Incentives & Rewards

It's a good question Rami and in my opinion recognition is one of the driving factors to keep the staff motivated.

other than sending 'THANK YOU' mail whenever a team member does some exceptional work i will make sure that my team members get visibility from organization level and to motivate them i nominate them for several incentives at organization level monthly once(for better than average performance like star award,bravo award) to quarterly once(for exceptional performance.

Thanks
Bala

Thanks for your input Bala.

Trure, recogniztion and rewarding are important. Saying thank you and getting them visibility with higher management is under recognition. My question was specifically on the incentive and rewards scheme which you've mentioned last but what kind of incentive awards and rewards are given ? What are the schemes and for what types of categories. For example:

Safety Champion of the Month: Certifcate + $100 Reward

What kind of schemes do you have in your company and what is presented to employees ?

Award are based on performance objective set for different profile

Star Award - they will be given some certificate
Quarterly Award - Certificate + some points which they can redeem on some websites likes amazon(worth $100)

Hi Rami
My company uses a "Spot" award to recognize someone who has gone above and beyond to improve on something or solve a challenging problem. They are recognized at company meetings and they receive a gift card that they can use as a cash award.

The award can come from peer levels and does not have to be approved by lots of people. That said, we cannot go crazy with giving each other rewards.

I think the recognition is more valuable than the financial reward, for most employees.

The rewards and incentives should not be same for everyone as everyone at every level may have different needs. Try to personalize the rewards and incentives. A Star Award system is great but it should be built on a surprise reward like cash award for someone you assess having financial needs, or a promotion for someone aiming for that. Hope you get my point. Maybe you can give the reward options to pick one out of many, if the person scores the best.

Secondly, I would go for small rewards for almost everyone rather than one big reward for only one person. You can award someone t be punctual, other for creativity and so on. Try at least 50% + are rewarded in some way. That way the remaining 50% will be motivated rather than depressed.