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Incentives: The Importance of Rewarding Your Employees

Rewarding To Maximize Motivation

Rewarding To Maximize Motivation

The expectation of rewards may decrease the spontaneous interest in the activity to be rewarded. So it’s important to understand what the rewards should be and how they should be awarded to avoid this side effect.

Rewards should go beyond the usual healthcare and salary raise to provide a good work environment. The ideal is a corporate culture that recognizes good employees with nice perks and words of encouragement, but also provides a setting where people can grow, be heard, take ownership of their work and feel they have a purpose. 

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Incentives: The Importance of Rewarding Your Employees

Incentives: The Importance of Rewarding Your Employees

https://www.huffpost.com/entry/incentives-the-importance_b_10972834

huffpost.com

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Key Idea

Rewarding To Maximize Motivation

The expectation of rewards may decrease the spontaneous interest in the activity to be rewarded. So it’s important to understand what the rewards should be and how they should be awarded to avoid this side effect.

Rewards should go beyond the usual healthcare and salary raise to provide a good work environment. The ideal is a corporate culture that recognizes good employees with nice perks and words of encouragement, but also provides a setting where people can grow, be heard, take ownership of their work and feel they have a purpose. 

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SIMILAR ARTICLES & IDEAS:

Tips To Increase Motivation On Business
Tips To Increase Motivation On Business
  • Productivity is what keeps businesses alive and incentives increases it. They might be an incentive in how your office culture is, or how you reward great work – but incentives that dri...
Two types of motivation

Motivation is categorized into two basic types: Extrinsic and intrinsic.

  • Extrinsic motivation is related to external forces like money or fame.
  • Intrinsic motivation
Money as a motivation

Money as a tool for motivation is limiting at best, and the 'carrot and stick' approach many managers use to motivate employees is will actually achieve the opposite effect of what was intended.

Conditional rewards

‘If, then’ rewards or conditional rewards are when we promise to give something to an individual when they complete a certain task.

These rewards can have a negative impact on motivation as the employees lose the will to work on that task for the sake of working.

3 more ideas

What Are the Pros of Incentives?
What Are the Pros of Incentives?
  1. Having a good salary and benefits package is great, but having extra incentives for a job well done makes workers feel appreciated. That decreases turnover and increases profits.
What Are the Cons of Incentives?
  1. Create conflict: those who don’t receive incentives may be jealous of those who do regardless of merit. Those who receive incentives might also be upset if they worked harder than others to get the same reward.
  2. The focus of work becomes competitive instead of being focused on quality and people will only work as much as it takes to earn the incentive.
  3. It eliminates productivity for everyone except top performers who are more benefited by incentives. 
  4. Incentives can become quite costly as they need to continue to rise on a scale of cost in order to remain effective.