Remuneration “is pay or salary, typically monetary payment for services rendered, as in an employment.”[1] It is decided by numerous factors such as skills, experience and/or uniqueness of work. But is having monetary remuneration enough? Retention of individuals working together as a group is critical. All those involved inherently have “a personal desire to feel needed, valued and appreciated in their role”[2] Acknowledging and recognizing each persons personal contribution as a priority to the group and project will ultimately result in a more productive collaborative process. Group members will be satisfied and more motivated to work. But how do we achieve effective and ongoing retention? There are a multitude of ways to retain the loyalty and motivation of individuals, group members or employees. An obvious example is remuneration. Conclusively, money can be said to be the primary motivator. Whilst the majority of us value money, sacrifices need to be made in order to attain it. For example, the amount of time we spend to earn it, the amount of energy spent and loss of opportunities like spending time with family. Nowadays, the balance between work and life is difficult to coordinate and simply receiving money as recognition of work isn’t always enough.
Other forms of recognition in terms of non-monetary remuneration can be implemented. Examples of non-monetary remuneration include simply saying thank you to a colleague requires no money and is highly valued by the individual. Being courteous and grateful to your employees or fellow colleagues for their contribution is at times much more effective in retention as it provides them with intangible benefits of increased self-esteem and added self-value as opposed to the tangible benefits attained through expected monetary remuneration. Another example of non-monetary remuneration is public recognition. Thanking a particular individual in front of fellow colleagues for their outstanding achievement/contributions provides them with a sense of pride and self-worth, hence, more intangible benefits. Symbolic rewards are another type of non-monetary remuneration. These rewards can be items such as a certificate or 'trophy' acknowledging/recognising the achievements of an individual. For example, in the workforce, awarding an employee the title “Employee of the Month” for their work is another great tool for retention.
Additionally, another example of non-monetary remuneration is inexpensive awards. Giving employees or individuals items such as a bottle of wine, free movie tickets or box of chocolates for their contributions can be a another great motivator and a meaningful demonstration of thanks which ultimately develops a better relationship. Expensive awards can also be introduced. For example, giving an overseas trip to a performing individual, group or team is a highly effective and popular form of recognition, not only because of the magnitude of the reward but the opportunity it provides them with time to reflect and bond with fellow colleagues outside a professional/working environment. In the long term, this could prove beneficial as it allows for a group to develop a stronger relationship that will ultimately help to generate a more effective collaborative group for future projects.With all of this in consideration, nobody within a group or team should be singled out. Each person should be acknowledged for their work, whether it is small or big, in order to promote equality and retain the loyalty of all involved in collaboration. In conclusion, remuneration is an essential element in the process of collaboration as it provides both tangible and intangible benefits to all involved. Determination of remuneration should always be done fairly in order to equally recognize the work and effort of an individual.
"Cash-based remuneration is expected, it is contractual and it represents a person's value in the marketplace. Non-monetary recognition has a feel-good factor and goes a long way towards fulfilling the unwritten but highly valued psychological contract." - Sharon Searle. [3]
References
1. http://en.wikipedia.org/wiki/Remuneration Accessed May 19, 2008.
2. Giles, T 2004, REMUNERATION; Non-Monetary Rewards - As part of the remuneration. Accessed May 19, 2008. <http://findarticles.com/p/articles/mi_qn5305/is_20041004/ai_n24914613>
3. Giles, T 2004, REMUNERATION; Non-Monetary Rewards - As part of the remuneration. Accessed May 19, 2008. <http://findarticles.com/p/articles/mi_qn5305/is_20041004/ai_n24914613>
Image: http://www.freeprintablecertificates.net/samples-paid/employee_of_the_month_2.png Accessed: May 19, 2008.
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