SMART Rewards

SMART Rewards for smarter employee engagement

Take a look at these 5 scenarios

1. Tim gets the Star of the Month award for his ‘immense overall contribution’ to the business.

2. Each employee is handed a box of chocolates after completing their certification program.

3. Hari receives a shopping voucher for INR 1000 for successfully completing his six sigma project that will save the organization several million dollars in the years to come.

4. “I would like to recognize the efforts of all team members; Nancy, Bill, Shailesh, Peter and everyone else”

5. Henry gets his Pillar of the Organization trophy 6 months after his 10th work anniversary.

Do they sound familiar? What’s wrong? They are definitely not best practices for employee rewards and recognition!

Rewards and Recognition need to be SMART:

1. Specific – A specific behavior, performance or outcome needs to be rewarded and not simply ‘immense overall contribution’

2. Memorable –  Something the employee appreciates and recalls for a long time (box of chocolates, anyone?).

3. Appropriate – Value (monetary or emotional) of the reward should be commensurate with the importance of the behavior being rewarded (INR 1000 for multi-million dollar impact?).

4. Real – A genuine appreciation of the work done and not just a nicety, quickly forgotten (everyone else?)

5. Timely – As little delay as possible between the event being rewarded and the reward itself (6 months?).

5 simple principles that can make reward programs more effective in any organization!

-by HiFives

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