In a bleak economic climate, motivating staff is more important than ever. Management look at ways to incentivise employees in order to drive more business success. Implementation of new ideas gives a company a competitive edge and rewarding people for their creative contribution certainly motivates and inspires them to deliver even better suggestions.
A study by the employee motivation agency Maritz reveals that while 55% of employees agree that employee suggestion programs affect their performance, only 10% are satisfied with how their efforts are rewarded. They demand more for their distinctive ideas than just a bonus. Even though monetary incentives are always welcome, there are other ways to reward great ideas, and companies try to make their rewards as creative as the ideas they relate to.
An increasing number of companies incentivise their employees’ great ideas not just with an extra in their pay cheque but other meaningful rewards.
Rather than recognising only major ideas, companies like Frima have a point-based rewards system, allowing a creative employee to earn points for every new idea, and trade these points for gifts. Gifts emphasise core values like work-family balance and can be payments for babysitters, home repairs, etc.
Other companies like RockYou have monthly competitions and awards for the employee with the most suggested or/and implemented ideas. Rewards include concert tickets, an iPad, an extra day off or a trophy. Managers have noticed that an employee arrives much more motivated on Monday after attending a free event at the weekend, for example.
Firstborn offers a three-week holiday to an employee who has one of their ideas implemented after five years of working for the company. After their holiday people come back to work even more inspired and open to innovation.
Productive creativity could be rewarded through monetary, tangible, intellectual, and other means. Once employee’s motivations are fully understood, the right employee suggestion program can work wonders.
What stimulates your work and motivates you to create great ideas? What reward would you like to receive for your ideas and innovative thinking?