POSTED: Tuesday, November 20, 2012 - 12:41pm
UPDATED: Tuesday, November 20, 2012 - 12:43pm
Corporate rewards and incentives are effective at increasing productivity of employees within a company. Companies have known this for some time and use numerous rewards and incentive schemes for their workers.
In companies that are part of a huge industry such as IT, occasionally other rewards, besides money, are the defining factors that keep employees contented. Moreover, salaries can be regulated, or possibly ordered by laws such as a minimum wage law. However, incentives that are inbuilt within the company can be very honorable.
In some cases, employees are not as interested in monetary rewards if they have a comfortable salary that allows them to pay the basic necessities plus savings. Therefore, monetary rewards are not a big motivator, not every time at least. Regardless of the situation, it comes down to budget. A corporation has a restricted budget for employee inducement; nonetheless, it does not mean a corporation’s creativity must be limited as well. The key types of non-monetary corporate awards  that employees are apt to be thankful for are those that support “career advancement,” and not necessarily a big promotion.
There are other ways of going about advancing an employee’s career such as giving individuals the chance to expand by offering developmental opportunities.
Corporations should discover what people value, and give it to them. This could be a number of things depending on the employee. Some staff members may appreciate more control over their work schedule, others may prefer more appreciation; and a letter would do, perhaps a face-to-face meeting to express gratitude, or a personalized trophy or plaque with an inscription stating what the company or boss values about that particular employee.
Here are a couple of tips about giving corporate rewards to employees without exceeding the budget:
Offer Non-Financial Rewards
Provide other projects that will keep your employee engaged, especially those in creative fields. Offer them something that will allow their special ability to shine, this will show them your appreciation. It’s those situations where the employee is startled, they thought you never noticed. This type of gesture from a company lifts the worker’s self-esteem and their view of the company as well.
If an employee asks for a cost of living raise which the company cannot afford, you will have to deny them this extra money. However, more than likely if you are straightforward from the beginning concerning the company’s financial status and help the worker’s understand why a raise is not possible at that time, you may be able to keep employees you value. The reward of “honesty” should never be undervalued.
Other rewards, however minor could include: Use of the CEO’s office for one day; A vacation day; Flowers; A reserved parking place; Inviting the employee to lunch, on the house; Send a birthday card to their home; A personally written thank you note; Pick up the tab to take an extra-curricular activity such as cooking or wind surfing; Give a gas card; Give a new and improved job description/title.