Employer reward systems are a way for organizations to recognize their employees' accomplishments by rewarding them with monetary and non-monetary rewards. You can use this system to offer different recognition ideas and rewards that will motivate employees to do their best.
Are you looking for an employee incentive system that is both effective and satisfying? Here are some basic elements of employee incentive and reward systems :
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Performance improvement is the purpose of rewards and incentives. This may seem obvious. Performance is simply defined as job results. It is the foundation of every system. Remember to reward both individual and team performance.
Employees must see performance targets as achievable. Employees who view targets as impossible or very difficult will destroy your incentive program. However, this doesn't mean your targets have to be "easy" or even "soft". There is a fine line between "achievable", and "impossible".
Your system can be manipulated if it is not possible to measure performance clearly and definitively. If that happens, you will be accused of manipulating the system to fit "hidden agendas."
People are paid to achieve certain levels of performance. You can use incentives and rewards to reward those who exceed your minimum standards.
Absolute transparency is crucial, no matter what you choose to reward. Each participant should know how the system works. Participants should be able to monitor their progress and those of others.