Why Today’s Incentive Thinking Is Different

Achievers

Too often in human history, this meant that people with less power were simply compelled to work, and incentives — if they existed — consisted merely of being allowed to survive. The Central Challenge of Giving Incentives. Stats That Prove the Value of Incentives.

7 Employee recognition ideas that’ll work like a charm!

SurveySparrow

While money is usually considered as the usual motivating quotient, that is not always the case and there are a hundred other ways for you to keep your employees satisfied where their efforts for the betterment of your company are being rewarded. . Employee recognition idea #1: .

The Business Case for Employee Recognition and Rewards

Compensation Cafe

Why do we compensate employees? But compensation professionals (and readers of this blog) know the pay cheque is but one part of a very complex agreement between employer and employee to maximize a mutually beneficial relationship. That’s the essence of employee engagement.

Cafe Classic: Competition Is Good, Except When It’s Not - The Difference between Incentives and Recognition

Compensation Cafe

Editor's Note: Incentives and Recognition are key elements of a total reward portfolio, but they work in different ways and are better suited to different purposes. I’m often asked, “What’s the difference between incentives and recognition? Incentives/Bonuses Recognitio

Is “Annual Incentive” a Contradiction in Terms?

Compensation Cafe

Many organizations rely on pay for performance programs to help drive employee behavior. In the best cases, these schemes are designed to differentiate among performance levels, rewarding effort and results with annual merit pay increases and other annual incentives.

The Tricky Business of Incentive Compensation

Compensation Cafe

The impact of these changes can be felt throughout the organization, from senior leadership teams responsible for successfully planning around those challenges to the front-line employees who adapt their roles and deliver on those plans. Compensation Philosophy Incentives/Bonuses Recognition

Promotions, Bonuses, Raises, Recognition - When They Work (and When They Don't)

Compensation Cafe

You can’t give all employees promotions, bonuses, or raises. Social recognition, however, can be applied to all. In perhaps a worst-case scenario, promotions are little more than title changes in which the employee’s job duties change little if at all with no pay increase.

Cafe Classic: Is it Safe to Incent Safety?

Compensation Cafe

Editor's Note: Continuing our end-of-summer Classic week here at the Café with the question "are incentives equally applicable to -- and appropriate for -- all areas of human endeavor?" . I recently came across an interesting article in Incentive Magazine about safety incentives.

Talent and HR News Weekly Update: Employee Recognition Trends

exaqueo

“People work for money but go the extra mile for recognition praise and rewards.” This week’s curated articles will get you thinking more about employee recognition and its link back to productivity, retention and more. 1) Trends in Employee Recognition from HR Trend Institute Employee recognition programs, once considered a “nice” but non-essential component of human resources, have changed dramatically over the past five years.

The Neuroscience of Employee Engagement

Achievers

Job satisfaction is at the heart of employee engagement. This makes me question: how can we leverage neuroscience findings to help optimize employee engagement initiatives? Let’s take employee feedback and annual reviews for instance. Address the Drive to Acquire: Incentives.

Top Workplace Incentives Your Employees Actually Want

Aventr

When deciding which incentives to offer your employees, you may be shocked what can work. It’s not always about spending a ton of money on your employees because money does not always equate to happiness. Today we are sharing some excellent workplace incentives that your employees want. You need to consider each employee incentive that you put forward heavily. Simple Recognition and Thanks. Bonuses + Raises.

The Neuroscience of Employee Engagement

Achievers

Job satisfaction is at the heart of employee engagement. This makes me question: how can we leverage neuroscience findings to help optimize employee engagement initiatives? Let’s take employee feedback and annual reviews for instance. Address the Drive to Acquire: Incentives.

Cafe Classic: Choosing the Right Currency for Compensation & Rewards

Compensation Cafe

If you polled your employees and asked them, “What kind of rewards would you prefer?”, But what employees say they want for rewards, what actually works best to motivate employees, and what employees enjoy as rewards are entirely different things.

Why Potential Rewards Matter More at Work than Fear of Punishment

Compensation Cafe

What motivates employees best? Or perhaps how employees feel about their work? Two articles that appeared in the Harvard Business Review blog in the last few months tackle this question, relaying interesting research and an intriguing idea. Incentives/Bonuses Recognition

3 Reasons Why Metrics Go Wrong

Compensation Cafe

Jerry Muller, history professor and author of The Tyranny of Metrics, recently elaborated on this challenge in an article in Aeon. Incentives/Bonuses Pay for Performance Performance ManagementA business mantra for decades has been “what gets measured gets managed.”

Using the Corporate Tax Break to Your Best People Advantage

Compensation Cafe

That, in addition to the tax break for corporate money repatriated overseas, means many companies are looking for ways to pass the benefits of the cut on to employees. To date, more than 260 companies have announced one-time bonuses for employees out of the expected return.

Including Meaningful Work in the Total Rewards Package

Compensation Cafe

I’ve been consulting with organizations on how best to structure – and fund – social recognition programs to create a culture of appreciation and gratitude in an organization for a couple of decades now. Recognition needs a different currency. Ah, humans.

