anyspacedirect news

Four ways to reward high performing employees

31st January 2011
Managers often struggle with finding the most appropriate way to reward employees. With increasing workplace diversity, it can be hard to offer rewards that will be appreciated by all staff members. With the financial downturn shifting priorities for many people, traditional forms of performance-related remuneration, such as bonuses, may be less well-received than in the past. More modern benefits, for example flexible working, have proven popular with workers, particularly younger ones.

Here are four diverse ways of rewarding high-performing employees:

Flexible working

Many workers, particularly those with younger families, appreciate the benefits of flexible working arrangements. The advance of mobile technology also means that employees can be just as efficient at home as in the office. In addition, by giving them the opportunity to have a say in their working schedule, staff are more likely to show motivation and support for the company’s goals.

Bonuses

Most employees welcome financial remuneration in addition to salary, and consider it to be a very direct and honest sign of appreciation. Bear in mind that bonuses do not have to be considerable; regular tokens of appreciation are likely to be appreciated more than bigger bonuses that come very rarely. Ensure bonuses are reflective of salary and the employee’s overall performance.

Promotion

Promotions are more pervasive and long-term ways of rewarding high-performing employees but can yield considerable benefits to the company, such as an increase in output. Identifying key talent and providing career progression is a tough job for many firms but the benefits outweigh the costs involved; losing talent is both frustrating and costly.

More exciting work

Many employees find that performing the same tasks over and over can quickly lead to lack of motivation and output. Giving them more opportunity for creative expression, or the chance to work on newer projects, is a fantastic way of rewarding individuals who particularly enjoy their jobs. The company also benefits from increased creative input.

By taking into account the personal circumstances of individual employees, managers can tailor rewards to ensure a positive response. This can increase happiness and motivation on both sides.
Back to listing