Ad hoc and formal recognition are essential drivers of business success across all industries. Human nature dictates that people perform better when they know their work is appreciated.

How do you show your employees that they’re appreciated? Do you have an employee reward and recognition program that encompasses payment, prize or incentive for employees who:

• Reach significant milestones?
• Meet performance targets?
• Increase customer loyalty?
• Demonstrate company values?

Maybe you have a program, but the company is still dealing with high levels of turnover, poor performance or struggling to attract the right people. Don’t reflexively revise your salary packages upwards. Financial rewards aren’t the main reason people underperform or leave and they’re not the only benefit people look for when joining your organisation. Often, people are better motivated by non-monetary rewards.