employee-rewards-motivation

Is the time, and price, right? Source: Unsplash/Kyrie Kim.

Finance
Bri Williams

Timing matters: Why you should reconsider when, and how, you reward your employees

Authors
Bri Williams
People
3 minute Read

Employees like to be recognised for their efforts, and as employers, we can often sweat over the “what” of the reward. Should it be a gift or cold hard cash, for example? While the type of reward is important, we often overlook the “when”.

The timing of the reward — whether you pay upfront or at years-end, for example, and whether your employees even know there’s a reward on the table — can significantly affect motivation and performance.

Let’s look at three options.

Three kinds of rewards

1

If/then rewards

The first is a contingent, if/then reward, where payment is contingent upon performance. If you do ‘x’ then you’ll get ‘y’. The promise is made upfront, the payment or reward is received once (and only if) the promise is fulfilled.

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