Across modern businesses, the significance of employee rewards and recognition is generally well-established. Adequate and timely appreciation can encourage workers and enhance their engagement with the company. Over time, it makes them likely to continue in their jobs and do better.
However, in a competitive market, it is not enough to offer rewards to high performers: the reward should match the employee’s personality. For example, not everyone appreciates intangible benefits; some will turn up their noses at material goods. Moreover, there will always be an employer willing to go the extra mile to offer custom perks that have meaning for a talented professional.
Let’s assess how to roll out an R&R program that understands and values the unique differences between workers.
Risk-Takers Appreciate Growth Opportunities
A recent Deloitte study found that an employee’s business chemistry can affect how they perceive rewards and recognition. It identified four primary types of professionals in a team: pioneers, drivers, guardians, and integrators.
Typically, an organization will have some employees who like taking risks and challenges. These professionals place great value on imagination and energy. Deloitte noted that 59 percent of such individuals would prefer their employers to reward them with a new growth opportunity.
Business leaders should be aware of this dynamic and support the growth of such professionals by offering new challenges and avenues. For example, why not recommend them for a raise, maybe to a managerial role, and empower them with additional responsibilities?
If a promotion is not on the cards, you can consider giving them opportunities to represent the company at key stakeholder events. Or, you can sponsor them for a leadership training program.
Thank You Notes Are Not Passé
Regardless of an employee’s personality, the odds are that they will receive a good old “Thank You” note with enthusiasm.
The Guardian reported the results of a survey that found saying thanks seems to be getting harder for the modern generation. Around 55 percent of those surveyed felt that they didn’t get thanked often. This scenario could be partly due to Gen Z’s shifting mannerisms and inclination to use emojis instead of communicating conventionally.
Whatever the reason behind the present dynamic, it does indicate that saying thank you more often can be a meaningful way to recognize an employee’s efforts. You can do this through a written note, thoughtful gift coupons (that don’t have a minimum spending amount), and encouraging peer-to-peer recognition.
Typically, gratitude can be a powerful way to encourage employees to be more innovative and committed. You should design the scope and audience for these notes based on the employee’s personality—some people prefer a smaller audience, while others like public recognition. Leaders can learn to recognize these differences with experience and data-led insights.
In fact, many entrepreneurs participate in tailored courses to develop these leadership skills. Some DBA degrees online (Doctor of Business Administration) help leaders deepen their academic understanding of real-world business problems without the complexity of a committed schedule.
Such programs can help professionals learn to apply data-based insights and roll out innovative plans for employee recognition. According to Marymount University, business intelligence and interdisciplinary learning can make a leader’s perspective more robust.
Intangibles Appeal to Those Seeking Work-Life Balance
Amid all the buzz around working extra shifts and taking on side projects, it can be easy to overlook professionals who want a better work-life balance. These employees may not be keen to take on extra responsibilities at this time or appreciate a reward that requires them to attend a course.
Instead, consider intangible rewards for such employees. These rewards could be the opportunity to work remotely a few times a month or follow a flexible schedule on some days of the week.
Intangibles will let you develop a deeper connection with them and establish your organization as a thoughtful employer. Fringe benefits, such as retirement planning assistance or wellness solutions in the office, can also be gratifying.
As a leader, it is vital to show a willingness to accommodate the needs of employees who have family commitments or require personal time.
Forbes notes that more organizations are now moving toward total rewards, i.e., incentives that help workers find job satisfaction and life fulfillment. These rewards may be even more crucial for workers who have recently experienced transforming life events, such as having a child or relocating.
Often, these employees feel pressured to perform and perceive (not always unfounded) judgment from their colleagues. Rewarding sincere efforts reflects well on leaders and also encourages employees to sustain their efforts.
Understanding what matters most to each employee can be integral to helping them reach their complete potential. Leaders who tailor their company’s rewards and recognition policies according to their workforce’s preferences can create a competitive advantage in a crowded market. They also humanize business in general—an increasingly legitimate concern in this age of AI and automation.
