certificate of achievement or trophy may well be appreciated in some instances, rewards that demonstrate thoughtfulness or effort are more likely to be valued. Opportunity to attend a course or conference, time off to pursue personal interests, gift cards or vouchers for products or services the individual needs, support services that help people balance work and life are just some of the many ways in which a tailored approach can be taken.

Latest News

Women In Media Profile: Danni Wright
  • Media

Women In Media Profile: Danni Wright

We'd be headlining Danni Wright's Women in Media profile the "Wright stuff" if it wasn't utterly predictable and naff.

by B&T Magazine

B&T Magazine
Industry Generates A Record $10.5m For Social Impact
  • Media

Industry Generates A Record $10.5m For Social Impact

UnLtd, the media, marketing and creative industry’s social purpose organisation has announced a total industry contribution of $10.5m to social impact in FY18. The total value of funds, services, inventory and time donated by the media, marketing and creative industry increased by 21per cent compared to the previous financial year due to a growth in […]

Posterscope Promotes Two
  • Media

Posterscope Promotes Two

Posterscope, Dentsu Aegis Network’s specialist out-of-home agency, has promoted Ryan Hedditch to the newly created position of national head of strategy and Samantha Summers to Sydney Group Business Director. In his new role, Hedditch is charged with driving the continual improvement and transformation of the Posterscope offering to clients and partners. Summers’ promotion will see her lead […]

Outbrain Accelerates Growth With APAC Promotions
  • Media

Outbrain Accelerates Growth With APAC Promotions

Native discovery platformOutbrain has announced several movements in its regional leadership team, with plans to make more new hires. This comes on the heels of two senior appointments it made in February, after closing a record year in the region with expansion into new markets. Yoav Tourel has been promoted to head of sales for […]

Clems Syd & Extra GUM Unveil YouTube Digital Stage
  • Media

Clems Syd & Extra GUM Unveil YouTube Digital Stage

YouTube EXTRA Gum has launched EXTRA Support Acts, a program created to support Australia’s up and coming musicians by transforming pre-roll ads on YouTube into a digital support stage. It has been created in partnership with Clemenger BBDO Sydney as creative lead, Universal Music Australia and BRING for talent and music strategy and content, MediaCom and YouTube. The […]

OMD Australia Tops 2018 RECMA Rankings
  • Media

OMD Australia Tops 2018 RECMA Rankings

OMD Australia has taken the top spot for Australia’s Number 1 media agency in size, according to RECMA’s 2018 ‘Overall Activity Volume Rankings’ report released last week. Additionally, the company was named first in profile classification with a dominant profile for the 3rd consecutive year, along with vitality ranking and structure ranking. Furthermore, OMD Australia was also named […]

Red Agency Bolsters Sydney Team
  • Media

Red Agency Bolsters Sydney Team

Judging by the image, it seems Red Agency may have had no staff whatsoever prior to this hiring spree.

Nine Appoints Editor For 9Honey
  • Media

Nine Appoints Editor For 9Honey

B&T's editor coincidentally spilled honey on his shirt while typing this. And by typing, we mean copy and pasting.

Y&R Sydney Scores Best&Less   
  • Advertising
  • Media

Y&R Sydney Scores Best&Less  

Y&R wins Best&Less amid rumours the clothing shop its changing name to 'Somewhat OK&Reasonably cheap'.

Women In Media Profile: Judy Sahay
  • Media

Women In Media Profile: Judy Sahay

B&T's Women in Media profiles are like a wave washing over you. Even more so if an actual wave washes over you.

by B&T Magazine

B&T Magazine
How B2B Companies Can Use Their Customer Data More Effectively (And Why They Need To)
  • Marketing
  • Opinion

How B2B Companies Can Use Their Customer Data More Effectively (And Why They Need To)

In this opinion piece, SalesPreso co-founder and CMO Joel Thomson (pictured below) explains how B2B companies can use their data more effectively and deliver a personalised customer experience that matches their B2C counterparts. From the Cambridge Analytica scandal to the EU’s recent GDPR legislation, this year has prompted individuals all over the world to consider […]

Opinion

by B&T Magazine

B&T Magazine
M&C Saatchi Launches THIS Film Studio
  • Advertising
  • Marketing
  • Media

M&C Saatchi Launches THIS Film Studio

Not one to rest on its laurels, M&C Saatchi unveils new production studio it hasn't called 'Not One To Rest On Laurels'.

Creative Agency Launches Project Management Tool ‘Hassl’
  • Advertising
  • Technology

Creative Agency Launches Project Management Tool ‘Hassl’

Yesterday at TedX Melbourne the team behind award-winning, Melbourne-based agency Your Creative launched their new tech venture Hassl, the project management platform taking on Trello and the likes. With the belief there was a better design solution to project management, the platform has been developed over the last two years in collaboration with their clients. […]

ABC Axes Tom Ballard’s Tonightly
  • Media

ABC Axes Tom Ballard’s Tonightly

It's one of the ABC's edgier, controversial shows, but Tom Ballard's proven too edgy and controversial for ABC chiefs.

Taboola Strengthens APAC Programmatic Offering With New Partnership
  • Advertising
  • Media

Taboola Strengthens APAC Programmatic Offering With New Partnership

Global discovery platform Taboola has announced a strategic partnership with Wider Planet, Korea’s largest demand-side and data management platform. The partnership builds on Taboola’s programmatic efforts in Asia-Pacific, and will bring together Korea’s largest demand platform for agencies and brands to provide access to Taboola’s global audience through premium publisher placements. The partnership means advertisers […]

The Haus Picks Up Two New Clients
  • Marketing

The Haus Picks Up Two New Clients

The Haus announces two new client wins. Admittedly, not as good as winning three, but far better than losing four.