Probably you are in business, either yourself or helping someone else. The objective of every business is to offer its services in a way that satisfies the needs of the clients hence getting a profit in return. Business is bound in three ways: they either succeed, fail or stagnate. The success, failure or stagnation of a business is determined by its organizational workforce. If the workforce does it’s work well, understands the market and the clients well and has the capacity, then the business will flourish. But if it’s ill-equipped, then it will either fail or stagnate. But most importantly to the workforce is the motivation to work and produce expected results. Hence the need to build a formidable business reward loyalty program. Let’s see an idea suggested by Crypto News guys.
What Is Business Reward System?
Also known as an effective reward system, Business reward system is a program set to motivate, recognize and inspire employees to increase performance in line with business or organizational goals. The reward can either be intrinsic or extrinsic in nature.
Intrinsic rewards are those that exist within a person hence don’t depend on others. Intrinsically motivated employees end up enjoying their work because they attach it to personal interest. Intrinsically motivated employees tend to word towards organization or business set goals, high productivity, and professional accomplishment. Intrinsic rewards may include; personal achievement, sense of pleasure and accomplishment and professional growth. All managers should motivate their employees intrinsically by creating an environment that helps improve their working conditions and expertise to their employees. This is a sure way to attaining organizational goals.
Extrinsic rewards are those that are tangible in nature. Unlike intrinsic rewards that are abstract and self-administered, extrinsic rewards are external and mostly can be seen to the individual. This rewards should come directly from the manager, supervisor or anyone in higher authority when they are offered. These rewards are mostly financial in nature. Like the increase in salary, bonus for goal attainment, tips and sometimes days off. In some cases though, extrinsic rewards can include: Promotions, awards or public recognition, good working office or verbal praise. These extrinsic rewards help the employees work extra miles to achieve organizational success because they know they will be expecting satisfaction from rewards given. And in the end goals, targets or objectives of the business or organization will be achieved.
You want your business to boom and flourish so that you beat all your competitors and satisfy your clients’ needs easily? Always remember to employ the business reward system and you will always be proud. Remember, your workforce is the resource of the business. Take care of them, build a strong personal relationship and you will never go wrong!