Employee motivation is often viewed as one of the key components of success for any organization. Indeed, without highly motivated and engaged staff members, a company is likely to stagnate and, eventually, lose its competitive edge, or fail to acquire one (Dwiyanti & Dudija, 2019). Therefore, developing a system of rewards and recognition strategies for keeping employees motivated and involved in the company’s performance is a crucial part of the leadership process. Personally, I would prefer a combination of financial rewards and public recognition of employees’ success as the main approach to keeping their motivation levels high.
The use of financial incentives is a critical part of the reward system since it introduces a quantitative measurement of the staff’s success. As a result, employees identify the reward system as easily understandable and worthy of their support and participation (Wang et al., 2021). Though motivating staff members solely with the help of the financial reward does not seem productive, monetary benefits are still vital for an increase in employees’ engagement.
In turn, the public recognition component provides the social function of increasing employees’ status and building their self-esteem and their sense of self-worth. Particularly, the introduction of public recognitions and the use of congratulatory emails as the means of marking employers’ achievements within the corporate context demonstrates staff members their roles in the company’s performance improvement. Consequently, apart from feeling validated and supported, employees develop a strong understanding of their significance for the company, which increases the extent of their loyalty (Sun & Bunchapattanasakda, 2019). In turn, opportunities for professional development will not be offered as rewards but, instead, will be provided as crucial elements of the benefit package available to all staff members. Overall, the use of the proposed tools is fully justified as a reward system within the target corporate setting.
References
Dwiyanti, N., & Dudija, N. (2019). The effect of rewards on employee performance with employee engagement as an intervening variable in Indonesian pharmaceutical companies. Journal of International Conference Proceedings (JICP), 2(3), 191-199, Web.
Sun, L., & Bunchapattanasakda, C. (2019). Employee engagement: A literature review.International Journal of Human Resource Studies, 9(1), 63-80. Web.
Wang, Z., Du, J., Tse, H. H. M., Gu, J., Meng, H., & Zhao, Q. (2021). Subdimensions of total rewards satisfaction and creativity among R&D employees: A moderated mediation model. Personnel Review. Web.