Rethinking Methods to Reward Employees

It is crucial to recognize and reward employees for fostering loyalty and engagement in the workplace. It not only acknowledges their contributions but also motivates them to continue performing at their best. Long service awards have been a traditional method for industries to honor employee tenure and dedication. However, as modern workplaces witness an influx of younger employees, priorities are shifting towards work-life balance and experiential rewards. This demographic seeks instant gratification and values personal growth over long-term service milestones. Consequently, the relevance of traditional long-service awards is diminishing in these environments. Employers are now reconsidering their reward strategies to align with the evolving needs and preferences of their workforce, focusing on more frequent and personalized recognition to keep employees engaged and motivated. Hence, this NUS Bizbeat article highlights the need to revisit the industrial standards being followed to reward employees for their performance.

According to the article, the traditional concept of long service awards is under scrutiny in today’s rapidly evolving workplace landscape. While some companies still opt for lavish gestures like luxury watches and gold bars to reward employees, others question the effectiveness of such grand rewards. Industries like F&B and retail, with high turnover rates and older demographics, find value in traditional awards as symbols of appreciation and stability. However, adapting to the preferences of younger employees, who prioritize experiential rewards and work-life balance, suggests a shift towards more frequent and personalized recognition. Instead of waiting for long service milestones, the article suggests acknowledging “mini-milestones”  to reward employees to keep them engaged. Moreover, modern reward systems emphasize instant, personalized rewards, professional development opportunities, and greater flexibility in working arrangements. The article advocates for rethinking service awards to align with the evolving values and motivations of today’s workforce, the article concludes.

It is crucial to consider what employees want from the organization in order to keep them dedicated and engaged. The preceding text emphasizes the imperative need for companies to revisit the industrial standards being followed to reward employees for their performance.