How organizations can Increase Employee Productivity with Performance-Based Bonuses
Money is the main driving force behind motivation to work. People work so that they are rewarded monetarily, but there are also a number of factors that can go along with bonuses and good pay. This is because people do not only work for monetary rewards; instead, they look forward to building a career with valuable work.
Boost Employee Moral and Performance
Employees want dignity in work, and they like exciting tasks. If you as an employer can offer decent bonuses, engaging activity and worthwhile work, employees will be motivated as such things improve employee performance fairly quickly. Employees need to feel fulfilled when they work, and creating a variety of benefits is the best way to ago about motivating your employees.
When you formulate a strategy to boost employee output, you need to be creative and think of things from various angles in order to produce a bonus-driven system. Performance that is solely driven by monetary rewards tend to be short-lived even when they are large bonuses. This is simply because there is a limit on a one-dimensional performance motivator.
Motivation Requires More than a Bonus for Long-term Benefits
Employees may perform a task well even if they do not really like what they do when there is just a bonus. Once monotony and boredom take root, then the value that the bonus once had tends to diminish. However, in contrast to this, if the tasks are engaging and prove worthwhile to the career of your employees, it’s likely that the such a system with a bonus will have a long-term impact that is bound to benefit the company.
Explore Your Employee’s Strengths and Weaknesses to Create an Effective Bonus Strategy
The best way forward is to understand more about your employees. With a performance management system in place you can learn about their strengths and weaknesses. According to this, you can chalk out the best sorts of tasks that would suit them. You can also develop a rotation policy for this, which would mean that you create a blend of tasks that interest a given employee. This will help to prevent boredom and monotony from setting in.
Employees Value Proof of Bonuses Awarded to Them
Another idea to go along with a performance based bonus is recognition. While performance based monetary recognition is motivating, there is little that an employee can produce as proof later on in his or her career. Therefore, a letter of recognition or some certification for task accomplishment to go along with the bonus can make a big difference.