By R. Brayton Bowen
Compensation pundits frequently suggest that the “right” reward system will drive performance by motivating workers to achieve new levels of performance. But rewards alone don’t drive organizational behavior. In an age where loyalty is dead and at-will employment reigns, free agent workers are looking for currency that involves more than just pay. That’s why successful managers are exchanging the old reward system for “new age currency,” one minted in the five denominations of responsibility, respect, relationships, recognition and rewards. And, while it may not look like greenbacks, pesos or euros, rest assured you can bank on the results.
Click on the image below to read more about the five R’s.
R. Brayton Bowen is the author of Recognizing and Rewarding Employees (McGraw-Hill, 2000) and leads The Howland Group, a strategy consulting and change management firm based in Louisville, Ky. A best practice editor and contributing author to BUSINESS: The Ultimate Resource (Bloomsbury Publishing and Perseus Books, 2002), he currently serves as executive advisor for the McKendree College Center for Business Excellence. He can be reached at Brayton@howlandgroup.com.
Reprinted with permission of the Society for Human Resource Management, www.shrm.org. ©SHRM. No other republication or external use is allowed without permission of SHRM. The information is not intended to serve as a substitute for legal advice.