Another week has passed here at Wundamail HQ, and the team have been scouring the web for the leading research examining how best to reward teams. Many fail to consider rewarding employees outside of monetary incentive, when there are myriad opportunities for recognition that will work better to engage and encourage your workforce.
This article gives a vast roster of staff incentives, focused on rewarding innovation. Discovering new ways of achieving company goals should be a core component of any growth strategy, and finding positive ways of rewarding this behaviour may help align future success. By incentivising forward thinking, proactive individuals amongst the wider network communications sets the tone and a standard that others can strive towards.
To enjoy some of the varied benefits of promoting innovation within your team, this article is a must-read if you’re deciding which reward structure to implement.
This article takes a wholesome approach to incentives. Instead of rewarding individual behaviour in front of the wider network, it suggests that rewarding the team as a whole is more effective approach for improving group performance, and effect authentic behavioural change.
Paolo identifies equity as the most desirable reward for good behaviour, and assumes that using it as an incentive will produce the most desirable behaviours from your team. Although this may come as no shock to most, the secret exists within rewarding the team as a whole, rather than individually. This creates a culture of transparency and collaboration, where employees push each other forward towards the common goal of productivity.
In order to get the best out of yours employees, recognition and reward becomes a vital process in maintaining a healthy productivity output. Unlike previous articles mentioned, Andy’s approach defies the norm and recognises intrinsic rewards that boost relationships as core to boosting employee engagement, as opposed to monetary incentives. The longevity of smaller, more personal rewards seem to outlast the retention rate of annual bonus structures. A gift card or ice cream is far more impactful, because is shows a level of consideration and thought.
By openly circulating good behaviour within your communication channels, you promote accountability, unlock insight, and keep teamwork efficient and inclusive.
When looking at team based incentives this article breaks down different methods of rewarding teams in a clear and coherent way. If you are unsure on how to appropriately manage your reward structure, this article may provide useful insight into the various strategies you are able to adopt, and the value each of these may have for your team.
Here at Wundamail we believe a combination of goal-based incentives and merit-based incentives work best to develop group culture and boost productivity.