There are many ways to motivate your employees, but Industry Week says prizes are not the best choice. The skills gap is a concern for many companies right now, so attracting and retaining employees is more important than ever. Rewarding your employees for doing good work is a great idea, but using prizes can actually do the opposite. Industry Week said, "Doesn’t the organization, when it gives prizes to just a few, then do a disservice to all the employees who worked well and did what was asked (and often more) to pursue the organization’s goals?" Instead, try helping employees get more involved with important discussions so they feel included. Job satisfaction is more important in retaining employees than a prize.
The lesson is that, while external motivators (e.g., awards and prizes) can sometimes lead to increased employee satisfaction (but only sometimes), internal motivators are more likely to drive real improvements in performance.Does this mean that companies should get rid of Employee of the Month awards and to refrain from implementing Golden Broom awards?Read More