Motivating employees can not be done by raising their salary. This isn’t really a new perception, but still money is the biggest issue when talking about the compensation package for a new or existing job. As the Infographic below shows, rewarding and recognition of employees has a significant impact on motivation. “Free” recognition and virtual rewards have become increasingly important in today’s workforce over tangible, high cost rewards.
More than that, a strategic approach for rewarding and recognition drives business results. Therefore some companies have already started with programs to support and increase the motivation of their employees. Motivated employees are more engaged and this is one of the key drivers for growth. Some continuous improvement strategies like TPS, LEAN and Six Sigma have “built in” recognition strategies to motivate team members and accelerate cultural change to adapt their company to future challenges.
Some of the new trends and hypes may also be incorporated in these recognition strategies:
- Bring Your Own Device (BYOD)
- Social Media Integration
- Idea Management
The most important thing by integrating such supporting strategies is providing instant and personal (positive) feedback to the employees. Recognize and reward your employees and you will see a lot of positive effects on the bottom line.