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November 20, 2013

Performance Feedback and Rewards – What Works?

Filed under: Performance Pro10:53 am

How often should a manager discuss performance with their employees?  It is a good question, and the answer varies depending on who you ask.  The recent Pulse of Talent Survey, conducted by Harris/Decima for Ceridian, focused primarily on the generational differences and how they are affected by job rewards, job motivation, and performance feedback.  Interestingly, the survey indicated that 59% of those responding reported having a formal meeting with their boss in 2012 to discuss job performance, leaving more than 40% without any formal performance discussion.  Gen Y employees reported wanting more performance feedback throughout the year, which has moved to the top as a best practice.

Job rewards are a major engagement driver.  The survey found that 47% of those responding ranked job rewards above job recognition (42%) followed by job motivation (11%).  It was noted that generational differences and needs must be considered to achieve optimal results when rewarding employees affecting motivation, productivity, and organizational success.  Monetary and non-monetary rewards were both indicated as strong engagement tools.  Non-monetary rewards that are popular are:

  • Paid personal days off
  • Flexible hours/schedules
  • Work from home option
  • Free meals and event tickets
  • More training availability and options
  • Opportunities for more responsibility and advancement

An employer’s challenge is to make sure they are pairing the most effective driver of motivation and job satisfaction to the appropriate generation for the best results.  Employees are also encouraged to perform well if they feel their pay is fair, their work is interesting, and they have a variety of avenues for personal growth from which to choose.

Take an online tour of HRN’s Performance Pro to see how we can help manager/employee communication be regular and often!

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