Employee reward and recognition programs can provide non-monetary rewards to boost morale without creating a lot of costs.
The global economy, changing consumer demands and an increased focus on efficiency are changing how companies operate.
To remain competitive, businesses need to accomplish the difficult tasks of cutting costs while boosting productivity. This is forcing organizations to develop flatter organizational structures and develop more agile management practices. An article in Forbes predicts that this will be one of the main trends among talent management for 2013.
Lacking a traditional leadership structure, companies will need strong initiatives that provide guidance and employee feedback. The source also noted that training will dramatically be changed in the near future. Employee reward programs can help with this task by establishing clear goals for workers to accomplish. Properly-run reward programs can fit into firms’ plans to improve performance while managing costs.
The changing role of leadership
“Over the last two or three years, HR has been under pressure not only to deliver value but contribute to reducing costs,” James Millar, senior consultant at Towers Watson, told HR Executive. “Increasingly, they’re focusing on administrative costs, identifying the routine tasks that don’t really deliver any competitive advantage.”
Employee reward and recognition programs can provide non-monetary rewards to boost morale without raising costs. Staff members work toward an expensive item of their choice, keeping them motivated to work hard and accomplish company objectives. Once the reward is earned, public recognition reinforces the message and creates a sense of pride among the employees.
With the right platform it can be easy for manages to develop and administer these initiatives, giving them more control over their staff. A flatter organizational structure will mean that more employees of various skill levels will be under fewer managers. Reward programs provide the means to create clear developmental steps to increase the efficiency and productivity of all staff members. Employees can work their way up a chosen career path by focusing on individualized goals and meeting specific objectives.
As businesses become more loosely organized, the creation of a centralized culture will become even more important. Company values help workers make decisions that keep the firm moving toward its long-term objectives. Incorporating these values into reward and recognition programs allows businesses to develop a strong culture based around the core values. The common identity can lift employee engagement levels making offices more productive.