Monetary, external, and fear-based motivation of employees is not enough in the modern dynamic world of business. Positive reinforcement and employee ratification inspire internal motivation which promotes creative out of the box thinking needed to keep ahead in today’s market.
Employee ratification boosts not only individual but group performance through positive reinforcement. Employees rewarded for exemplary performance earn the respect of their peers, igniting the internal motivation of others.
How Employee Ratification Helps Business
Employee ratification helps the business by improving productivity, performance, and staff retention. The business enhances its viability through increased profits.
Improving the employee’s wellbeing increases productivity. The psychological benefits of employee happiness and the direct link to a productive workplace is well documented, read this article; A Happy Worker is a Productive Worker for more information. There are other positive benefits, too, including loyalty and self-management.
Employees driven by internal motivation will create a cycle of excellence. Driven to self-development, which will lead to improved performance, if improved performance is recognized, the employee will push to improve performance seeking approval and acceptance.
Positive reinforcement encourages other colleagues who want to receive the same benefits gained from productive behavior, thus creating an organization of self-motivated individuals.
Other benefits of improved employee morale include employee development and retention; this saves businesses time and money. Finding the correct person for a position, training, and developing an employee is taxing on not only time and money but decreases productivity for a significant period.
The attitude of staff within the environment determine the culture of a company; this includes engagement between members of staff both formally and informally, and approach to work. Motivated, engaged staff creates a positive environment and thus promotes positive attitudes and vice versa.
The founding of productive and positive company culture is encouraged through vertical and lateral mechanisms. New workers conform to the culture within a company by the example of established employees. Decreased spending on the hiring of new team members will increase the ability of businesses to focus resources to the production line, and this affects the bottom line.
Ideas to Improve Employee Ratification
Non-monetary incentives involve developing respect and cultivating inclusive behaviors there are different methods to achieve this objective. It is acknowledging accomplishment during company events for public recognition and increasing individualism by remembering birthdays and other milestones. Encouraging the sharing of ideas are three examples. For more on this read this article 5 Ridiculously Useful Non-Monetary Reward Examples that Improve Employee Engagement.
Employees receive compensation for labor through salaries and wages. People are accustomed to the standard bonuses and increases, but unusual financial rewards will standout and may cost less. Increasing health insurance with a supplementary cover like Aetna medicare supplement, subsidized housing help mitigate stresses and recognize the employees’ value to the company.
Being unique is the way companies, products and services stand out in the market today. Employees need to be motivated and focused. Decreasing stress increases creative thinking, which will lead to the next best thing.