Jan
11
What should an organisation consider before implementing financial rewards as a way of motivating employees?
ByFinancial rewards as a way of motivating employees to perform, which factors must be considered and what advice would you give to an organisation that is considering to implement this in order their working staff to perform much better?
Any such money would be better spent in improving the conditions under which the people are working. Bonus related awards only have a limited effect over a limited time period.
Much better to tell the team that you have X amount of cash available to improve their working environment and let them tell you how and on what it should be spent.
My advice would be make sure the amount is relevant and not too much. Consider the fact that employees might not be fully compliant when faced with KPI’s and money for rewards. From personal experience it can ruin a company’s image if it’s not handled correctly.
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Any such money would be better spent in improving the conditions under which the people are working. Bonus related awards only have a limited effect over a limited time period.
Much better to tell the team that you have X amount of cash available to improve their working environment and let them tell you how and on what it should be spent.
References :
Team motivation
Bear in mind that some people are not motivated by financial rewards.
sassy
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