Excellent performance of employees is paramount to the success of any organization in Singapore. Being employed is a give and take situation. An employee will strive to give you the best work and expect to take a good reward home in return. With high competition for top performing employees here in Singapore, the best way to retain high performers is by having a good motivational package. An employer should have a reward system that ensures that they are not creating a culture where employees expect extra packages for doing what they are employed to do, while still ensuring that they motivate top performers to keep doing great and under performers to do better. So, how do you choose a good employee reward system? Here’s how
1. Understand the difference between reward and recognition
This is the basic and most important step in choosing an employee reward system. Rewards are the tangible things such as gifts that you give your employees for good performance whereas recognition is intangible and relational such as saying “thank you for good work.” As an employer in Singapore, Understand this before choosing a reward system.
2. Identify the goals that the reward system will support
You do not want a scenario where you reward the achievement of every goal. A good reward system supports those long term goals that no one in the organization has achieved yet, in order to motivate employees to achieve them.
3. Understand the key measurements of performance or behaviour
How will you identify high performance and good behaviour if most of your employees are at their best? You do not want to make everyone left out, do you? Tune your reward system based on the group’s previous achievements to lock out high performing mark-timers so that you do not end up rewarding everyone by identifying other performance measurements other than financial returns, such as customer satisfaction and faster delivery.
When choosing a good reward system, ensure that you consider the overall benefits that the company reaps. Working overtime and beating deadlines may not be as reward worthy as winning a contract for the company.