
How can businesses boost engagement levels? Well, a quick fix isn’t the answer. Many businesses fall into the quick fix trap, planning only for the short term. When rewarding staff, this is no exception. A short-term reward scheme serves to provide an immediate boost for staff, but will not deliver results in the long run. Companies should be wary of taking a short term view instead of considering activity and objectives over a longer period.
Why? According to Edward Beale, chief executive of The City Group PLC, “the challenge is to design something that not only motivates the person but doesn’t reward failure and incentivises them to do the right things, whatever the individual circumstances of the company. Usually, those right things are about growing long-term value and, in those circumstances, it makes sense for incentives to be weighted toward the achievement of long-term value.” If businesses want their reward schemes to be consistently more effective, they need to consider investing in ‘long termism’. Giving employees rewards which generate a long-term positive effect on their appreciation of the company can prove invaluable for maintaining momentum within a business and ensuring staff remain focused on goals. Incentives which deliver long-term satisfaction serve to remind the employee of their employer and the success that led to their reward, on an ongoing basis, thereby reinforcing the motivation and engagement with the company. The challenges that many businesses face when planning and delivering reward schemes is what type of reward to offer. Businesses need to devote time to considering this, taking into account the different requirements and lifestyles of staff and the different impacts that various rewards make upon them. After all, an incentive that is attractive to a single graduate worker may not appeal to a working parent – if it is considered inappropriate, the impact will be lost and resources wasted.- Educational training to boost knowledge and career development;
- Courses to develop personal skills such as learning a language or musical instrument;
- Sporting activities or body boosters such as massages which can benefit long term health;
- Days out and experiences which can be shared with other people as part of quality time with friends and family; and
- Investing in the home and garden to help increase the value of a property and create a calming retreat to relax in after work.
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