Why Wait? Timely Rewards Deliver Increased Intrinsic Motivation

Compensation Cafe

How does this impact the way we think about total rewards in an annual (or even quarterly) bonus structure? Timely rewards indicate to people both of these factors – that the work they are doing is meaningful, valuable, and worthy of recognition. Incentives/Bonuses Total Rewards

4 Keys to Leadership According to Jack Welch

Compensation Cafe

In the last couple of weeks, I’ve read a few articles centered on him, his leadership style, and his wisdom for leaders today. This article included a few nuggets well worth sharing. “To You need to love to give bonuses. First and foremost is employee engagement.

Living Wage vs. Pay for Performance

Compensation Cafe

Yet in some industries, especially those where labor is perceived as a cost and not an asset, more emphasis is put on incentives or bonus in a pay-for-performance model targeted to the higher order needs before fulfilling the base pay requirements for achieving the security of the foundational needs.

Update: Employee Compensation at Wells Fargo

Compensation Cafe

Compensation Cafe has covered Wells Fargo's pay practices since 2009, when the Bank canceled prefunded employee recognition and rewards events in the midst of the Recession, blaming it on federal government restrictions on bank practices following the subprime mortgage crisis.

Cafe Classic: Celebrating Success. Who Do You Reward?

Compensation Cafe

It's time to take down the these false barriers to recognition and reward. I’m told this is standard in Pixar movies and one reason they usually include a “secret scene” at the end – to ensure everyone involved in creating their award-winning movies receives the recognition they deserve.

3 Innovative Compensation Ideas Ready for Prime Time

Compensation Cafe

They change employee commitment to their colleagues, their customers, and their company. After completing the 90-day new-hire training period, Zappos needs to know its newest employees are all-in. Compensation Philosophy Incentives/Bonuses Pay for Performance Recognition

Cafe Classic: Balancing Process and Outcomes – How “Silo” Thinking Can End Up Rewarding the Wrong Thing

Compensation Cafe

Organizations that implement employee recognition and reward programs usually do so with the best of intentions. Avoiding silo creation and balancing process and outcomes are the two critical areas to always keep in mind in recognition and reward program planning.

Why Appreciating the Labor of Others Matters

Compensation Cafe

Janice Kaplan, the author of both the article and the new book The Gratitude Diaries , makes her point very clear: “Executives who think they say thank you with a paycheck are missing the point.”. Throughout the article, Ms. Incentives/Bonuses Recognition

How to Reward Your Staff over Christmas and the New Year

Get Hppy

But sometimes it is best to look beyond the ‘traditional’ Christmas incentives such as yearly bonuses or a big office party. Some businesses like to give employees the chance for a longer period of time off over Christmas if they can get all of their outstanding work done.

When Irrational Humans Make Good Decisions

Compensation Cafe

Case in point – this Harvard Business Review article by Harvard Business school professor Francesca Gino in which she points out, “Public policy has often relied on assumptions of rationality when accounting for human behavior, which has led to suboptimal policies in the past.”. News flash.

Cafe Classic: Unions, Recognition and Employee Engagement

Compensation Cafe

Editor's Note: Today's Classic features Derek Irvine with some data and insights about the importance of employee engagement - even (and some might argue especially) in a union environment. In today’s workplace, unions still have power when they need to step in for employee rights.

Where Have All the Raises Gone?

Compensation Cafe

Last month The New York Times ran an article bemoaning the loss of pay raises in favor of one-time bonuses and non-monetary rewards. Cited in the article, analyst firm Aon Hewitt calls this a “drastic shift” based on the firm’s annual survey on salaried employee compensation.

Worker Woes? 9 Tips for Retaining Employees in a Tough Market

WorkStride

millennial or Gen Y employee switches jobs four times in the first decade after college graduation. Business’ number one problem is finding qualified workers,” advises economist Mark Zandi of Moody’s Analytics in a recent Fierce CEO article. “At What that means is that companies must now work harder to entice workers through pay raises, training and other incentives. Consider bonuses, gift cards and celebrations of big events in your employees’ lives.

Will Keeping SCORE Help You Keep Top Employees?

Compensation Cafe

An interesting article in Huffington Post caught my eye this week. How do you measure impact of efforts to improve employee satisfaction, engagement and retention? Since in this author’s structure, recognition and incentives are included in compensation, this is particularly true.

Fair Pay, Differentiated Rewards

Compensation Cafe

Let these employees shadow their VP for a day or two including any meetings with clients and top management. This notion was compatible with how businesses operated in the late 20th century -- company performance was dependent on the collective contributions of the mass of employees.

Monetary Reward vs Experience Based Rewards

Benefit One USA

We all are very familiar with the importance of motivation at work-place for employees. For motivating the employees, almost all the organizations grapple with the kind of rewards to be offered. With this article, let us explain the difference between the two: Monetary Rewards: These are the incentives that involve direct money to the employees like gift cards, bonus, profit sharing etc. It too wants employee satisfaction & engagement.

Chasing Best Practices

Compensation Cafe

It turns out that high performers are more likely to provide pay increases (90% compared to 84%), bonuses (81% compared to 74%), and are also likely to leverage more of a compensation mix.

8 Influential Employee Engagement Trends for 2019

Bonusly

Employee engagement will be one of the most important differentiators for organizations in 2019, and it’s an issue that nearly every organizational leader has thought about recently. It’s the emotional commitment an employee has to their role, their organization, and stakeholders.