Economic downturn is not the time when you will want to ignore the importance of your workforce’s morale. It is instead just the opposite, when you will want to ensure that all your personnel are working at their best and are willing to help you sail smoothly through the stormy seas of economic uncertainty.
You may be thinking that competitive wages and agreeable working conditions are reward enough for the efforts of your employees to keep them all focused in their work. However, rewarding employees and motivating their performance does not always require a tremendous outlay of money as you may think so. You will be surprised to know that, in this scenario of economic doom and gloom what many employees are looking for is a pat on the back for a job well done; especially if that pat includes recognition before colleagues. People like recognition and being thanked for their work which acts as a key motivating factor. In fact, having a motivated staff is now more vital than ever. Certainly, when it comes to pulling through difficult times like the ones we are all experiencing at the moment, you will need to have workers around you that will put maximum effort into their tasks and pull in the same direction.
This is the time when you should prioritize engagement and talent retention to combat the sluggish salary increments and poor morale. Your purpose should be to create some acknowledgement and motivation for your team of workforce. Reward and recognition program should be creatively organized to help motivate your employees to earn the awards and in turn help you in meeting your business goals. Initiating an employee reward and recognition program can be very daunting at first. This task may seem next to impossible when you are trying to motivate your employees to perform better while staying within a tight budget in this difficult economic time.
- The recognition program should include all employees
- The employees should know the criteria to earn recognition and rewards
- Instant gratification to be kept in mind
- Use a variety of rewards: a mix of monetary and non-monetary with multiple choice
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