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4 Reward Systems to Have for Employee

Morale
Team Synerion
Apr 5, 2017 11:00:00 AM

Employee rewards are incentives given to

staff members based on individual
performance, team performance, or the
overall performance of the organization.
These rewards may come in the form of
commission payments, one-time bonuses,
pay raises, stock options, and "swag" such
as corporate discounts, sporting event
tickets, and extra time off.

Offering rewards to your employees is one

of the most effective ways to boost team morale, motivate staff to work harder, and retain your
top performers. While a reward system can involve cash, there are many other types of
incentives that can help you build a positive, productive work team. Below, we'll take a look at
four common types of employee reward systems.

Monetary Reward Systems

The most common type of monetary reward system is an annual or semi-annual bonus. These
mid-year and end-of-year incentives are great for encouraging healthy competition between
employees with respect to performance and productivity. Other examples of monetary
rewards include cash awards, profit sharing plans, and stock options. In many industries,
monetary incentives are enough to get maximum productivity your of employees. This type of
reward system works best with employees who are motivated by cold, hard cash.

Non-Monetary Reward Systems

A non-monetary reward system could be something as simple as a "top performer" or

"employee of the month" certificate. This type of reward satisfies an employee's psychological
desire to be recognized for his or her efforts. Other types of non-monetary rewards to consider
are extra time off, flexible work hours, corporate discounts (such as a gym membership), and
free parking.

Employee Assistance Programs

Employee assistance programs are designed to help workers achieve greater work-life balance
by supporting employees' physical and psychological health. Some employee programs offer
health-related corporate discounts, such as fitness memberships. Other employee assistance
programs provide help to employees coping with work stress, family problems, and grief.
Employee assistance programs are a great way to support your staff members with their home
responsibilities so they'll give their best performance at work.

Employee Recognition Programs

Research shows that employees who are recognized for their contributions and
accomplishments tend to work harder and have more positive workplace attitudes. Employee
recognition could be as simple as verbal praise or as formal as an award ceremony. Depending
on the type of employee recognition given rewards can be doled out daily, weekly, or at the
end of the month. As with the other types of reward systems, employee recognition benefits
both the employer and the employee by helping create a more productive, positive work
environment.

employee morale

Eunjeong Lee 1/4/2021, 2:37:48 AM

HR

Reply to Eunjeong Lee

Philip Snow 1/24/2021, 11:02:37 PM

Thank you for giving us tips with this blog. We are a holistic financial wellness service
solution that combines promotions and earned pay access. Sophisticated and
intelligent, our platform is unrivaled in the HR services market. Our platform enriches
employees’ lives at home and at work by providing them with easy ways to save, earn
rewards and access low-risk financial relief solutions.

Reply to Philip Snow

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