Reward: Something given or received in return or recompense for service, merit, hardship etc.
We all like to be rewarded, to have our efforts acknowledged by our peers. For many people it drives them on to achieve more, for others it comes as a surprise as their selflessness is recognised. No matter what the motivation, rewards enrich our social and business fabric.
Rewards can come in a variety of guises for example a simple “thank you” or “well done” can be enough for some, the receipt of a token gift for others and for some it’s all about the money! Now this raises an issue that has perplexed business owners since we were bartering sheep and swapping cow’s for bean seeds! “What is the best way to reward my people?”
Of course ‘a fair days pay for a fair days work’ is essential to oil the wheels of our creaking economy. Yet does money really motivate people to do their best? For the large majority the superficial answer would be a resounding “YES!” Yet smart employers really understand the power of appreciation. The fact that the boss has acknowledged a contribution to the business, an improvement in individual performance or participation in a team effort can generate more long term motivation than a short cash injection.
Many enlightened business owners use simple, low cost rewards to motivate their team. For example an occasional early finish on a Friday afternoon, buying a round of drinks after work or the presentation of an award plaque for application of effort. A well structured award programme can have dramatic benefits in terms of developing self worth and that can develop loyalty, increased motivation and improved productivity! Nett result more profit, increased job security and a happy working environment.