By Anita Haridat, Ph. D
Within any business, the objective
of a rewards system is to motivate employees so that their performance
effectiveness can increase over a period of time. In essence, there is an
allowance to monitor performance capabilities so that the workers can feel
appreciated for the work that is being placed within a business. Furthermore,
based on the performance levels of employees, there is a chance to develop a
link between the goals that have been set for a company and the way that those
goals are being executed by the behavioral parameters of the employees. In
essence, the ultimate goal is to create a strong and fulfilling environment
where each person can thrive and learn from mistakes as time progresses.
While each business may be different
in terms of their rewards systems, most of the factors are relatively similar
since the ultimate goal is to create long term rewards for each person that is
involved with the company. On a historical level, when a proper rewards
system has been established accordingly in a business, there has been a chance
for an increase in the equity and revenue stream of the company since employee
satisfaction rates are increased which can then stimulate the productivity as
well. The following are several steps that can be developed in order to
create successful bonus and incentive programs.
Create a Committee Based on Rewards
and Employee Recognition
Within the committee, there is a
need to ensure that the rewards system is identified, created and then
implemented in the proper manner. If there are mistakes, those can be fixed as
time progresses, but the analyses portion of the process would be able to
eliminate any discrepancies that may possibly exist in order to cause negative
factors from taking place.
Identify the Objectives of the
Rewards System
If the objectives are not clearly
stated initially, there is a chance that disorganization will take place which
will create controversy among the business. Furthermore, there is a need to
ensure that the entire system is positively correlated with a mission statement
that can be followed by all of the employees.
Identify the Selection Criteria
In order for employees to facilitate
recognition by the award system, there is a need for management and the
committee to develop applicable selection criteria. For this particular
company, it would be beneficial if the selection criteria are directly related
to the goals and the mission that tends to surround the company.
Reward Nomination/Selection Process
Once the criteria for selection have
been established, it is then necessary to nominate the employees and select
them accordingly. It should be known that the committee will play a role in
ensuring that this process is extensive and that each member has their say with
regard to the individuals who will be selected for the rewards
Monitor the System
Within the rewards system that is
established, there is a need to monitor the entire processes in order to
facilitate proper protocols for the future. Once the entire system has been
finalized, the leaders of the company as well as the committee members can take
the time to determine the effectiveness of the overall rewards standards so
that they can manage each of the departments in an applicable manner.
Leading Management Solutions helps medical practice leaders
identify ways to improve operations to increase revenue, employee engagement,
and patient satisfaction. Learn more about us at www.lmshealthpro.com.
About the Author:
Anita Haridat has her Ph.D in
healthcare/business administration and her master’s degree in clinical
nutrition. She has several publications in sources such as EGO Magazine,
Natural Awakenings Magazine, Syosset Patch, Our USA Magazine and many
more. Her passion for health and wellness has created multiple stepping
stones for paving the way of creating a positive well being. Her first book can
be found here:
