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: Elaine Herlihy
  • Advertising
  • Marketing

Women In Media Profile: Elaine Herlihy

If you've come here looking for Elaine Herlihy's famed scone recipe then it'll be the only disappointment you'll endure.

by B&T Magazine

B&T Magazine
QUT Creative Enterprise Australia Accepts 10 Start-Ups Into Its Creative Tech Accelerator
  • Technology

QUT Creative Enterprise Australia Accepts 10 Start-Ups Into Its Creative Tech Accelerator

QUT Creative Enterprise Australia (CEA) has announced the 10 start-ups that have been accepted in its Collider Accelerator. The three-month accelerator is a proud Australian first which is carving the way for start-ups specialising across the creative tech verticals. Commencing this week, the 10 participating companies will receive coaching from international mentors and deep domain […]

The Works Launches Podcast With RXP Services & Global Law Firm Norton Rose Fulbright
  • Advertising
  • Technology

The Works Launches Podcast With RXP Services & Global Law Firm Norton Rose Fulbright

Expert insights on what’s trending in the world of technology, data and innovation will be discussed in a new podcast powered by The Works, digital services consultancy RXP Services, and global law firm Norton Rose Fulbright. The Smart Dust podcast – named after micro-electromechanical computers that that can be breathed in to monitor the human […]

Why We Need To Make Consequences Cool
  • Opinion

Why We Need To Make Consequences Cool

Here at B&T, we have a trendy communal black leather jacket for staff to wear while suffering consequences.

Opinion

by B&T Magazine

B&T Magazine
Lovatts Media Acquires Nourish Magazine From Blitz Publications
  • Media

Lovatts Media Acquires Nourish Magazine From Blitz Publications

Lovatts Media has purchased Nourish magazine from Blitz Publications in a last-minute deal that has ensured the title continues to be published in Australia. Rachael Northey, CEO of Lovatts Media, believes the demand for high-quality niche magazines is growing rather than declining. Building on the successful 2017 launches of their popular mindfulness titles Breathe, Teen […]

Thrive PR + Communications Opens Fifth Office & Appoints New Staff
  • Marketing

Thrive PR + Communications Opens Fifth Office & Appoints New Staff

Independent PR agency Thrive PR + Communications has announced the launch of its fifth office, opening its doors permanently on the Gold Coast and making multiple team appointments. In response to client demand, and embracing the growth of Australia’s emerging innovation hotspot, the Gold Coast will be Thrive’s second Queensland location following the opening of […]

China Social Solutions Reveal The Massive Market Brands Are Missing
  • Partner Content

China Social Solutions Reveal The Massive Market Brands Are Missing

Advertising, in its essence, is about reaching the largest number of people, in the most seamless, creative way. However, reaching a large audience can often be the biggest hurdle, so how does a crowd of a few hundred million users sound? Weibo, China’s answer to Facebook, WhatsApp, Instagram and every other app combined, has hit […]

Partner Content

by China Social Solutions logo

How To Thrive In An Age Of Disruption
  • Opinion

How To Thrive In An Age Of Disruption

Has the age of disruption left you fearful? Well, you'll be singing Helen Reddy's 'I Am Woman, Hear Me Roar' after this.

by B&T Magazine

B&T Magazine
Monash University And Y&R Melbourne Launch Wristbands To Deter Drink-Spikers
  • Campaigns
  • Technology

Monash University And Y&R Melbourne Launch Wristbands To Deter Drink-Spikers

Y&R Melbourne has an innovative wristband on campus at Monash University that detect drugs by simply placing a drop of your drink onto the band itself. Designed for widespread use across festivals, events, bars, nightclubs and other venues where patrons are already accustomed to using wristbands, the ‘Sip Safe’ wristband is equal parts a utility, […]

Global Brand Events Agency INVNT Opens Sydney Office
  • Marketing

Global Brand Events Agency INVNT Opens Sydney Office

Brand events agency INVNT has announced it has expanded its operations to the Asia-Pacific region with a new office in Sydney. Originally founded in New York in 2008 by Scott Cullather and Kristina McCoobery, INVNT creates and produces brand engagements for every audience segment, including employees, customers, partners, investors, the media, and consumers. Cullather said […]

