Reward vs recognition do you know when to use each motivator

Reward vs Recognition: Do you know when to use which motivator?Ben Peterson, co-founder and CEO of BambooHR... Reward vs Recognition: Do you know when to use which motivator?Why focus on

Reward vs Recognition: Do you know when to use which motivator?

Ben Peterson, co-founder and CEO of BambooHR

Most of the time, reward and recognition go hand - in - hand What are

the differences?

Reward vs Recognition: Do you know when to use which motivator?

Why focus on

“ Employee recognition is the number one factor when motivating employees in the workplace ”

Reward vs Recognition: Do you know when to use which motivator?

69% of employees would work harder if they were

better recognized

of employees find it annoying when they are not recognized

for the accomplishments they contribute to the team

and company.

Reward vs Recognition: Do you know when to use which motivator?

to their employees far outperform those that don’t ”

—Josh Bersin

Did you know employees want some form of

recognition every 7 days?

Yet only 12 percent of employees say they often receive appreciation for great work.

Reward vs Recognition: Do you know when to use which motivator?

Actions that align with company’s

goals and strategy.

bottom line results without thinking about how

it feels to slog away and work without anyone

Big and small wins

“ Regular minor boosts from ordinary activities

can have a cumulative and lasting effect ”

—Harvard Business Review

Reward vs Recognition: Do you know when to use which motivator?

Being a team player

“ [Teamwork] is the fuel that allows common

people to attain uncommon results ”

—Andrew Carnegie, American Industrialist & Philanthropist

So how can you

best use recognition ?

• Be simple

• Be sincere

• Be consistent

Reward vs Recognition: Do you know when to use which motivator?

build people up It is one of the many tools and

practices available to each manager to boost

—Barbara Ann Corcoran, Shark Tank

without spending a penny !

Send a personal note Say a sincere “thank you”

Recognize in a meeting or applaud Send a shout-out on a social site Mention their success in a speech or presentation Give a long lunch or get-out-of-work free day

Have a higher manager say thanks Swap a task with them

Give a team lead role or title promotion Offer flex hours or work-from-home options

Reward vs Recognition: Do you know when to use which motivator?

Why focus on

The workforce is changing

By 2020, half our workforce will be millennials.

Reward vs Recognition: Do you know when to use which motivator?

• 44 percent of employees said tangible (type financial rewards) highly or very highly increased their engagement.

• 63 percent of employees said intangible rewards highly or very highly increased their engagement

Employees want to be rewarded

for their hard work

— The Hay Group

Not all are about bonuses, raises, or even cash 46% of incentives offered by US

companies are non - cash

incentives Don’t be afraid

to get creative !

Reward vs Recognition: Do you know when to use which motivator?

people unless you clearly establish goals and

—F Robert Salerno, CEO of Avis

So how can you

best reward employees?

Reward vs Recognition: Do you know when to use which motivator?

Objectively (and transparently) identify who deserves reward

and for what

Figure out how much value the

work contributed

Reward vs Recognition: Do you know when to use which motivator?

Decide —as an organization—if you want to reward only the big wins and successes or the

milestone steps and wins along the way But

consistency is important

rewarding employees :

Stock options Gift cards

Time off Late in/early out Growth opportunities Fun

Tickets

A massage

A personalized gift Free food

Reward vs Recognition: Do you know when to use which motivator?

Selecting what’s best

for your company

Who should be rewarded and recognized ?

Reward vs Recognition: Do you know when to use which motivator?

Start today ! Think about why, when and how to best motivate your people.

Follow BambooHR on social media:

bamboohr.com/blog

Reward vs Recognition: Do you know when to use which motivator?

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