The Role of Achievement Reward in Motivating Employees
Todays business environment is highly competitive and organizations are constantly looking for new ways to motivate their employees. One way is through the use of achievement reward. Achievement reward is a form of “non-cash reward” that is used to reward employee performance. It is based on the concept that work need not be monetarily compensated to be valued. Instead, acknowledging and rewarding employees accomplishments can also be measure of their value.
When an employer chooses to reward employee achievement, it is important to structure the reward system in such a way that it encourages employees to attain goals. This means that any reward system should have both intrinsic and extrinsic values. An intrinsic reward is an internal reward that is achieved by the accomplishment of the task itself and does not necessarily require any external recognition. For example, the sense of satisfaction of successfully completing a work assignment or project is an intrinsic reward. An extrinsic reward, on the other hand, is an external reward that is provided to the employee in appreciation of his or her accomplishments. These rewards may take the form of tangible objects, such as awards, certificates and other material items, or they may take the form of enhanced job status and privileges, such as promotions, bonuses, and additional responsibility.
In order for an achievement reward system to be effective, it must be tailored to the individual. Different rewards will motivate different individuals due to varied work preferences, interests, and personalities. Therefore, it is essential that an organization takes a personalized approach to award employees. The goal of the reward system should be to recognize the achievements of the individual employee, not just the collective performance of the organization as a whole. Additionally, the rewards should be meaningful to the employee, have some sort of lasting value, and correspond with the goals of the organization.
In addition to the tangible rewards, successful achievement reward systems also include intangible, non-cash rewards to motivate employees. Non-cash rewards include recognition and praise from supervisors, peers, and customers; flexible working hours; team building events; access to special training and development programs; gift cards or vouchers; free or discounted products or services; and merchandise or other branded items. While these rewards may not have a long-term value, they can serve as a motivational and morale booster for employees who are driven by recognition and respect.
When properly implemented and enforced, achievement rewards are an excellent way to motivate employees and improve individual, team, and organizational performance. However, the effectiveness of any reward system greatly depends on the ability of managers to provide consistent feedback, acknowledge successes, and recognize individual contributions. The key to creating an effective reward system is to understand what motivates each individual employee and develop a reward system that is tailored to the individual. Only then can an organization fully realize the benefits of an effective achievement reward system that will lead to long-term success and higher levels of employee motivation.
