Rewards & Recognition Plans

When addressing a performance improvement challenge, it is important to recognize that a cash-based awards program is not the only effective option. In point of fact, the most often mentioned motivator for an improvement in performance involves a much more simple form of recognition; non-monetary awards. Non-monetary awards can effectively complement a broader mix of reward strategies. In some cases, non-monetary awards are more fitting than cash, and are able to provide a better return on HR investment (ROI). Non-monetary rewards recognize outstanding performance and carry the element of recognition. They can be shown with pride to peers, family, and neighbours because the rewards are visible.

Non-monetary rewards are unique in 2 different respects:

  • They carry adequate value and appeal to successfully motivate people to improve performance
  • They offer recognition; an increasingly important need for today’s work force

Traditionally, there are 5 principal categories of non-monetary rewards that have proven to be useful, each offering unique benefits:

  1. Social reinforcers or “morale boosters”
  2. Merchandise awards
  3. Travel
  4. Symbolic (symbolic awards have 2 functions – awareness and acknowledgment)
  5. Earned time off

Research shows that it is becoming more and more common for organizations to switch to a more strategic and balanced approach to rewarding employees. Employers are looking to implement reward strategies that not only provide a competitive advantage by attracting top talent, but also engage employees in a way that yields successful business results. Non-monetary rewards are a practical option to a performance improvement challenge and have proven to work well with most employee populations, in both the private and public sectors.

EMEND works in partnership with clients to:

  1. Design a plan which everyone is able to understand and use.
  2. Determine administrative processes to support the plan.
  3. Consider using outsourced services.
  4. Set up measures to monitor success
  5. Assess plan success and make the necessary modifications.

Capitalize on Your People

  • Attract and retain the best employees
  • Increase productivity and raise morale
  • Become a high-performance organization

Contact EMEND Today

EMEND Management Consulting Inc.

Brookfield Place
TD Canada Trust Tower
161 Bay Street, 27th Floor
P.O. Box 508
Toronto, ON M5X 1C9

PHONE: 416.657.0599
FAX: 416.657.9139