As children we learn and begin to understand the concept of being rewarded for a job well done. During that process we also learn about expectations. Expectations that others have for us and expectations we have for ourselves. As adults, expectations and rewards play a major role within business and building teams. Acknowledging and rewarding your team members is the final step in the process of not only building your team, but ensuring they are happy, engaged, and doing their best.
The previous three steps: Goal Setting, Training and Encouragement, and communication must take place before you can adequately acknowledge and reward the members of your team.
During discussion on this topic, some say it is in the interest of all concerned to have a good and effective rewards program in place at all times. I believe this is only partially true. You must first ensure that the rewards that are contained within the program make sense and match the action, success, or leadership that has been displayed. More importantly, you must know and understand your people. Not everyone sees acknowledgment and rewards the same way. Some people would prefer a one on one acknowledgement over an acknowledgement in front of the rest of the team or company. Some may prefer a half day or a work from home day over a lunch or monetary reward. Although as a leader you may think the reward is doing something good, to some it may not be doing much at all. Know your team and if possible give them the option of how they would prefer to be rewarded for a job well done.
With an effective rewards program in place, the team knowing that their desired reward is attainable, and their goals and expectations are understood, creates a combination that often drive the individual or team to go beyond the expected producing results that are both phenomenal and rewarding.
Besides keeping the work force working at its optimum, companies that have good reward incentives or programs in place are often the companies that are able to attract the best and experienced people.
These individuals most times will be able to contribute positively to the company, thus taking it to heights originally unimagined. In the business world, today the requirements to stay constantly competitive is often a prerequisite if not a necessity, thus retaining the best employees presents a challenging task indeed.
Elements such employment benefits, salaries, bonuses, retirement or pension packages are all very important points that everyone look into when considering a position in any company.