Implementing effective reward programmes with a limited budget

If you want the most out of your people, employee recognition must be high on your agenda. It promotes employee engagement and motivates employees to truly care about the well-being of your company. The challenge is to implement effective reward programmes that deliver genuine employee recognition at a time when you have a limited budget and are in an economically challenging environment.

6 simple tips to consider:

1. Reinforce Recognition – use every opportunity in the recognition process to show your appreciation; on paper, online and in person

2. Communication – personalised letters and certificates of appreciation enhance the recognition experience

3. Engage – use the opportunity to address employees and communicate your vision

4. Transparency – establish fair nomination and evaluation processes for performance rewards

5. Timely – excellence in performance needs to be acknowledged promptly to be most effective

6. Reward the right things – make sure you are setting the right metrics and rewarding the correct behavours and outcomes