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WENDY ELLEN INC.

November 2017 Newsletter
In This Issue
  • Thanks for Joining Us!
  • Identifying Motivators
  • Monetary vs. Non-Monetary Rewards
  • Quick Reference: 5 Ways to Reward Great Employees Besides Money
  • Quick Reference: Involve Your Employees in the Incentive Process
  • Coach's Corner: Easy, Non-Monetary Ways to Reward Your Staff
November 2017
Volume 4, Number 11

Thanks for Joining Us!

November is here and we've already experienced a winter wallop! As the cold sets in, it's a good time to think of aspects of your organization that impact your staff and morale.

This month we are examining non-monetary rewards. While we may assume that all employees would appreciate more money, it’s not the only way to provide recognition and thanks for a job well done. In fact, many employees would prefer to have their efforts recognized in other ways. From a practical standpoint, there often isn’t enough money in the budget to use extra compensation as the primary form of employee recognition. How can an employer continue to motivate top performers when more money isn’t an option?

Keep reading for more learning. 

 

Identifying Motivators

The term 'motivation' can be used to describe anything which causes people to accomplish more than they would otherwise achieve. There are a number of factors which are non-financial and which provide high levels of motivation for employees.

These 8 factors fit closely with the theory of human resource development. For example, Abraham Maslow identified a hierarchy of needs that people want to fulfil through their work. At the lowest levels they require good pay so their basic needs for food, clothing and other essentials are met.
However, employees' needs also include:

Safety - a need to feel secure, e.g. through job security or personal protective equipment
Social - a need for affection, e.g. friendly work places based on trust, support and encouragement
Self-esteem - a need for self-respect and the respect of others, e.g. recognition and promotion
Self-actualisation - the opportunity for personal fulfilment, e.g. learning new skills and working towards personal goals.

When considering motivation programs, leaders must factor ways to keep their employees engaged and motivated by: 
  • developing good relationships with their staff
  • providing the right materials, equipment and information
  • encouraging employees to identify personal development targets
  • recognizing and rewarding good performance
Smart leaders understand that motivated employees benefit the company by:
  • working with passion
  • coming up with new innovative ideas
  • moving the company forward.

Adapted from: Businesscasestudies.co.uk

Monetary vs. Non-Monetary Rewards


One of the main incentives a lot of employers use to improve motivation is monetary rewards. But there's probably a bigger argument to be made for non-monetary rewards, which provide a great deal of alternatives to cold, hard cash, and have been shown to be equally - if not far more - effective. So which is best for your business?
MONETARY REWARDS:ADVANTAGES
MONETARY REWARDS: DISADVANTAGES
 
Monetary motivation programs tend to be easy to understand for employees – “if you achieve this goal then you will get this financial reward.”
 Monetary rewards are often just   paid as part of an employee’s   salary, which means the reward   disappears into the employees   monthly outgoings, and isn't   presented with any fanfare.
 Monetary rewards appeal to all   levels of staff, from the office   administrator to the CEO
 It's difficult to sustain participant   interest through monetary   motivation programs over the   long term.
 Money is a universal reward   and the employee can then   choose how to spend the   reward in a way they suits   them.


 

 Not everyone is motivated by   money; for younger team   members, it might be about   having more free time to travel,   or for those employees with a   family it might be about   receiving leisure vouchers to   use on a day out with the kids.
 

NON-MONETARY
INCENTIVES: ADVANTAGES

 

NON-MONETARY
INCENTIVES: DISADVANTAGES

 
 
 Non-monetary motivation     programs can boost employee     engagement as the reward can   be linked to key behaviours and   integrated with an overall   incentive theme.  It also means   that the employee can choose   their own reward from a wide   selection.
 If you are giving gifts as a   reward, it can be easy to give   the wrong gift, which shows that   the company or manager   doesn’t really know their   employee - which in turn can be   demotivating
.
 With non-monetary motivation   programs you can reward your     employees almost immediately     without having to submit   requests to the payroll team   and wait for the employee’s   payday.
 Employees may have   unrealistic expectations of the   value of the gift, which can lead   to disappointment if the gift   does not have the expected   perceived value.

 
 
 Non-monetary motivation   programs don’t have to break   the bank. Simple things like a   timely but public thank you, or   small rewards, can create a   passionate, hard-working team   that is as committed to growing   and improving the company.
 
 Some employees do not like to   have the spotlight shined on   them in a public presentation.   Be sure to tailor your   presentation methods to suit the   different personalities on your   team.

