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Rewards: What They Are and Why They Matter




Rewards are anything that an employee receives from their employer in exchange for their work or performance. Rewards can be tangible or intangible, monetary or non-monetary, intrinsic or extrinsic. Rewards are important because they can influence the motivation, performance, and well-being of employees. In this article, we will explore the different types of rewards, their benefits, and some best practices for rewarding employees.




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Types of Rewards




Intrinsic Rewards




Intrinsic rewards are the internal satisfactions that an employee derives from their work. For example, an employee may feel intrinsic rewards such as enjoyment, pride, fulfillment, or self-esteem from completing a challenging task, learning a new skill, or helping a colleague. Intrinsic rewards are often related to the nature of the work itself or the employee's personal values and goals.


Extrinsic Rewards




Extrinsic rewards are the external incentives that an employee receives from their employer or others. For example, an employee may receive extrinsic rewards such as praise, recognition, feedback, awards, or bonuses from their manager, peers, or customers. Extrinsic rewards are often related to the outcomes or consequences of the work rather than the work itself.


Financial Rewards




Financial rewards are the monetary compensations that an employee receives from their employer. For example, an employee may receive financial rewards such as salary, wages, commissions, tips, or profit-sharing from their employer. Financial rewards are often based on the quantity or quality of the work or performance of the employee or the organization.


Non-Financial Rewards




Non-financial rewards are the non-monetary benefits that an employee receives from their employer or others. For example, an employee may receive non-financial rewards such as flexible work arrangements, training opportunities, career development, or social events from their employer. Non-financial rewards are often based on the needs or preferences of the employee or the organization.


Benefits of Rewards




Increased Productivity




Rewards can increase the productivity of employees by motivating them to work harder, smarter, or faster. For example, an employee may be motivated to increase their sales volume if they receive a commission for each sale, or to improve their quality of work if they receive feedback from their manager. Rewards can also increase the productivity of employees by providing them with the resources, tools, or support they need to perform their work effectively.


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Loyal Employees




Rewards can foster loyalty among employees by making them feel valued, appreciated, and respected by their employer. For example, an employee may feel loyal to their employer if they receive recognition for their achievements, or if they receive a bonus for their contribution to the organization's success. Rewards can also foster loyalty among employees by creating a sense of belonging, identity, and commitment to the organization's mission and vision.


Friendly Competition




Rewards can create a culture of friendly competition among employees by encouraging them to challenge themselves and each other. For example, an employee may be inspired to perform better if they see their peers receiving awards for their performance, or if they participate in a contest or a game with their colleagues. Rewards can also create a culture of friendly competition among employees by rewarding them for their cooperation, collaboration, and teamwork.


More Accountability




Rewards can increase the accountability of employees by holding them responsible for their work or performance. For example, an employee may be more accountable for their work if they receive a reward based on their results, or if they receive a penalty for their errors. Rewards can also increase the accountability of employees by setting clear expectations, goals, and standards for their work or performance.


Boosted Morale




Rewards can improve the morale of employees by enhancing their satisfaction, happiness, and well-being at work. For example, an employee may feel more satisfied with their work if they receive a reward that matches their interests, values, or needs, or if they receive a reward that is fair and equitable. Rewards can also improve the morale of employees by creating a positive, supportive, and fun work environment.


Increased Employee Motivation




Rewards can enhance the motivation of employees by stimulating their intrinsic or extrinsic drives. For example, an employee may be more motivated to work if they receive a reward that fulfills their intrinsic desire for autonomy, mastery, or purpose, or if they receive a reward that satisfies their extrinsic need for security, status, or recognition. Rewards can also enhance the motivation of employees by aligning their personal goals with the organizational goals.


Improved Collaboration




Rewards can promote collaboration among employees by fostering trust, communication, and cooperation. For example, an employee may be more willing to collaborate with others if they receive a reward that is shared among team members, or if they receive a reward that is based on team performance. Rewards can also promote collaboration among employees by rewarding them for their individual and collective efforts.


Best Practices for Rewarding Employees




Link Rewards with Performance and Behavior




One of the best practices for rewarding employees is to link rewards with performance and behavior. This means that rewards should be given based on the actual outcomes or actions of employees rather than on other factors such as seniority, attendance, or personality. Linking rewards with performance and behavior can ensure that rewards are relevant, meaningful, and effective in motivating employees. For example, an employer can link rewards with performance and behavior by using objective measures such as sales figures, customer satisfaction, or quality standards to reward employees for their performance, or using behavioral indicators such as initiative, creativity, or teamwork to reward employees for their behavior.


Implement Team Rewards for Interdependent Jobs




Another best practice for rewarding employees is to implement team rewards for interdependent jobs. This means that rewards should be given to groups of employees who work together and depend on each other to achieve a common goal. Implementing team rewards for interdependent jobs can encourage collaboration, cooperation, and synergy among employees. For example, an employer can implement team rewards for interdependent jobs by using group incentives such as profit-sharing, stock options, or bonuses to reward teams for their performance, or using recognition programs such as plaques, certificates, or trophies to reward teams for their achievements.


