Last post, we discussed the fact that “pay for performance” or “rewards for results” is still a myth in ma
ny segments of corporate America today. While most companies have a vital few who are achieving most of the goals, we are realistically not recognizing and rewarding these individuals in a way that will ensure their loyalty when the turn-around is accomplished. And how can rewards be adequately addressed, anyway, in the current environment?
The secret here is looking at the complete rewards model, not just cash compensation. In the earlier post, we focused on explaining the financial/business realities, engaging the high performers in becoming part of the solution, and letting them know that they are in the plans for the future. Here’s another suggestion to expand their understanding of total rewards:
- Ask your team member what matters most to them in an environment where financial rewards are necessarily restricted. Focus on the overall value proposition that you offer as an organization, and consider some of the little things that you can provide to recognize and reward the high-potential individual at low or no cost: flexibility to work at home, opportunity to attend classes or programs that will develop their skills, a chance to take on new responsibilities and gain valuable experience/cross-training, etc. In other words, customize the solution to that high performer’s needs. Personalized recognition and rewards always hit the mark, and are aligned with the reality that most people are not just “in it for the money”.
So…….What do you think? Will personalizing the rewards with your highest performing team members serve to strengthen their intrinsic motivation? Is this a fair trade-off when you are limited in your ability to come up with monetary incentives?
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