 
Coach's Corner: Easy, Non-Monetary Ways to Reward Your Staff

What might reward one employee could embarrass another. So the key to using this list is to personalize it. Pick the one that means the most to that individual.

1. Establish an employee of the week (chosen by business        owner or peers).
2. Recognize an accomplishment at weekly staff meetings in      front of peers.
3. Praise the employee privately in a one-on-one meeting.
4. Share customer compliments with your staff.
5. Rename the employee break room after a staff member           for a day.
6. Write a note to the employee’s family about an                        accomplishment.
7, Celebrate a service anniversary.
8. Give a reward for the best idea that didn’t work.
9. Have staff give the employee a standing ovation at a staff        meeting.
10.Give customers the opportunity to nominate staff for good       service.

 

 

Quick Reference: 
5 Ways to Reward Great Employees Besides Money

Great employees need motivation but money isn't always the answer. Here are five non-monetary ways to get your team moving.

1. Help them learn. Give your best people the first opportunity to access training materials, try their hand at new techniques, and practice advanced skills. Give them access to your most experienced leaders and mentors. And because teaching can help solidify the teacher's own expertise, give them a chance to bring newer people up to speed.

2. Say thank you.  Achievers thrive not only on their accomplishments, but also want to feel appreciated for what they contribute. Anyone who shows improvement, solves a problem, or exceeds a target is justifiably proud of what they have accomplished. Public recognition through awards and acknowledgement helps them understand they are valued on the team.  It is easy to send a brief thank you email or make mention at a weekly meeting with a personal comment on their accomplishment and why it matters. A public awards wall with noticeable achievements rewards those who excel and motivates those seeking recognition.

3.  Empower them. Achievers want responsibility. But it can be really hard for a leader to step back and let their people fly solo. It is especially tempting to rush in when they start to stumble or stray off the path. But most people learn more from their failures then they do successes. Empower your best employees so they can act on their own. If you construct your processes to allow for limited failure, smart employees will step up with creative solutions and learn along the way. Create ways for your people to test their skills safely, without threatening the team or company's prospects. This will relieve you of the pressure to come to the rescue and short circuit the process.

4. Help them enjoy themselves. People want to have fun. Nothing is less motivating than the prospect of 8 hours of drudgery--that's a recipe for a staff that drags in at 8:30 and bolts for the door at 5 on the dot. If you want your staff to be excited to come to the office, make work a place they love to be. Find fun and entertaining ways to accomplish work and celebrate success. Encourage them to enjoy each other's company while working on engaging tasks together. The more an emotional connection exists among the team the more likely they will help each other so they share in the rewards of accomplishment.

5. Help them grow. While some people are perfectly willing to stay in the same position doing the same work for 20 years most want the opportunity to push themselves, test their own limits, and see what they can accomplish. Give them ways to grow personally and professionally at work. Personal and professional training programs are consistently rated as the most valuable reward high achievers value from their employers. Taking an active interest in someone's personal growth is a thoughtful way. Budget time and resources to make sure each employee grows to their full potential so everyone will see beneficial results.

Source: www.inc.com


Quick Reference: Involve Your Employees in the Incentive Process


If you already have ideas about what motivates your employees, great. Write them down and organize them in a way that makes sense to you. If you don’t, ask your employees what kinds of rewards they would like, through brainstorm meetings, surveys, a suggestion box, or questions in periodic employee reviews. 

Encourage them to get creative and think outside the box. Then use the employee feedback to create clear goals that they can shoot for. When you make employees partners in this process, you communicate value for their contributions, which will itself motivate them to participate in the incentive program.

Be sure to take into account of how the workforce demographics differ and ask what reward program would best suit them. People of different ages have different life priorities, so engage them to rank those offerings. Creating an informal email survey and distributing it among the staff should suffice. It will lay the groundwork for what processes can be implemented quickly – and determine which are best left unexplored.
 

 


 
About Wendy Ellen Inc.
 
Wendy Ellen Inc. specializes in providing human resource and benefits management skills to small to mid-sized companies on an as-needed basis. From recruitment, Human Resource policy development and legislative compliance, employee retention and engagement, individual advisor/coaching, succession planning to employee development and performance, Wendy Ellen Inc. will help you protect your most valuable resource, your people.
 
Contact Us
http://www.wendyelleninc.ca
wendy@wendyelleninc.ca
 
 
Contact Wendy Ellen Inc. today to discuss your human resources needs.

403-815-4336



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