Workplace management can be a complex business, and not everyone is cut out to be a successful manager of personnel. Some people tend to have an authoritarian, outdated view of management whereby simply adopting a disciplinarian approach is enough to get the desired results. This, however, is deeply misguided. However, in the current financial climate, many businesses have found themselves in difficulty. Wage restraint and, in some sectors, redundancies have been commonplace.
Higher wages are therefore off the agenda for many, if not most, workers so employers have to find alternative ways of keeping workers on side. Employee reward program is one method that more and more employers are choosing to adopt. There are many different incentives deployed as part of these programs, and they have proven to be an effective alternative in place of wage increases. Employees are often grateful for the assistance and recognize that their employer is trying to do the right thing by them even in a time of considerable financial uncertainty.
Of course, the different types of employee reward programs used will depend on the make-up of the workforce. One particularly popular kind of incentive is childcare vouchers, which enable workers to obtain a discount on childcare services. Many workers with young children cite high childcare costs as one of the biggest problems currently facing them, so these vouchers are likely to prove successful as a reward. However, it goes without saying that workers without children may feel somewhat resentful if there aren’t alternative rewards which are more relevant to them. It’s important, therefore, to ensure you get the balance right.
For individuals who are newly employed or have been with a company for a number of months, integrating a reward system for long service can be the precise employee motivation required to instil and inspire loyalty, in addition to retaining experienced individuals who may be valuable to the daily running and operations of a company due to their expansive knowledge and industry experience.