Workplace Rewards and Diversity
Why do employees show up to work day after day? Why do employees strive to do their best? The answer to these questions is happiness, motivation, and rewards. When employees are recognized for a "job well done", their desire to excel in the company will continue. In today's work world, companies are continuously looking for new and improved motivation techniques that will increase employee performance as well as reward employees for a job well done. The use of non-monetary rewards is an increasingly popular method that employers are using as a new motivation technique. Three essential components to retaining valuable employees as well as encouraging increased performance are motivation, rewards, and diversity.
Rewards and Organizational Performance
Rewards are used to improve employee morale, enhance employee enthusiasm, and give employees a reason to go that extra mile. When employees are rewarded for their hard work, they are being reassured that they are appreciated and valued as an employee. Once employees feel valued, they become dedicated to the company. Employers that reward their employees will benefit from increased productivity, which in turn creates an increase in company profit. Monetary rewards are often accepted by employees with happiness then they are quickly spent and forgotten about. This is the reason monetary rewards are becoming a fad of the past and non-monetary rewards are in.
Non?monetary rewards, such as flexible hours, an extra day off, independence, and training are valuable rewards that employees will remember. According to Rewards and Recognition Review (2005), "Non-monetary recognition can be very motivating, helping to build feelings of confidence and satis ...