Rethinking Team Member Rewards
When it comes to rewarding team members for exceptional work and results, leaders are often in a rut. They rely on the same four or five rewards to recognize people.
In addition to increased compensation and monetary rewards, leaders depend too heavily on public awards and acknowledgments, work flexibility and time off, development experiences, and travel support.
While these mainstays are appreciated by team members, going to the well for the same rewards over and over lessens their value.
Thinking about what is truly important to people can reveal non-traditional rewards that can make team members feel especially appreciated and valued.
By exploring what makes people feel differently about themselves and what they hold in the highest regard, leaders can find rewards that stand apart and underline appreciation.
Because they are often unexpected, such rewards have an even bigger impact.
For instance, team members value their children, health, pets, and homes. So, rewards like tutors and test preparation for children, wellness programs such as yoga classes, pet grooming, resort reservations, and landscape plantings for the home speak to what matters to them.
Charitable giving, subscriptions to software they depend on, workspace upgrades, artwork, sponsoring them for certifications, and special event access are non-traditional and address arenas that matter to people.
With some creative brainstorming, you can easily expand this list. Just ask yourself where team members invest their time and resources away from the workplace, and what they hold dear.
Rewards that focus on what matters most to people, besides compensation, can boost motivation and foster a positive and supportive environment in a way that traditional rewards can’t.
Recognition and rewards forge the good feelings and trust that bind teams together. Good leaders make sure team members feel valued and recognized for the great work they do. Unconventional rewards underscore that appreciation.
I’m a free market guy so cash is king. I’d rather let people decide what they like to spend the money on. I think what’s most important is explaining the why and the what the extra cash is for in as much detail and tied to specific behavior/goals as possible. If not cash, then at least spend money on experiences (as mentioned in post) not things. We all already have too much stuff as it is.
It's all about knowing your team and knowing what they would appreciate. In one organization petrol and cinema vouchers were a thing. When I moved to a construction company the leaders looked at me like I was mad when I suggested cinema tickets. The guys wanted KFC.
The options you've mentioned are great though. I've never thought about offering tutoring for the kids or house cleaning. As @David C Morris says below, cash is king and a Prezzi card means people can choose what they want.
Work rewards are like birthday presents - personal. When someone buys me an 'experience' present which means I have to go out and do something, I just get annoyed. Likewise, poorly chosen rewards might have the opposite effect that what's intended.