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It’s a typical company practice: reward an employee for their five, 10, 20, 30 even 40 years of service to an organisation. Sounds great in theory, right? But I have a few problems with it.
First off, companies spend millions of pounds a year on these practices and really don’t see much of an ROI. Does that £250 selection of 10 possible rewards after 20-years really represent decades of hard work, commitment and performance from an employee? Does any employee really work harder, or perform better because of that reward?
Companies can save a lot of money if they focused not on the reward, but more importantly, recognition. The intrinsic motivator of recognition rather than the extrinsic motivators of golf clubs or a clock. That intrinsic human motivation has much more lasting impact than the sugar-rush of a reward – and whether you like Maslow’s hierarchy or not, you won’t get your employees feeling a sense of self-actualisation with only base needs like salary and rewards.
So companies are starting to scale back those costs given the economic situation and focusing on recognition. Great, right?! But I don’t find myself much happier.
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