Employee Salaries Rewards & Benefits

Ask yourself the importance of a chocolate or a muffin to motivate your child to end his homework or clean his room. Same way, the rewards and recognition can convince be extremely beneficial to stay your employees motivated to perform extraordinary, achieve the targets and stick with the organization.

Who doesn’t want to draw in , hire and retain the simplest talents of the industry? Why not explore the new ways to foster employee motivation and drive them to realize their targets then? in any case an organization’s performance is directly associated with the performance of its human resources. this is often an easy logic; if you create their day, they create your organization.

Employee rewards and recognition system isn't just a positive thing to try to to with people but communicating it effectively is an efficient tool in encouraging them to make and convey business for you. Employers and management got to be pro-active to develop a talented and dedicated workforce which will take you to your goals.

Fulfilling of employees’ needs and recognizing to their efforts and representing them with many monetary and many non-monetary benefits that assist you create a right workforce for your organization which will be your partner in success in every way. Recognition of their efforts and boosting their morale leads to increased productivity and decreased rate of attrition . it's a incontrovertible fact that the motivated and dedicated workforce can change the fate of a corporation . After all, human effort is that the biggest contributing think about success of any organization. it's just next to impossible to realize organizational goals only by the efforts of top management. It’s the workforce who executes their plans and helps them achieve their financial also as non-financial aims.

Establishing and implementing a gift system needs careful analysis of the corporate policies and procedures. Deciding the way to recognize employees’ efforts and what to supply them requires thorough analysis of responsibilities and risks involved during a particular job. Reward system of a corporation should even be in alignment with its goals, mission and vision. Depending upon the work profile, both monetary and non-monetary rewards can encourage employees to contribute more to the organization.

Monetary Rewards:

Some examples - A raise in salary, incentives, movie tickets, vacation trips, monetary allowances on special occasions, redeemable coupons, cash bonuses .. etc. free or discounted health check-ups for the whole family and school/tuition fees for employees’ children fall during this category.

 While designing company policies for monetary rewards and management should confirm that the benefits should be as broad-based as possible. It requires sound planning and effective implementation.

Non-monetary Rewards:
Some examples -  dinner with boss, redecoration of employee's cabin, certificates, letters of appreciation, membership of recreation clubs, perks, use of company facilities, suggestion awards,  etc.

A combination of monetary and non-monetary rewards can work wonders and drive employees to perform well continuously and achieve targets of organization. a correct and efficient employee reward and recognition program can establish harmonious relationships between employees and employer.


Reference
MaRS Startup Toolkit. (2020). Employee compensation: salary, wages, incentives & commissions | Entrepreneur’s Toolkit. [online] Available at: https://learn.marsdd.com/article/employee-compensation-salary-wages-incentives-and-commissions/ [Accessed 24 Feb. 2020].