Here are a few effective ways to reward employee excellence:
- Show them the money. That is, remunerate your high achievers in accordance to their worth. What value does an employee bring to the company? How do his efforts impact the performance of his team or department? What’s the impact on the bottom line? Think about output, not input. Compensation (such as bonuses) based upon results achieved, rather than tasks performed, is both a powerful motivator and an effective reinforcement.
- Offer sincere thanks. A well-deserved pat on the back, a written letter of commendation, some private (or public) words of appreciation and recognition can be extremely effective.
- Provide meaningful perks. Offer some extra flexibility to work from home where feasible. Give your high achievers the afternoon off from time to time. Send them on a golf outing or to a show. Take them out to lunch at the restaurant of their choosing. The possibilities here are nearly endless.
- Help them keep up the momentum. A motivated employee will relish the opportunity to work on a challenging, new project. Success breeds success. Give your outstanding employees a say in where their talents will be used next. Encourage them to keep on growing.
- Develop them. Mentoring, coaching, and advanced training need not be viewed merely as a means of remediating poor or deteriorating performance. Invest your developmental time and dollars in your top performers. That’s the way to raise the bar, accelerate the growth of your strongest performers, and drive your organization to greater heights of success.
About the Author
Liz Bywater, PhD, is a consultant and coach to corporate executives, professionals, and independent business owners. She consults, writes, and speaks on a variety of work-related topics, including workplace performance, outstanding leadership, effective communication skills, and work-life balance.
Dr. Bywater sits on the advisory board for Par Excellence magazine and is a member of the American Psychological Association, the Society for the Advancement of Consulting, the Cornell Entrepreneur Network, and Women Inventing Next. She is quoted frequently in the media and has been interviewed by the Wall Street Journal, the New York Times, and USA Today.
To learn more, visit her at http://www.BywaterConsultingGroup.com. To subscribe to her complementary e-newsletter, filled with practical tips for improving performance, send an email to info@BywaterConsultingGroup.com.
