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Improving the year-end review with employee reward programs

If someone performs well during the summer he or she should not have to wait until the end of the year to receive the recognition earned through that performance.

At many companies the year-end review is a valuable tool in evaluating performance, developing staff and determining raises or promotions. However, this process can be made more effective if businesses use reward and recognition programs throughout the year.

Employee Benefit View reports that annual reviews suffer because the reward is too far removed from the positive behaviors that companies should be encouraging. Too often in the review process the results are skewed by the most recent events, creating a disconnect with what the employee actually contributes and how their value to the company is perceived.

A better strategy, according to the source, is to provide smaller rewards throughout the year. If someone performs well during the summer he or she should not have to wait until the end of the year to receive the recognition earned through that performance. Developing an employee reward program can boost engagement levels and office morale all year long. Juli Spottiswood, CEO of Parago, notes that smaller rewards create more opportunities to increase employee satisfaction.

"This data shows a huge opportunity for employers to foster a loyal environment and maintain a productive work force, because employees are satisfied with smaller holiday rewards and feel even more appreciated and motivated when they receive them," she told Business News Daily.

Continually recognizing employee performance is easy if firms establish a point system that allows workers to earn larger, more expensive rewards. Letting staff members select from an assortment of merchandise can make the reward personal, while managers can assign points throughout the year as staff members meet goals. This can strengthen the relationships between employees and managers as bonuses are assigned based more on performance, Employee Benefit View stated. Working toward a valuable item will also keep motivation high for a longer period than a cash reward.

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