Why Reward Systems?
The only way employees will fulfill your dream is to share in the dream. Reward systems are the mechanisms that make this happen. “However, reward systems are much more than just bonus plans and stock options. While they often include both of these incentives, they can also include awards and other recognition, promotions, reassignment, non-monetary bonuses (e.g., vacations), or a simple thank-you.”5 “The journey is the reward,” says Steve Jobs. You Get What You Reward The greatest management principle is that the things that get rewarded get done. “You get more of the behavior you reward. You don’t get what you hope for, wish for or beg for. You get what you reward.”7 When your employees do hit the target and meet a stretch standard you set for them, reward them immediately. Never stall. By doing this, you help employees directly connect the reward with behavior and higher performance they’ve attained.4 “Fail to reward the right behavior and you will most likely get the wrong results.