The Copyright Agency Invites Visual Artists To Claim Image Royalties
  • Media

The Copyright Agency Invites Visual Artists To Claim Image Royalties

The Copyright Agency is inviting Australian artists and their heirs to nominate about where their works have been published or used on TV to receive payment for their copyright-protected work as part of a month-long campaign. The Copyright Agency, which recently merged with Viscopy, is Australia’s national copyright licensing organisation for the publishing, media, surveying […]

Pac Mags’ Emily Sak Joins Shopper Media Group As Its First Data & Insights Chief
  • Marketing
  • Media

Pac Mags’ Emily Sak Joins Shopper Media Group As Its First Data & Insights Chief

Digital retail out-of-home media business Shopper Media Group has announced the appointment of Emily Sak to the newly created position of head of data and insights. The new role forms part of Shopper Media Group’s expansion plan to keep up with the accelerated growth that has seen its portfolio surpass more than 220 shopping centres […]

CX Lavender Appoints Business Development Director For Melbourne
  • Marketing

CX Lavender Appoints Business Development Director For Melbourne

Customer experience agency CX Lavender has announced the appointment of Michael Rummery to the role of business development director for Melbourne. Rummery (pictured above) was previously account director of client services at global marketing and digital recruitment firm Aquent, and has held roles at a number of talent agents and recruitment firms with a focus […]

The New York Times Appoints WeThinkMedia As Its Aussie Advertising Rep
  • Advertising
  • Media

The New York Times Appoints WeThinkMedia As Its Aussie Advertising Rep

The New York Times Company has announced the appointment of media representation agency WeThinkMedia to represent its advertising business in Australia. WeThinkMedia will be responsible for all advertising in the region, including print, digital, branded content, programmatic, and events. The partnership will be overseen by Tom Armstrong, vice president of advertising for The New York […]

The Future Of Influencer Marketing: More Than Just A One-Night Stand
  • Marketing
  • Opinion

The Future Of Influencer Marketing: More Than Just A One-Night Stand

Influencers are the new powerhouses in driving stock off shelves, but brands are yet to find the right recipe for successful collaboration, according to Guillaume Deront of Gleam Futures @ The Story Lab (pictured below). Here, he argues that marketers need to look beyond purely targeting an audience and channel their energy towards building long-term […]

Opinion

by B&T Magazine

B&T Magazine
Designing Cultural And Organisational Change
  • Opinion

Designing Cultural And Organisational Change

In this guest post, Bronwyn Van Der Merwe (pictured below), managing director of Fjord Australia and New Zealand (part of Accenture Interactive), details the four traits of a ‘living business’ – something she believes organisations have to become in order to transform successfully. The digital age has created a plethora of challenges for modern organisations, […]

Opinion

by B&T Magazine

B&T Magazine
Facebook founder and CEO Mark Zuckerberg arrives to testify during a Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee joint hearing about Facebook on Capitol Hill in Washington, DC, April 10, 2018. / AFP PHOTO / SAUL LOEB        (Photo credit should read SAUL LOEB/AFP/Getty Images)
  • Media

Free TV Calls For ACCC Oversight Of Facebook & Google

In a submission lodged with the ACCC inquiry into digital platforms, industry body Free TV today called for greater regulatory oversight of Facebook and Google. The FreeTV submission identifies a number of key areas of concern: Heavy regulation on traditional media providers and almost none on Facebook and Google Questionable claims about the reach, viewability, […]

APN Outdoor Confirms Retention Of Three Key Contracts
  • Media

APN Outdoor Confirms Retention Of Three Key Contracts

APN Outdoor has used its annual general meeting to announce three key contract renewals: Transport for Brisbane, Transdev Melbourne and Adelaide & Parafield Airports, for multiple years. Company CEO and managing director, James Warburton, said: “These contracts represent an important part of our advertising offering. The far-reaching impact they provide delivers a compelling proposition and cements our commitment […]

Women In Media Profile: Olivia Warren
  • Media

Women In Media Profile: Olivia Warren

It's the latest in our Women In Media profiles, and this one is so good you'll possibly get a nervous twitch somewhere.

by B&T Magazine

B&T Magazine
LIDA Delivers Series Of Animated Info Bites For Busy Marketers
  • Marketing
  • Media

