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Step 1
As a manager, you need to realize there are two types of rewards, monetary and non-monetary. Monetary includes hard dollar incentives in the form of bonuses or raises individuals or groups may receive for satisfactory or above work performance.
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Step 2
Non-monetary rewards are other motivators like promotions, high-profile job assignments, or another form of soft recognition.
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Step 3
Whether the chosen reward is monetary or not, it need to be tailored to the individual or team by determining what would be best personally and proportionally, as well as bringing pleasure to the recipients. For you to achieve the most motivating reward system, you need to understand the 3 P’s of rewarding employees as:
- Personal by understanding whether each of your employees prefers private or public recognition. To do this, you must communicate with the individuals involved to see what they prefer, whether it is an award, a gift, time-off, or money.
- Proportional means balancing the size or type of reward with the individual employee’s contribution or team accomplishments as it relates to your business goals.
- Pleasurable is the action of making things fun and entertaining through some sort of event where rewards are given to employees or by the employee getting to select from a more creative list of rewards.
