Motivation, appraisals, and rewards
Motivation, appraisals, and rewards
Understanding Motivation
- Motivation is a driving force that stimulates individuals to take action and achieve goals.
- It’s an internal or external factor that influences levels of commitment, productivity, and job satisfaction.
- In a business context, employee motivation is crucial for enhancing output, reducing turnover, and boosting overall performance.
Types of Motivation
- Intrinsic motivation derives from the pleasure or fulfilment of the work itself. Tasks are performed for their own sake, not for any external rewards.
- Extrinsic motivation comes from external sources such as increased pay, recognition, or promotion opportunities.
Appraisals
- An appraisal is a formal assessment of an employee’s performance, typically conducted by their manager.
- It is a form of regular feedback, which can identify strengths and areas for improvement.
- Regular appraisals help to improve employees’ job performance by showing them where they can improve and how they can develop their skills.
Different Types of Appraisals
- Formal appraisals typically occur annually and involve a structured interview process.
- Informal appraisals are more frequent, less structured discussions about an individual’s performance.
- 360-degree appraisals involve feedback from all those who work with the individual, not just their direct report.
Rewards
- Rewards are a method of recognising and incentivising employee performance.
- They can both motivate and demonstrate the company’s appreciation for employees’ efforts and achievements.
- Types of rewards can include monetary compensation, benefits, recognition or promotion opportunities.
Implementing Reward Systems
- Businesses may implement reward systems to more formally recognise and incentivise employee performance.
- These may include performance-based bonuses, benefits packages or non-cash recognitions such as an employee of the month.
- A well-developed rewards system aligns with company values and objectives, incentivising behaviours that support these.
Remember, a motivated workforce can significantly contribute to a business’s success. Understanding and managing motivation, appraisals, and rewards are fundamental to developing a business.