Reward Employees

“People who are highly engaged in their work are often said to be in a state of “flow,” where they are focused, energized and immersed in the task at hand. They enjoy what they do, and their workday seems to fly by. An engaged employee is more efficient, loyal, productive and invested in the organization's success,” says Brian Kreissl in DIALOGUE Magazine.

For this reason, you should learn the seven best ways to reward your employees, according to Oracle , and apply them this year. See for yourself the positive results these Employee Engagement Strategies will bring to your company!

  1. Segment the Workforce

    Segment your employee base and allocate dollars where they will have the best return. For example, you might pull various analytics from staffing and learning applications to identify jobs and skill sets that are most crucial and in the shortest supply, then adjust the compensation for those roles to pay market-based premiums. Within those job families and skill-sets, identify additional variation based on performance.

  2. Create a Flexible Compensation Plan with Differentiated Benefits

    Survey your employees to determine what they want and prioritize the rewards accordingly. For example, you might let employees choose among various equity selections, such as stock options and cash-based bonus plans. A flexible compensation plan might also feature a cafeteria, vacation time, medical, or retirement programs. 

  3. Size up the Problem: Growing Complexity

    Variable compensation plans and total rewards programs hold tremendous promise for engaging, motivating, and retaining the workforce. However, as organizations adopt a culture of performance aligned with corporate goals, the compensation scenarios invariably become more complex.

  4. Use HCM Technology to Automate Compensation Tasks

    Given the extraordinary complexity of global compensation plans, having a flexible technology platform is essential. Your Human Capital Management (HCM_ platform should help automate compensation analysis, design, and administration. For example, it should make it easy for HR to review how compensation rules are created, edited, and implemented. It should also allow HR pros to develop highly differentiated pay programs consisting of pay components and flexible benefits to convey a consistent message to the workforce.

  5. Simplify Planning, Modeling, and Budgeting

    Conduct salary planning based on pre-models. Most HCM tools can make defined adjustments to compensation plans based on monthly, quarterly, or annual reviews and budgets and assist with organizational modeling. They can also give employees a 360-degree view of benefits, with online statements and a self-service website.

  6. Infuse Social and Mobile Technology into Total Rewards Programs

    Today’s new trends quickly become tomorrow’s “must-haves.” Mobile computing is a good example. A couple of years ago, using your phone to access enterprise applications was a novel experience. Now such access is expected; it’s simply the way we do business. Having a diverse workforce that takes advantage of telecommuting and flex time means managers don’t always work in the same building as the people they manage. They need to view HR data and trigger HCM functions from their mobile phones.

  7. Generate Workforce Analytics to Monitor Results

    Analytics help managers with segmentation and differentiation exercises by comparing individual performance with departmental and corporate performance relative to compensation, movements in external markets, activities of competitive firms, and other variables. This not only enhances periodic performance reviews but also contributes insight into budgets, promotions, performance metrics, and other everyday HR activities.

Which of these strategies would you implement first? Tell us in the comments section below. 

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