It’s the age old predicament – You really do appreciate all the hard work of your employees but sometimes it’s hard to find the time or the right way to reward them. We, at JMP believe we have the solution to this problem that has plagued many HR departments and Line Managers alike.

Employee reward and incentive schemes used to be on a companies ‘nice to do’ list, now, they’re right at the top of the agenda. We have found that HR Directors, Finance Directors and CEOs are increasingly working together. This helps ensure their recognition programmes reward the exceptional performance of their employees while promoting their company ideals and leveraging outstanding financial value.

In the recent Guide to Reward and Benefit 2010 conducted by the Peoples Management Magazine it was discussed how companies are increasingly seeing the benefit of segmented departments, making a conscious effort to collaborate more to ensure their reward and incentive schemes are purposeful and practical for all parts of their company; bringing them right to the core of the corporate strategy.

By creating reward and recognition schemes that reflect your company’s overall objectives you can have a scheme that is both practical and beneficial in more ways than one.

Companies that retain their staff enjoy genuine competitive advantages:

• Reduced recruitment and training costs
• Reduced absenteeism
• Increased productivity and attitude
• Workforce stability
• Greater employee buy-in and brand identification

At JMP, we link reward programmes to your organisational objectives for reduced operational and recruitment costs and a greater return on your investment for every employee.

Cash alone isn’t always the best motivator. In fact, it can actually de-motivate some employees if the sum on offer falls short of their own expectation of their worth. Instead we believe it’s the value-added incentives that encourage your employees to go that extra mile. Incentivising staff performance through long service awards, spot recognition awards and promotions will have a huge impact on your bottom line.

We understand that reward and recognition schemes should serve a purpose. They should be directly linked to the needs and direction of your company. They should push your ethos and encourage brand buy-in. Engagement isn’t just about maintaining staff satisfaction levels, but about advocacy for the business: pride, commitment and alignment to business goals.

The right reward scheme, properly allied with your strategic aims, will help your company save money and enhance performance, whatever the prevailing financial conditions.