Partner Article

Rewarding staff – in it for the long-term

Natalie Vescia, B2B Marketing & Client Relationship Manager at Wickes, explains why, for many businesses a quick fix isn’t the best approach, particularly when it comes to rewarding staff.

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.” Companies should be wary of taking a short term view instead of considering activity and objectives over a longer period.

A quick fix reward serves to provide an immediate boost for staff, but will not deliver in the long run. If businesses want to deliver effective rewards, 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.

Businesses need to devote time to considering the type of reward to offer, taking into account the different requirements and lifestyles of staff and the different impacts that various rewards make upon them. Rewards that deliver short term impact have little resonance. Will a pair of shoes bought with a department store voucher increase staff respect for the company? Probably not, because these type of rewards are all too easily forgotten.

A quick fix is not going to do the trick. Monetary rewards are all too easily lost and swallowed up in bills. They may be satisfying at the time, but won’t have any long-lasting impact, meaning the message they seek to communicate is rendered ineffective.

Giving employees the chance to opt for memorable rewards which have an enduring impact and benefit their lives shows that the business recognition of staff extends to both their short and long term needs. This ‘long termism’ approach illustrates that employer acknowledgement and appreciation of employees extends over the long term. This, in turn, helps to promote a positive atmosphere at work, leading to higher engagement levels and a healthy bottom line.

When it comes to long-term rewards, a reward that enables a member of staff to invest in or improve their home really fits the bill. It positions the business as considerate to an employee’s life outside of work. It also encourages employees to make their home a calming retreat to relax in after work. With many workers often stressed out after a long day of work, a cosy, welcoming atmosphere at home is likely to boost morale both in and out of the office.

A reward enabling a member of staff to improve their property will ultimately create a lasting impression. It’s a valuable way for businesses to demonstrate that they are interested in the long term well-being of their employees.

Likewise, employees who work from home on a regular basis could put some thought into how they can make their home office a more productive work environment. Choosing the right colour scheme, for instance, can be an effective way of helping to maintain concentration when working. For example, according to Freshome Design & Architecture, blue is often used to decorate offices as research shows that people are more productive in blue rooms as they are calmer and more focused on the task at hand. Green is considered the most restful colour on the eye and is suitable for almost any room in the house. In the kitchen, green cools things down; in a family room or living room, it encourages unwinding but has enough warmth to promote comfort and togetherness. Yellow, on the other hand, communicates happiness. It is perfect for kitchens, dining rooms and bathrooms, where happy colours are energising and uplifting.

Each freshly painted wall, revamped kitchen, children’s playroom or new garden shed serves not only to refresh the employee’s home, it is also an ongoing reminder of the company and reward.

Long term rewards, when planned and carried out effectively, can achieve great impact and ultimately boost the business bottom line. When it comes to employee engagement, it pays for businesses to consider ‘long termism’.

This was posted in Bdaily's Members' News section by Emma Ward .