Before we talk about employee reward options, we want you to meet Karlo. He is a sales agent for a car dealer in Ortigas City. On top of his monthly salary, he receives an additional commission for each sale he makes for selling cars. He is a happy and role model employee.
Karlo is single and he still lives with his parents. The total pay he receives each month is more enough for him to support his everyday needs and enjoy life.
On the other hand, what if Karlo will come to the point that he is not motivated anymore, and you are thinking that the pay is still not enough, you are wrong. While Karlo is enjoying great pay, he is looking for something to keep him motivated at work. Like Karlo and any other employees, there are a lot of factors that affect their motivation at work aside from salary. Here are a few of them:
Today, we will be focusing on discussing recognition. When recognizing your employees, you can look into (2) two areas. Non-monetary employee rewards and monetary employee rewards. -And they are both equally important.
If you recently finished a big project, it'll be ideal to celebrate but put an element of surprise. Most of the company celebrations are announced in advance and it will fun to have some surprises within the team. Instead of doing your lunch in the office, do it outside to make your surprise lunch more informal and relaxing.
• Special Training
Whether its leadership or short training course for a specific specialization, training are a good way not only to let your employees feel valued and rewarded but more importantly, a sense of growth and individual development.
2. Monetary Employee Rewards
Who doesn't want to receive additional cash on top of your monthly pay and benefits? Nonetheless, most companies are not utilizing cash as rewards. The main reason is simple, most employees think that it is part of their salary thus, removing the real essence of your reward.
• Non-Cash Monetary Rewards
As compared to cash, non-cash monetary rewards are more effective. Moreover, this type of rewards is better because it is experiential. In the Philippines, Sodexo is known to be the leader in providing non-cash incentives in the form of gift vouchers.
Here are some quick numbers about giving gift certificates or vouchers:
67% of Filipino employees said gift certificates are more memorable rewards than cash or items.
80% said that it affects their positive attitude towards work.
Managing employees is not an easy task. You have to consider a lot of factors from maintaining good relationships, communicating and choosing the right reward for them. Nonetheless, when done right, high employee motivation will surely make a big impact on your business.