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Employee Rewards Program to Increase Workforce MotivationBY: Amia Trevisan | Category: Others | Submitted: 2012-02-09 00:34:07
An employee rewards program is something that every company should have. If planned well, implemented and monitored properly and is within the context of a comprehensive incentive strategy, a rewards program for employees can lead to increased profit for the company. Higher Levels of Employee Motivation This is because an effective training and rewards program can lead to higher levels of employee motivation. A workforce that is highly motivated, as we know, can be expected to bring in better results and, often, accomplish these better results at shorter amounts of time. Increased productivity and higher quality outputs lead, of course, to better sales or profit. The bottom line is, as "Contented Cows Give More Milk," the influential HR text written by Bill Callette and Richard Hadden, put it, "Building an environment of positive employee relations is not just the "right thing to do, it is the profitable thing to do." The HR text, as cited in the paper "Motivation and Incentive Strategy: The Key to Making Your Workplace Exceptional," said that companies that take the effort to plan and implement an effective rewards programs have shown four times more growth in terms of sales compared to businesses that have no employee motivation programs in place. These companies with well planned and properly implemented employee rewards programs also show more job growth and two times more revenues compared to companies that do not have a rewards program. "Contented Cows Give More Milk" further added that organizations that have effective rewards programs have shown a 756 % in net income. Companies that do not bother to create any kind of rewards programs, on the other hand, only show a 1 % increase in net income. Revenue increase, on the other hand, is 682 % for companies with well planned and properly implemented training and rewards systems. Companies that have no such rewards systems only have 199 % revenue increase. There are also very significant increases in stock performance, according to "Contented Cows Give More Milk," for companies with effective rewards systems - a whopping 901 % increase. Organizations without incentive programs of any kind post only a 74 % increase. One of the key things to remember in creating and implementing an effective training and rewards program is that you should always make sure that you are communicating effectively. Effective communication is crucial during the planning and preparation of the rewards program. It also becomes important during the launch of the program - to get the message out that the rewards program is objective, transparent and consistent and to place the program's objectives within the context of the company's mission and vision. During the launch and as the employee rewards program continues, it is important to be able to get this message across: that the individual contributions of the employee contribute to the company's success in these specific ways and that the entire management and the workforce are all on the same team and working towards mutually beneficial goals. Article Source: http://www.saching.com/ About Author / Additional Info: Amia Trevisan is a HR specialist that manages emloyee motivation programs, employee rewards and benefits. On the other hand, if you need help in payroll services, you can also consult The EI Group. They can give you a hand. For more info, visit at http://www.power2motivate.com/ Comments on this article: (0 comments so far)
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