LIDA Delivers Series Of Animated Info Bites For Busy Marketers

M&C Saatchi Group’s customer engagement specialist agency, LIDA, has crafted an initial eight-episode series of bite-sized animated videos designed to help busy marketers stay ahead of the game. ‘60 Second Gets’ draws on LIDA’s wealth of experience to unpack the latest industry tools, tech and thinking. Launching today, the first video, ‘Success in 6 Seconds’, […]

Naked And Gidget Foundation Want Australians To Start Talking
  • Campaigns

Naked And Gidget Foundation Want Australians To Start Talking

Today Naked launches its ‘Start Talking’ campaign for Gidget Foundation Australia; a not-for-profit that provides support for families who are affected by perinatal depression and anxiety (PNDA). The centrepiece of the campaign is a powerful TVC that brings to life this common, but often hidden illness, and shows how Gidget Foundation’s ‘Start Talking’ telehealth program […]

MKTG Integrates Telstra Tracker Data With LED Signage At AFL Stadiums
  • Marketing
  • Technology

MKTG Integrates Telstra Tracker Data With LED Signage At AFL Stadiums

For the first time ever, AFL spectators will be able to view real-time Telstra Tracker player data via in-stadium LED signage, thanks to the combined efforts of Telstra, Champion Data and MKTG. By integrating the Telstra Tracker data into the LED signage at the MCG and Etihad Stadium, fans will receive contextually relevant information from […]

Westfield Shows Off New Visual Identity In Line With Fresh Digital Offering
  • Marketing

Westfield Shows Off New Visual Identity In Line With Fresh Digital Offering

Scentre Group has unveiled a new brand look and feel coinciding with the re-launch of the Westfield.com.au and Westfield.co.nz sites. This digital-first visual identity sees a shift towards creating a more contemporary, invigorated and colourful brand, reflective of Westfield’s in-centre experience. The iconic Westfield logo will continue to lead brand communications, supported with a new […]

The Age Of The Ephemeral: Why Experiential Marketing Is Compulsory This Year
  • Marketing
  • Opinion

The Age Of The Ephemeral: Why Experiential Marketing Is Compulsory This Year

In this guest post, Keep Left’s head of consumer engagement, Johanna Murray (pictured below), explains the merits of experiential marketing, as well as sharing some tips on how to do it – and do it well. Humans love to label things – especially intangible things, like time. We like eras and ages and eons because they […]

Opinion

by B&T Magazine

B&T Magazine
The Top Social Media Marketing Trends For 2018
  • Advertising
  • Marketing
  • Technology

The Top Social Media Marketing Trends For 2018

This trends report is a must-read for all marketers, although it contains no news on the return of the bubble perm.

by B&T Magazine

B&T Magazine
How To Give And Take Feedback At Work
  • Opinion

How To Give And Take Feedback At Work

Georgia Murch (pictured below) is an expert in creating feedback cultures and author of Feedback Flow; The Ultimate Illustrated Guide to Embed Change in 90 Days. In this guest post, Murch offers her tips on giving (and receiving) feedback from colleagues without botching it up… We all know that feedback matters.  Most of us want the good, the bad and the […]

Opinion

by B&T Magazine

B&T Magazine
Dentsu X Expands Operations To Sydney
  • Advertising
  • Media

Dentsu X Expands Operations To Sydney

Have you completely forgotten what Sydney looks like? Well, thankfully this story comes with a handy pictorial reminder.

SBS Radio Introduces Three 24-Hour Digital Radio Stations On Digital TV
  • Media

SBS Radio Introduces Three 24-Hour Digital Radio Stations On Digital TV

SBS Radio has announced two new digital radio stations – SBS PopAsia, SBS PopDesi and a refresh of SBS Radio 3 – is now available on digital TV. SBS Radio 3 will broadcast world news and current affairs from the BBC World Service (previously airing on SBS Radio 4 on digital radio) and special events […]

Aussies Invited To ‘Money With Sunny’ In New Suncorp Campaign
  • Advertising
  • Campaigns

Aussies Invited To ‘Money With Sunny’ In New Suncorp Campaign

At a time when more than two thirds of Australians are feeling confused and concerned about their finances, Suncorp has unveiled a new creative platform focused on making the complex simple. In a move that expands the brand beyond the sunshine state, Suncorp’s strategic approach is all about helping Australians focus on what they do […]