Rewards & Recognition in HR
Have you mastered the art of rewards and recognition in HR?
Hint: It’s not always about the money!
Employees who feel appreciated contribute more to an organisation – and this doesn’t always mean paying your staff more.
Instead, it’s about understanding how to motivate employees on an individual basis, as everyone has different motivators. Of course, many people are motivated by money. But it’s worth examining the remuneration package as a whole: some staff like a steady pay packet; others are highly motivated by performance bonuses. Other motivating factors may include perks such as a company car, health insurance, or other incentive.
But rewards and recognition in HR goes beyond the remuneration package too: lifestyle factors are incredibly important. Some employees value flexibility in their work hours (especially if they have children), or the ability to do a four-day week, or to choose when they work from home. Other staff might be totally focused on their career path, and value relevant employee training and development opportunities so they can climb the company ladder.
Your process for managing rewards and recognition in HR must be consistent, fair, and transparent – but should also be adaptable for everyone in the organisation.
What are the benefits of investing in HR rewards and recognition?
If everyone in your organisation has a customised remuneration package, that can mean enhanced employee motivation. If individual motivation is improved, this has a flow-on effect to team motivation. That’s likely to mean productivity gains
and performance gains – and an engaged workforce committed to the success of your business.
An engaged workforce is likely to translate into increased staff retention rates. Which means that knowledge is retained in the business for longer – and you need to spend less time recruiting, inducting, and training new staff. This represents a significant amount of time savings, cost savings, and less stress!
Isn’t it difficult to manage remuneration packages if they’re customised?
If you think that sounds fantastic – but like hard work – it doesn’t need to be that way.
For starters, ConsultingHQ has a trick up our sleeves: EMS Hub HR software does much of the grunt work. The Documentation and Compliance module can keep track of any variations relating to remuneration reviews, hours, roles, and responsibilities. Plus the remuneration data integrates with most payroll systems to save on admin time, and to minimise human error. Plus there are benchmarking and reporting features, so you can ascertain how competitive your pay rates are in the market, and also compare roles, departments, and levels, so there’s transparency across your organisation.
“We have used the services of ConsultingHQ over a number of years. They provide valuable support to management and all our valued staff. They have a helpful and engaging approach that inspires and motivates personnel.”
– Laughton Brodie, Ceratelle Marketing and Fasteners Direct Global
“We have used the services of ConsultingHQ over a number of years. They provide valuable support to management and all our valued staff. They have a helpful and engaging approach that inspires and motivates personnel.”
Laughton Brodie, Ceratelle Marketing and Fasteners Direct Global
Download our REM and Benchmarking guide for strategic workforce planning, performance metrics, compliance, and employee engagement insights.
Do you need help with rewards and recognition in HR?
Find out how we can partner with you to motivate your team to their full potential.
