How Can We Create a Reward System That Boosts Employee Loyalty and Performance?

Hello Members!

It's been a long time since I visited the site. I am in the process of developing a rewards and recognition policy for the company (since there is none at the moment). I wanted to know what the current short-term and long-term rewards schemes are that one can follow to develop a sense of belongingness in the employees so that we can retain them for a long time. There are policies like incentives, free trips, lunch, etc., from the company's side already existing. What can we do to motivate employees to maintain good work performance?

Hope to receive some good replies from your end.

Cheers,
Prachi

Hi Prachi,

If your company organizes any family functions at least once a year, they can select the best performers department-wise and give awards. For these functions, you can make it a family day and arrange internal contests. This would help develop good relationships, and you can also make it a family event by inviting their family members.

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Thanks,
Pradeepa

Hi Prachi,

I would like to add something. Rewards and Recognition not only involve monetary stuff but also non-monetary aspects. As you have mentioned that the incentive structure already exists in your company, what more you can implement is:

- Certificate of appreciation for good performance
- Award or trophy for the best performance
- Employee of the month policy
- Rewards for the person who attends the whole month without taking any leaves (for punctuality). You can award some employees for having good soft skills!
- Small get-together where employees would be appreciated by the head in front of the whole staff. This would not only motivate that employee to perform much better but also motivate other employees (competition and jealousy sometimes yield good results). 😊

Hope this input is helpful to you.

Regards,
Chaitali