Implementing the awards scorecard is very beneficial for any company. But first, there is a need to define different motivational factors for this endeavor.
Motivation is very important to have in the office setting,
especially when your company is gearing towards success. And what organization is not aiming for success in whatever industry these days, right? Thus, it is important to pay attention to the aspect of motivation, more importantly, employee motivation. Awards are a definite must-have in any office setting. For this to be particularly effective, there should then be the implementation of what is known as the awards scorecard.
In just about any job, there will definitely come a time when certain duties and responsibilities would become tedious. This is especially true when you have been working in a certain office and holding the same job for so many years now. Naturally, you would not feel too motivated to still do a good job every single day anymore. Thus, the provision of awards would certainly do any company a lot of good. But what sort of awards should be given to employees? Surely, it would not be wise to give just any award to the workforce, making it easier for employees to be abusive in the long run. There still has to be a certain tandem implemented here. And to achieve that perfect tandem, it is important to use KPIs or key performance indicators for your scorecard. This way, you would have quantifiable measures that you can use in determining "motivational factors," so to speak.
Award KPIs can actually be categorized into four, namely Monetary Compensation, Non-monetary Compensation, Intrinsic Factors, and Growth and Development. Monetary compensation is a category that is self-explainable. This is comprised of all sorts of benefits in the guise of money. Money, after all, is the primary driving force as to why people look for jobs. Beyond the basic salary package, there are a number of monetary benefits that can motivate employees very well. Employee Stock Option Plans or ESOP could be one of them. This allows employees to purchase shares of the company itself. Other monetary compensation benefits include bonuses, incentives, and insurance benefits.
Non-monetary compensation, on the other hand, pertains to benefits that do not come in the form of money. Family welfare programs, for instance, make good KPIs here. Any company would certainly have employees who already have families, thus making it all the more motivating to do well at the job. Recreational engagement is another effective benefit. Beach parties or bowling trips can certainly encourage the staff to do well.
Intrinsic factors, meanwhile, pertain to factors used in judging the motivation of the employees themselves. There are a number of things that can be done to measure an employee's motivation. For one, how an employee handles and deals with subordinates can be good in measuring motivation. How well competition is handled by an employee is another thing. The number of recognitions received by an employee, as well as the number of projects that have been assigned to him, is also great methods to use.
Lastly, growth and development pertains to motivating factors that promote the development and the growth of the employees themselves. One common awarding factor here is training. Training allows employees to develop new skills and enhance old ones so that professional growth can be attained. Promotion is another important factor here.
With these in mind, it would be easier to develop an awards scorecard. Bearing the different motivating factors in mind, choosing which KPIs to use should no longer be too difficult at all.
