Too many people are going to work with the feeling that their efforts aren't getting them anywhere. Whether they give 110% or 10%, they see the same paycheck day to day. Reward management is a pay structure based on the research of Sigmund Freud, and other behavioral analysts have built on this research. Rewards motivate employees to do their best. The better work they do, the better they get paid, and the easier it is to advance their career. From entry level positions to upper management, reward systems have been shown as effective in getting the best performance from your employees.
Small businesses and big corporations alike are turning to a total reward system of compensation. Reward statements are issued along with regular paychecks. These statements keep employees engaged. A clear, concise, and visually appealing statement helps them understand the value of their rewards package. If you check out the total reward statement examples, you will see a breakdown of the system that helps keep them motivated to do a great job. This breakdown helps employees determine where they are doing well, ways in which they can improve, and how to get where they want to be in their career.
Reward systems help employees build a career from the very start. When people understand where their career is going and have measurable objectives to reach for career advancement, it helps with retention. Looking at total reward statements examples, you will see how the system gives employees incentives to do better. Statements provide transparency, allowing for employees to see where their career is headed and executive pay benchmarking what they need to do to get there each pay period rather than waiting for an annual performance review. These mini performance reviews will be on every paycheck, fostering a healthy working relationship. The best part for employees is that they can see their career trajectory if certain performance standards are met.
Total reward systems give employees an incentive to be their best. A total rewards statement example will show a clear idea of people get where they want to be. Those who are motivated to advance their career will do it successfully, and those that aren't motivated will fade away, creating a strong workforce for your company. Consistent performance monitoring where employee have input can help lead to conversations about careers, continuing education, and professional development. Check out a total reward statements example to see how a reward system can work for your business.