Establishing what reward will be most appreciated is vital. Getting the rewards offered right will drive desired behaviours. But how do you do this across such a diverse group of people?
Additionally, the reward structure must be appropriate; the right level of reward for the achievement. It has to be relevant and realistic.
Considering your reward structure
- Create a clear plan of what you want people to do
- Identify how hard it is to achieve this
- Be clear on what budget you have available (including allowance for BIK tax and NI contributions)
- Communicate when awards will be available, ie end of each quarter, annually, etc
- Make sure you know who you want to reward – it doesn’t always have to be the top performers
Which reward is right for me?
There are a number of rewards available to choose from, including: