The Boston Red Sox are World Series Champions! Years of hard work, dedication, and drive culminated this past week – end result? Trophies, championship rings, banners, confetti, bubbly, praise – celebration for a job well done. Did the players have to wait long for these rewards? Not at all. The world was right there ready to reward them in real time (well, maybe not the L.A. Dodger fans!). What a letdown if everyone had to wait 6 months to celebrate!
In the workplace, the timing of rewards and linking the program to your culture is everything when it comes to offering a rewards and recognition program that delivers real impact.
In recent years, we’ve experienced a shift from traditional once-a-year performance reviews to a more continuous performance management model . This shift has brought about a new challenge as many organizations have not adjusted their rewards and recognition programs to fit this new approach. According to a study published by Deloitte, 40% of companies have re-engineered performance management, yet only 5% believe they have best-of-breed reward programs and worse yet, 74% say their programs are ‘out of date’. The result? Employees are not being rewarded in real-time for the efforts. The shine wears off by the time the reward catches up.
To design a best-in-class rewards and recognition program that fits your culture and motivates your employees, consider the following:
- Your culture should be the driving force behind your rewards and recognition program. Base your rewards around the shared values, beliefs and mission of your organization.
- Reward in real-time and even on-the-spot for outstanding performance. Gone are the days of rewarding for performance only at the annual review cycle.
- Offer a well-rounded strategy that considers both the intrinsic and extrinsic motivation of your employees.
- Make rewards personal. Reward programs need to speak to all people. Offer rewards that fit your culture and that all of your employee can love.
Employee rewards and recognition programs can strengthen your organization’s culture, employee engagement and overall performance. Reach out to us at https://www.successfulculture.com/contact/ to discover how we can help your organization design a best-in-class program that fits your culture perfectly. Our SCALE Academy is the perfect place to start! Building cultures where everyone feels valued is what we do best.