Within any business, the objective of a rewards system is to motivate employees so that their performance effectiveness can increase over a period of time. In essence, there is an allowance to monitor performance capabilities so that the workers can feel appreciated for the work that is being placed within a business. Furthermore, based on the performance levels of employees, there is a chance to develop a link between the goals that have been set for a company and the way that those goals are being executed by the behavioral parameters of the employees. In essence, the ultimate goal is to create a strong and fulfilling environment where each person can thrive and learn from mistakes as time progresses.
While each business may be different in terms of their rewards systems, most of the factors are relatively similar since the ultimate goal is to create long term rewards for each person that is involved with the company. On a historical level, when a proper rewards system has been established accordingly in a business, there has been a chance for an increase in the equity and revenue stream of the company since employee satisfaction rates are increased which can then stimulate the productivity as well. The following are several steps that can be developed in order to create successful bonus and incentive programs:
Create a Committee Based on Rewards and Employee Recognition
Within the committee, there is a need to ensure that the rewards system is identified, created and then implemented in the proper manner. If there are mistakes, those can be fixed as time progresses, but the analyses portion of the process would be able to eliminate any discrepancies that may possibly exist in order to cause negative factors from taking place.
Identify the Objectives of the Rewards System
If the objectives are not clearly stated initially, there is a chance that disorganization will take place which will create controversy among the business. Furthermore, there is a need to ensure that the entire system is positively correlated with a mission statement that can be followed by all of the employees.
Identify the Selection Criteria
In order for employees to facilitate recognition by the award system, there is a need for management and the committee to develop applicable selection criteria. For this particular company, it would be beneficial if the selection criteria are directly related to the goals and the mission that tends to surround the company.
Reward Nomination/Selection Process
Once the criteria for selection have been established, it is then necessary to nominate the employees and select them accordingly. It should be known that the committee will play a role in ensuring that this process is extensive and that each member has their say with regard to the individuals who will be selected for the rewards
Monitor the System
Within the rewards system that is established, there is a need to monitor the entire processes in order to facilitate proper protocols for the future. Once the entire system has been finalized, the leaders of the company as well as the committee members can take the time to determine the effectiveness of the overall rewards standards so that they can manage each of the departments in an applicable manner.
About the Author:
Anita Haridat, Ph.D
Anita Haridat has her Ph.D in healthcare/business administration and her Master’s degree in clinical nutrition. She has several publications in sources such as EGO Magazine, Natural Awakenings Magazine, Syosset Patch, Our USA Magazine and many more. Her passion for health and wellness has created multiple stepping stones for paving the way of creating a positive well-being. Her first book can be found here: