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Talent Management Business Master

How to reward talent in business

It’s important as a leader, that you implement ways of rewarding talent in your business. After all, the people who work for you are what keeps your company ticking over and excelling in your industry. But how do you reward talent and recognise those who deserve it?

Start with those who work behind the scenes but aren’t always recognised for the important, hard work they put in. This glory usually falls on the managers and team leaders in bigger workplaces, who are rewarded for their team’s work when it’s actually individual team members who should be recognised.

Implement an employee voting system as it’s a fairer way of working out who has been the top worker that month and then reward the person with the most votes publically, with perhaps a bottle of champagne or a gift voucher.

Not only is it a good way of discovering talent – people who might not have been nominated by managers – it’s a great way of making people feel special. Just be careful it doesn’t turn into a ‘friends only nominating friends’ situation.

Something as simple as an email can also help. Say, for example, you hear about someone who single handedly researched and implemented something that can benefit the company, such as having CIPHR hr software installed or a new way of tracking time throughout the day, a simple email congratulating them on their hard work is a great way of making them feel rewarded and recognised. Some companies even offer a cash reward for people who save their organisation money.

Instead of a weekly meeting to solely go over any issues, organise a positive get together with individual teams or the business as a whole. Publically praise those people who have done great work that week, with a round of applause for their achievements.

Managers and other colleagues can make you aware of what they have achieved or you can make it a goal of yours to get more involved with the day-to-day matters in your business and discover these people for yourself.

It’s also a good idea to set up reward systems at certain times of year. Not only will this inspire your employees to work harder, but giving them treats will boost their confidence and ensure they know they are recognised and believed in.

Rewarding talent in a business is about more than just handing out pay rises. Top employees need to feel like they are appreciated every day and it doesn’t need to be a huge expense. Get them a cake on the anniversary of their start date at the company, organise nights out or for lunch to be delivered as a surprise. Everyone in your company should be a talented person who you want to reward at some point, so don’t make it an elitist thing done for the ‘chosen few’.

Company wide, you should also return to your holiday policies, performance based bonus options and how you train managers to interact with employees to improve employee satisfaction. Rewarding talent in a business is important, it helps hold onto those important members of the team and ensures morale remains high.

 

 

 

 

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