Among the many modifications being made to America’s places of business is the shift away from solely rewarding employee tenure status; they are supplementing it with performance-based rewards. This change is a response to the reality that millennials like to change jobs—often. As a generation, they do not place much importance on piling up years and years with a company as did prior generations. Instead of loyalty toward one company, this younger generation values the concept of top producers job changes and their contributions to the vision or mission of a company while they are employed there.
Avoid Complacency and Keep Employees Motivated
So, if millennials are not eyeing a Rolex watch at the end of a 30-year career run with one company, what are they seeking as a reward for their contributions? The current business mindset is embracing the idea of ongoing recognition for job performance. After all, people who are motivated by achieving tenure status or racking up seniority can become complacent and unmotivated over time. Feeling that their job is secure, some veteran employees can begin to lose their motivation for achieving company goals, which impacts performance overall. Human nature is what it is; most will take the path of least resistance unless prodded a bit by a dangling carrot.
Here are some ideas for acknowledging and rewarding employees for their performance:
Verbal Recognition
Who doesn’t love a pat on the back for a job well done? The simple, and often ignored, gesture of complimenting a team member for excellence can spark a sense of pride and boost confidence and sets the stage for future contributions. Expressing appreciation of the employee at a staff meeting, via a group email, as a post on the company social media feed, or even a handwritten letter are effective ways to improve company morale and inspire others to produce as well.
Financial Reward
Of course, who doesn’t enjoy a bonus on their paycheck in recognition for sales productivity? But outside of commission-seeking positions, there are a multitude of ways to reward a staff member financially for their performance. It can be dinner for two at a favorite restaurant, a gift card to a day spa, or a crisp hundy placed inside a thank you note. Everyone is motivated by financial reward, so find a way to incorporate even small monetary gifts for your valued employees.
Company Incentives
One way to grab the attention of the entire workplace is to design an incentive program. This can be sales-driven competition offering a travel incentive program where a destination trip is awarded to top producers, or throwing a huge party if company goals are met are both great ways to create company-wide enthusiasm. The incentive program should be posted throughout the workplace and reminder emails sent out regularly to keep the momentum up.
For more ideas on how to motivate your staff and increase productivity contact MTI Events today. We can assist you in planning company incentive trips, motivational events, and company outings.
