Employee rewards in the form of cash bonuses are not equally appreciated or found satisfied by all employees, some of them may also expect their prominence to be well recognized by the people. The idea of tailoring reward programs to employees is not applied in most organizations.
It is unusual for the company to attempt to tailor the recognition to the individual employee. But companies should also consider that apart from being delighted to be recognized for their offerings, the employees would also comprehend that they are recognized for who they are as people.
What Type Suits’ You?
Various employee sorts based on reward preferences:
Award Seekers: The anticipate prizes carrying monetary as well as award value, like gift cards and travel awards.
Nesters: They are more happy to stay close to home, and want rewards such as days off or flexible scheduling to avail quality time for their family.
Bottom Liners’: They absolutely appreciate the fiscal value of rewards such as cash bonuses or award points programs.
Freedom Yearning: They rate flexibility at the top, hence its’ flexible hours, freedom to strategise their goal attainment, and the opportunity to select appealing and demanding projects.
Praise Cravers: They have an aspiration for their work to be accredited, thus the rewards type may consist of vocal, written or formal honour from managers or informal admiration from colleagues.
Upward Movers: Satisfied employees who are concerned in climbing up the ladder within the company. They prefer status awards, meals with company board and be given the opportunity to mentor.
Direction for Managers
Managers may ask employees about their reward preferences as they differ dynamically; hence understanding the same is important, while managers doing so also thus convey a respect for the employees.
They may also opt for a "goodie-bag" move towards employees to give them to choose from an array of rewards.
Be Grateful to Your Company
Employees need to be cautious in ignoring any form of recognition as actually they are the employer's authentic efforts to express appreciation. However, you can express your thoughts to a reliable manager or supervisor as they can use this feedback positively in designing new rewards programs.
