Maintaining, motivating, and engaging an entire workforce is no easy task. Whilst remuneration plays a huge part in this, relying on money alone to get the best out of your employees could lead to problems down the line.
Whilst securing an income forms the main reason that most people work, once they feel that they are being compensated fairly, recognition becomes an important factor in driving motivation and engagement.
In order for employees to feel fully engaged and committed, they need to feel that their contribution is recognised and appreciated, and that they are making a difference at work.
Of course, each employee is different, and will be motivated by different things, so it takes time and effort to get the right balance between reward and recognition for you, your business, and your employees.
Once you are comfortable that you are paying your employees a fair and competitive salary, you can start to look at other forms of reward that may keep them further engaged with your business. These could include:
- Performance-related bonuses
- Financial contribution towards further education
- Subsidised gym memberships
- Parties and events to reward good performance
- Internal awards to recognise those meeting targets/improving performance
- Personalised gifts
By establishing an awards programme linked to performance and business outcomes, you will go some way to engaging your workforce, but it is also important to look at the importance of recognition in encouraging your employees to consistently strive for excellence.
Although it may seem obvious, the simple act of recognising an employee’s contribution to your business can play a significant part in keeping your workforce engaged and willing to go the extra mile.
An employee’s efforts can be recognised in a number of ways, from a one-on-one with their manager or team leader to provide positive feedback, to a company-wide declaration of the work they have done.
As with rewards, it is important that recognition is linked to performance and business outcomes, and doesn’t just recognise those with the most visible roles in an organisation. Again, it is important to take a varied approach in the ways in which you recognise the work undertaken by your employees. Some examples could include:
- Employee of the month
- Sharing success on social media
- Praising performance during internal meetings
- Personal ‘thank yous’ from the Managing Director or CEO
- Long-service awards
Finding the balance between recognition and reward can take time, and you will need to find the methods that best fit your business, but by rewarding and recognising those people who bring their all to your business, you are securing your workforce and therefore the future of your business.