In a competitive work environment, extrinsic rewards such as fringe benefits, promotion, bonuses, commissions, or conditions of work no longer entice employees to increase their levels of performance. However, intrinsic rewards, which are more personal and directly tied to a completion of a task or attainment of a specific goal, have proven to motivate employee performance, improve retention, and are often much more affordable for organizations to provide to deserving employees.
Premier Gems of Calgary has worked with a list of clients who have come to realize that attitudes, cognitive styles, and perceptions of value can and do influence employees’ innovative performances. Understanding the beneficial correlation between employee rewards and performance has branded them as experts in the realm of elite reward solutions.
Research supports having spontaneous intrinsic rewards, which have proven to be the most effective means to motivate employees and reach retention goals. According to Elizabeth Prudden, senior VP and program manager at Bank of America, “the correlation between the length of time people intend to stay with their current employers and “soft” factors—like recognition given for work well done or pride in the employer—is more statistically significant that the longevity/monetary reward correlation.” She affirms praise and recognition in the form of notes, cards, token gifts, or public presentation among teammates to share the sense of accomplishment.
More organizations are learning that individual reward systems impact group behaviors and thus increase team production, and they are integrating a new brand of employee rewards programs into their evaluative processes.
Employees comprehend that the larger aspects of employment such as conditions, pay scale and range, allotment of commissions, and bonuses are typically not in the hands of their immediate boss. Receiving direct acknowledgement from a boss, accompanied by a personal reward often ignites a deeper desire to maintain or surpass performance levels that are contingent with bottom line results.
The experts at Premier Gems and owner Jeff Nechka are positioned to guide you through the choices to formulate a customized reward for that deserving employee on your team.
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