Ensure that Rewards are Relevant and Valued by Employees




A third best practice for rewarding employees is to ensure that rewards are relevant and valued by employees. This means that rewards should be tailored to the needs, preferences, and expectations of employees rather than being standardized or generic. Ensuring that rewards are relevant and valued by employees can increase the attractiveness, effectiveness, and fairness of rewards. For example, an employer can ensure that rewards are relevant and valued by employees by using surveys, interviews, or focus groups to gather feedback from employees about their reward preferences, or using personalized rewards such as gift cards, vouchers, or tickets to reward employees for their interests.


Check for Undesirable Consequences of Reward Practices




A fourth best practice for rewarding employees is to check for undesirable consequences of reward practices. This means that reward practices should be monitored and evaluated for any potential negative effects on employees or the organization. Checking for undesirable consequences of reward practices can prevent or minimize the risks of reward practices. For example, an employer can check for undesirable consequences of reward practices by looking out for signs of reduced intrinsic motivation, increased stress, decreased quality, unethical behavior, or social comparison among employees as a result of reward practices.


Use a Variety of Rewards to Appeal to Different Preferences




A fifth best practice for rewarding employees is to use a variety of rewards to appeal to different preferences. This means that reward programs should offer a range of rewards that suit the diversity of employees in terms of their demographics, personalities, and motivations. Using a variety of rewards to appeal to different preferences can enhance the flexibility, inclusiveness, and responsiveness of reward programs. For example, an employer can use a variety of rewards to appeal to different preferences by using a mix of intrinsic and extrinsic rewards, financial and non-financial rewards, individual and team rewards, and short-term and long-term rewards.


Conclusion




Rewards are an essential part of any organization's human resource management strategy. Rewards can influence the motivation, performance, and well-being of employees in various ways. Rewards can also benefit the organization by increasing productivity, loyalty, competition, accountability, morale, and collaboration among employees. However, rewarding employees requires careful planning, implementation, and evaluation to ensure that rewards are effective, fair, and appropriate. By following some best practices for rewarding employees such as linking rewards with performance and behavior, implementing team rewards for interdependent jobs, ensuring that rewards are relevant and valued by employees, checking for undesirable consequences of reward practices, and using a variety of rewards to appeal to different preferences, employers can create a rewarding work environment that benefits both employees and the organization.


FAQs




Here are some frequently asked questions about rewards:


  • What is the difference between rewards and recognition?



Rewards and recognition are both forms of extrinsic motivation that can enhance employee performance and satisfaction. However, rewards are tangible or intangible incentives that are given to employees in exchange for their work or performance, while recognition is verbal or non-verbal appreciation that is given to employees for their work or performance. Rewards are often monetary or material, while recognition is often social or emotional.


  • How can employers measure the effectiveness of reward programs?



Employers can measure the effectiveness of reward programs by using various methods such as surveys, interviews, focus groups, observations, or experiments to collect data from employees, managers, customers, or stakeholders about their perceptions, attitudes, behaviors, or outcomes related to reward programs. Employers can also use quantitative indicators such as productivity, quality, turnover, absenteeism, customer satisfaction, or profitability to measure the impact of reward programs on the organization's performance.


  • What are some examples of creative rewards that employers can use?



Some examples of creative rewards that employers can use are:


  • Giving employees a day off or a flexible schedule



  • Allowing employees to choose their own projects or assignments



  • Providing employees with mentoring or coaching opportunities



  • Inviting employees to attend a conference or a workshop



  • Sending employees a personalized thank-you note or a video message



  • Featuring employees on the company's website or social media



  • Giving employees a shout-out or a applause during a meeting or an event



  • Offering employees a lunch or a coffee with the CEO or a senior leader



  • Sponsoring employees to pursue a hobby or a passion



  • Donating to a charity of the employee's choice



  • What are some challenges or pitfalls of rewarding employees?



Some challenges or pitfalls of rewarding employees are:


  • Rewarding the wrong behaviors or outcomes



  • Rewarding too much or too little



  • Rewarding inconsistently or unfairly



  • Rewarding without feedback or explanation



  • Rewarding without employee involvement or input



  • Rewarding without considering individual differences or preferences



  • Rewarding without aligning with organizational goals or values



  • Rewarding without evaluating the results or consequences



  • How can employers avoid the challenges or pitfalls of rewarding employees?



Employers can avoid the challenges or pitfalls of rewarding employees by following some best practices such as:


  • Linking rewards with performance and behavior



  • Implementing team rewards for interdependent jobs



  • Ensuring that rewards are relevant and valued by employees



  • Checking for undesirable consequences of reward practices



  • Using a variety of rewards to appeal to different preferences



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