We ladies understand the importance of keeping rest and relaxation high on our personal “to do” list. I hear you and fully support you in that! And, if you’re a boss lady, here’s another R and R combo you would be wise to embrace: rewards and recognition. This dynamic duo is one of the most powerful people practices on the planet. With technology ever-ready to prompt us, connect us, schedule us and support us, you can’t afford to lose sight of these two high touch people practices.
The good news is that companies continue to place a strategic priority on rewards and recognition. With a persistent need to attract, retain and develop the best of the best employees – they have to in order to remain competitive! This is true for companies of all sizes, so don’t think: “But we’re just five employees. This isn’t about us.” Well, it is because people are people. Regardless of company size, every employee wants to know that their specific contributions matter. It’s simply a human thing!
Rewards Vary
When it comes to rewards, there is no one-size-fits-all approach. Some companies continue to use monetary or non-cash rewards exclusively, while others use a combination of the two. And they vary a great deal. A trip to Tahiti may be one organization’s grand prize for stellar performance, while a gift card to a local coffee shop may be another’s. In fact, those delightful cards (who doesn’t love them?) as well as select parking spaces continue to be at the top of the “most coveted” list of non-monetary rewards.
The best practice behind effective R and R is straightforward: employee involvement – since rewards are intended to both encourage and acknowledge specific behaviors and results. By asking employees what they value and desire, you show that you respect your employees and want to offer rewards that matter to them. Depending on your company’s size and structure, you might consider:
- an online survey
- focus group
- team meeting
- one on one conversation
as the means of getting input. What matters more than how you ask is that you ask, and then listen.
Follow Up and Follow Through
We also know that companies who excel in “rewards management” pay particular attention to how performance is tracked and communicated. Employees in these companies know where they stand because the process for tracking is clear, visible and communicated in a timely way. Again, while there is no specific formula for tracking or communicating; it’s the clarity and consistency that counts.
Recognition Prevails
While formalized recognition programs are great, I am particularly struck and encouraged by the fact that increased attention is being paid to informal ways to acknowledge and appreciate employees. If you’re the boss lady wondering how you can make the most of recognition and rewards, you can start by honing your “noticing skills.” This means paying attention to those brilliant moments when a sincere thank you or a bold shoutout of praise will speak volumes. This form of recognition reinforces desired behaviors while making your co-worker feel good about herself and her contribution. Who doesn’t love to be on the receiving end of a spontaneous, sincere expression of gratitude for a job well done? It’s actually pretty magical!
If you are in the process of taking a fresh look at your company’s “R and R,” be sure to tap into these best practices:
- Ask employees what types of rewards matter to them – and be ready to hear the unexpected.
- Create a clear system for tracking and communicating progress and results – so employees always know where they stand in regard to expectations and goals.
- Revisit how well and how often you demonstrate your appreciation and thanks for the contributions of your employees – then bump that up – but always keep it sincere!
