Hardworking employees are a company’s greatest asset. But as New Brunswick Business Journal contributor Sara Ritchie says, a lack of acknowledgment for their efforts can make employees bitter and disenfranchised.
Ritchie says that highlighting workers that are going “above and beyond” motivates others to work harder, and also shows those exceptional employees that the company values their efforts. By showing that appreciation, a company can ensure its best workers continue to put in their usual extra effort, instead of resting on their laurels.
The type of incentive program a company chooses can also have a big effect on employee motivation, according to Ritchie. Companies need to make sure the rewards they give are valuable to thier employees. She says rewards such as a company-branded hat can seem like “a cheap throw away,” and won’t serve as any real incentive.
The value employees that associate with a reward determines how effective the program will be. A study by researchers at the University of Chicago found that tangible non-monetary incentives showed stronger results than cash-based rewards.
