Every company needs a good rewards system. Whether you’re overseeing hundreds of employees or are managing only a handful of workers, having a rewards system is crucial to keep those people under you happy and satisfied. For one, disgruntled workers have lower productivity rates and are usually the ones that do not stay in the company longer than two months. As a company or business owner, it is your responsibility to keep your employees happy and motivated, and in order to do that, you need to implement a winning system that would reward your workers corporately and individually. How do you do that? Here the steps:

Identify Behaviors that Are Important to Your Company

Before you can establish a rewards system, you need to ask yourself first what behaviors are important to you and your company. What are you rewarding your employees for? What are the actions and behaviors you want to reward? This is the first and the most crucial step, so make sure you communicate it to your workers as well. Make it clear to them that there are actions and behaviors you expect of them and that these actions and behaviors will be compensated.

Establish Both Good Compensation and Benefits Plans

How good both your compensation and benefits plans plays a huge factor in determining the level of satisfaction your employees have with regards to working in your company. Both compensation and benefits should be on top of your list because if these two do not surpass those of your competition, you will be at risk of losing employees. If there is one thing employees notice first when applying for a company, it’s the compensation and benefits the company offers. See to it that you match, or better yet, exceed the benefit levels of your competitors so that you will have an easier time attracting new employees and retaining top current workers.

Give Recognition and Appreciation to Deserving Employees

There are many ways you can give recognition to employees and perhaps the most common would be giving them award plaques (you can check this site for corporate awards). The best way to show recognition, however, would be to acknowledge them for certain achievements on the spot and right before their colleagues. Giving appreciation, on the other hand, would be expressing gratitude to an individual for his or her actions. You can do this through simple actions such as sending a personal note to an individual for doing something you believe is worthy of appreciation. You can also combine the two by giving a statement during a staff meeting and recognizing and thanking a particular employee for something he or she has accomplished for the company.

There are many factors that can contribute to having happy and satisfied employees in a company or workplace, but these are the three main things you should put on top of your list. Combine these three and you will come up with a rewards system that’s strategic and one that will benefit you, your employees, and the people you serve.

Author's Bio: 

Lincoln Davis knows all about trophies and what makes a good trophy design. He has been working in the trophy business for many years. Giving recognition and appreciation is one of the key secrets to keep your employees happy with their position in your company. And if there is an excellent way to recognize employees for a job well done, it’s by giving them recognition plaques. Check this site to have access to a wide range of high-quality corporate awards items!