Managing Performance through Continuous Total Rewards

Real-time rewards are similar to instant prizes given to employees who do something great. Instead of waiting for a yearly review, employees receive rewards right away when they perform outstanding work. It is a quick way to show appreciation for their hard work and keep them motivated to perform at their best.

Why do companies stick to giving feedback only once or twice a year, even though they have instant access to information?  One reason may be that they have not fully embraced a culture of giving feedback regularly. In this type of culture, employees get recognition and reward right away for their hard work and contributions.

When companies adopt this approach, they create a work environment where they quickly reward and appreciate employees.  This can also help encourage employees to keep getting better. As a result, employees’ engagement and performance soar.

Creating a Continuous Performance Culture

To create a culture of continuous performance, organizations need to shift their thinking from traditional performance. They must adopt a more flexible and agile approach to managing performance.

Through regular and constructive feedback, organizations can facilitate ongoing growth and development for their employees. This approach allows individuals to receive insights into their performance.  It enables them to find areas for improvement.  And from there, they can make the necessary adjustments in real time.

How to Implement Real-Time Rewards

Here are a few tips that companies can use to implement a real-time rewards program in their organization:

• Define the criteria

Before handing out rewards, it is important to define what constitutes exceptional performance. This can be meeting a sales target or completing a project on time and under budget. It may also include resolving a customer complaint. Regardless of the criteria, make sure to clearly communicate them with    all employees.

• Make it easy to reward

To ensure the delivery of rewards, make the process as simple as possible. This means using a digital platform to track performance and deliver rewards. It may also include setting up a system where managers can award rewards on the spot.

• Be consistent

Consistency is key when it comes to rewards. Make sure that all employees follow the same standards and that you fairly distribute rewards. This will help build trust and credibility with your employees.

• Communicate the program

Make sure that all employees are aware of the real-time rewards program and how it works. This includes providing training to managers on how to deliver rewards effectively. You can also send out regular communications to all employees to keep them informed.

By following these tips, companies can implement a real-time rewards program beneficial to everyone. This will help boost employee motivation, engagement, and satisfaction. And as a result, they find their organization a more productive and successful place to work.

How Do Real-Time Rewards Work?

You can deliver real-time rewards in different ways:

• Monetary bonuses

These can be in the form of cash, gift cards, or other financial rewards. You can send it directly to employees’ bank accounts. Or you may simply deliver it to their email addresses within minutes or hours after they achieve a goal.

• Non-monetary rewards

These can include extra time off, personalized perks, or other non-monetary rewards. Make sure it is tailored to the employees’ preferences and interests.

• Recognition programs

These can include social recognition platforms that allow employees to publicly recognize their peers for their achievements. This, in turn, can lead to increased morale and motivation.

Use Technology to Make Real-Time Rewards Happen

Technology plays a crucial role in delivering real-time rewards to employees. It provides an efficient and transparent system for tracking performance.

• Real-time performance tracking

By using technology to track employee performance in real-time, organizations can find high-performing employees. Based on this data, they can deliver rewards to them after achieving   certain goals.

• Automated reward delivery

By automating the reward delivery process, organizations can ensure that they deliver rewards in a fair and consistent manner.  They give rewards based on predefined criteria and standards.

• Analytics and reporting

By providing detailed analytics and reporting on reward distribution, organizations can find areas of strength and weakness. This enables data-driven decisions about reward programs and strategies.

• Compliance and governance

By providing a transparent and auditable record of all rewards delivered, organizations can ensure compliance with tax reporting and regulatory compliance requirements.

The Critical Link is Continuous Total Rewards

For companies to compete and get the best talent, it is important to connect ongoing rewards with ongoing performance reviews. By putting people first and using technology to give rewards right away, companies can build a culture where feedback and recognition are standard practices. This, in turn, makes employees feel valued and empowered.

Continuous rewards are not only good for keeping employees happy and engaged. They also help companies succeed by keeping their workforce motivated and performing at their best. That said, it is important for companies to connect performance with rewards and realize the benefits of doing so.