Recognition and reward may include Acknowledgement of individual good

Recognition and reward may include acknowledgement of

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Recognition and reward may include: Acknowledgement of individual good performance to the whole team Informal acknowledgment Presentation of awards Written reports to management. Be aware that reward and recognition refer to two different things rewards are there to motivate employees and mean that they get something extra on top of their salary in return for good performance e.g. bonuses, profit shares. They require an expense on the part of the company, whether the rewards are monetary or otherwise. Recognition is where a psychological benefit is provided for good performance i.e. telling someone they are doing a good job to boost their self-confidence. When designing your company's reward program, you need to keep the following things in mind: What behaviours/goals does the program aim to reinforce? What is the company's end goal for the reward program? What rewards are appropriate? (amount, scale) How will you inform employees about the program? Key Performance Indicators.
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P a g e | 42 There is no point in rewarding behaviours that actually have no benefit for the company's performance. The idea is that rewards should reinforce employee behaviours that will reap their own benefits for the company and offset the cost of the actual program implementation. Using feedback and coaching You can use feedback and coaching to help individuals and teams to improve their performance and guide them in the desired direction according to your strategic marketing objectives. Feedback and coaching can involve: Individual mentoring Group training sessions Performance reviews Weekly/monthly meetings On-the-job coaching. For coaching to be effective you need to do the following things: Build trust with your employees Be clear about the area of performance they need to improve Explain how you are going to help them improve this Set goals for achievement Create a plan of action Encourage self-assessment Be constructive, professional and non-judgemental Retain confidentiality and privacy. You will need to use active listening skills and speak in a calm, even tone when coaching or giving feedback. This will give the impression that you are understanding and trustworthy. Don't interrupt them when they speak and expect the same behaviour in return. Any examples you give must be concrete and substantial, with evidence to back them up. The feedback you use to address performance problems can either come from supervisors, yourself, or even the employees. Feedback from employees can provide you with insight into how management might be helping or hindering their performance.
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P a g e | 43 Supervisory feedback can give employees the chance to recognise both what they are doing right and wrong. It should be given as close as possible to any incident, so it remains relevant.
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