Posted by Robert Half Management Resources on Wednesday, February 18, 2015 - 16:33 | Follow me
Oscar season is here. Amidst the decked-out celebrities on the red carpet and the jokes of Neil Patrick Harris, it’s easy to overlook the real reason for the awards: to recognize and reward the accomplishments of peers.
For the film industry, Oscar nominations are a career goal for which professionals strive. Similarly, the best financial executives incorporate an employee recognition program into their staffing management plan.
Here are five Oscars-inspired ideas for recognizing and rewarding your accounting and finance teams.
1. The Above and Beyond award
If you have team members who routinely take on extra work or exceed your expectations on projects, you can reward them with a cash bonus. This shows staff you’re grateful for their outstanding work and inspires them to maintain stellar performance levels.
2. The Individual Achievement prize
Another use for incentives is to encourage your staff to continue learning and grow professionally. If you see an employee has rapidly acquired an impressive skill, you could offer him or her a cash bonus or other reward. This will increase the motivation of your financial staff, who'll see their hard work literally pays off.
3. The Long-Standing Members of the Academy achievement
Seniority goes hand-in-hand with company loyalty, which is a trait that undoubtedly should be recognized. Thank your most tenured employees with appropriate increases in salary and vacation time. To further show your appreciation and enhance employee retention, host office get-togethers to celebrate staff members’ anniversaries and other milestones.
4. The Impressive Innovator reward
Creativity and innovation are clearly crucial to organizational success. However, fewer than one-third of CFOs in a recent Robert Half Management Resources survey characterized this as a strength of their team.
Foster innovation by encouraging your team to propose new ideas. If their proposals pan out and move into implementation, reward the innovators. This will have the added benefit of motivating their colleagues to follow suit.
5. The Best in Attendance category
Do you have finance employees who never miss a day of work? While you don’t want to encourage individuals to work when they’re ill, there’s no reason you can’t reward those who have a perfect attendance record.
Before implementing any employee recognition program, you’ll want to make certain you’ve clearly explained the terms to eligible staff members. You’ll also need to ensure your program is fair. If only a few select employees are regularly singled out, that can breed resentment. Spread the recognition as equitably as possible.
Working an effective employee rewards system into your staff management plan can encourage your organization’s stars to outdo themselves. When your team is performing at peak levels, more efficient operations are likely to follow suit.
So, why not borrow some ideas from The Oscars to inspire your employee recognition? You could see your organization hitting new benchmarks along the way.
What means of employee recognition have you found successful? Share your advice in the comments.