Multilingual Business Communication

April 8, 2009

Rewarding your employees in times of crisis

Filed under: Dorien Heiremans, employee communication — meertaligebedrijfscommunicatie @ 12:57 pm

 

When the economy was booming, companies found all kinds of new ways to motivate and reward their employees: excessive corporate parties, bonuses and extraordinary benefits. Now a survey by Quantum Workplace, a firm that runs employee-management surveys, has pointed out that there was a significant decline in engagements to boost workers’ commitment in 2008 for the first time since many years.

Part of the problem is that companies have often turned to expensive ways of thanking their employees but of course now there is less money to spend. In January, many companies had to cut down on the budget for New Year’s corporate parties and for example, did not invite employees’ partners anymore, while they still did in 2008. Employees have also complained that the management does not inform them regularly anymore about the companies’ successes and downturns.

A way of cutting costs and rewarding employees at the same time, may be to “tailor performance incentives to reward employees who can show that they have cut costs and improved efficiency,” says Gerwyn Davies, a public policy adviser at the Chartered Institute of Personnel and Development, to Times Online.

I believe that keeping your staff motivated does not only consist of rewarding them with excessive benefits, but is also made up of having an open relationship and creating a good working atmosphere, by organising for example events which do not necessarily have to be expensive. Regularly organising small events, such as maybe a collective coffee break or a football tournament may be even more effective than just paying your employees extra money.

See also: Disengagement party from Economist.com

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1 Comment »

  1. Recently also another way of rewarding employees has been introduced to the market: “ecocheques.” These cheques give employees the chance to invest in environmental friendly purchases, such as economical household appliances or insulating material. In other words, the “ecocheque” provides the perfect mix between raising environmental awareness and offering employees an extra benefit. What is more, companies themselves remain in control of how much money they are ready to spend on this extra reward, which no doubt offers a great advantage in these times of economic crises.

    Gerlinde Van Hauwermeiren

    Source:
    “Nationale cao maakt ecocheques mogelijk”. De Standaard 25 February 2009, p. E4.

    Comment by meertaligebedrijfscommunicatie — April 10, 2009 @ 12:06 pm


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