Company’s wealth lies in its people and channelizing their effort and performance can be quite challenging. It is a truism that incentive and rewards contribute superciliously in enhancing and harnessing the best from the employees. Fitting rewards as well as compensation programs can be very important for employee satisfaction. In fact job satisfaction depends much on the level of fundamental and extraneous outcomes and how they are viewed by the employees. Results may have different values for different individuals. For some, challenging and responsible assignment can have negative or neutral value based on their experience and education. These differences account for different levels of employee satisfaction for essentially the same task.
The salaries have to be fair and according to the contribution made by the employees. A good way to align company’s interest with the employee is by initiating a profit-sharing plan, where in the employees earn a bonus according to the profit generated. Employer as well as the employee basically works for a common goal that is profit and this offers a higher sense of ownership along with an exciting financial gain. Non monetary rewards such as paid off time, training programs, recognition, etc. are very beneficial tools for employee satisfaction. Key objective should be to reward employees fairly, justifiably and consistently in correlation to the significance of their contribution to the business and performance.