There are good reasons why your employees are just not that into you. They grow tired and frustrated of being unappreciated or unrecognized for their commitment. This is bad, because you want to retain talents who can drive your business. Therefore, it is crucial to reward and recognize employee achievements to keep up their motivation. In a post for the Project Risk Coach, Harry Hall offers some tips to make reward and recognition programs effective:
- Reinforce the project’s objectives and values.
- Use a combination of informal and formal rewards, not resorting to cash every time.
- Recognize good work publicly.
- Make sure rewards match the effort spent and results delivered.
- Revise the program periodically to keep it fresh and relevant.
Keep the Right People
Don’t view rewards as something that costs you time, effort, and money. Talented employees can bring about million-dollar contracts to your business and improve the overall brand image, so small rewards like a thank-you card or bonuses are worth minimal value compared to what you can get from them. Rewards are not necessarily cash or money; you can give informal rewards like a meal, a basket of fruits, or something that your employees love. Formal rewards like excursions, tuition for work-related courses, or shares of the company stock need to be given with more consideration and sensitivity. If you are not considerate and careful enough with these valuable rewards, they may backfire. Envy, frustration, and loss of trust may arise among employees due to unfair reward offers.
Recognition is the acknowledgement of an employee or a team’s behavior and accomplishments that support the organization’s goals and values. Recognition is not one-size-fits all. Employee recognition must be personalized and sincere. Employees will sense if their efforts are acknowledged only out of duty or if comments lack sincerity. If recognition is implemented effectively, it will improve employee morale, enhance performance, and increase trust. Hall goes on to say this:
For your next project, develop and include a rewards and recognition program in your human resource management plan. Talk with your project sponsor to get their input and to agree on the budget for these matters. As you execute the program, ask for feedback from your team members. Discover what’s working and what’s not; tweak the plan going forward.
You can view the original post here: http://projectriskcoach.com/2017/04/17/how-to-recognize-and-reward-your-project-teams/