Of course, one size doesn’t fit all for reward programmes. Another study, Effective Rewards and Recognition Strategy: Enhancing Employee Engagement, Customer Retention and Company Performance published on research platform SSRN, puts it this way: “People want to be rewarded, but do not know what they need”.

In other words, employees will find different values for different rewards. Someone might appreciate a Rolex Datejust or a parallel monetary reward because it has an immediate effect, with financial rewards providing the ability to purchase whatever he wants. Someone else may derive more meaning in recognition, the public or private acknowledgement of achievements, versus the transactional and fleeting nature of a physical object. And still another will find that, when looking at the luxury timepiece glinting prettily on his wrist, it holds both an immediate and a powerfully emotional effect—one that leads to a positive outlook on where he works.

“The whole idea of how to reward is very fascinating,” says organisational psychologist and human resources and organisational development consultant Icar Castro to Tatler. For Castro, who has held regional roles in talent management for companies across Asia, rewards or bonuses are important strategies for companies because they “...incentivise people toward discretionary effort—discretionary effort being: ‘I'm going to do more than what is asked of me. I'm going to do more than what is expected of me. And as a reward, I get something else in return’.” 

However, there is more to rewards than cold hard cash. Castro points out that different rewards appeal to different people and identifying the right reward depends on an individual’s values and circumstances. For example, life stage greatly colours the appeal of a reward. Fresh graduates at the beginning of their careers, Castro points out, will desire financial gain, while established players will be attracted to rewards that deepen their expertise like, say, developing a project from the ground up or “being exposed to people who are inspiring”. And later on, when employees have a family or reach the latter stages of their careers, they will prioritise stability such as retirement benefits.

And then there are the high-potential talents who the specialist describes as “...people who have a performance track record and a foreseeable trajectory” toward critical areas of the company. For these employees, Castro recommends a mix: “A combination of, yes, financial bonuses, but also access to leaders, invitations to networking events, visibility to the president and CEO, and maybe short-term assignments to broaden their mindset”.

Also read: How Asia’s most influential women inspire others to follow in their footsteps

So what about a luxury watch as the ultimate reward? “Something like a Rolex or a gold bar will motivate anybody, I think, because it’s not something that you’d be able to work hard for and get by ordinary means,” Castro says. However, she also cites the story of an executive who chose to strike out on his own despite being offered money to stay: Castro cautions that “you cannot be blinded by a Rolex if that’s not what you value at that time”.

One other thing to think about is the relationship between rewards and bottom lines. Keeping people motivated through an effective rewards programme is more cost-effective than losing and replacing waves of discontented employees. The Effective Rewards study explained: “The loss of an employee has been proven to incur exorbitant costs in the recruitment, selection, and training of a replacement, costs amounting to a full year’s compensation or more”. Apart from these costs, vacated roles also lead to other worries such as the loss of institutional knowledge, disruption in operations, “...and even turnover contagion effect on remaining employees”.

It’s something worth considering in the evolving work climate: a 2022 survey from Mercer shows that seven in 10 executives are facing a labour shortage crisis, and that two in five employees are planning to leave in six to 12 months. Meanwhile, another survey from PwC shows that only 57 per cent of employees in Asia Pacific are satisfied with their jobs and that one in five employees plan to find a new employer.

“Our brand’s success is an achievement. To me, Paradise Group is like a Cinderella story, it has grown from a single stall into one of the biggest Chinese restaurant operators in Singapore,” said Chua to Tatler in 2013. Now, what started as a 25-seater eatery on Defu Lane has grown into a restaurant empire with several dining concepts in its portfolio such as Seafood Paradise, Paradise Dynasty, ParaThai and Le Shrimp Noodle Bar. Today, the group satisfies the craving for, say, creamy butter crab in 11 markets, including Hong Kong, Malaysia, Taiwan, the Philippines and the US, with 48 locations in Singapore and 63 in the rest of the world, with plans of expanding further. Among its goals is to manage 150 restaurants by 2024 and 200 by 2026, and this year, Paradise plans to open nine outlets in Singapore and nearly 20 overseas.

“We view our people as an important asset of the company, and believe that our employees are the ones who have helped us to grow and progress,” says Chua now, adding that rewarding employees to build a positive work environment is an essential aspect of Paradise’s work culture. “Every employee plays an important part in our success, regardless of their position, and we value each and every one of them.”

Read more: Eldwin Chua’s profile on Asia's Most Influential

Chua’s company seems to know the value of making people feel appreciated, and thus makes sure to direct the success of his company to its people, with a ceremony attended by 1,300 guests and tangible gifts and recognition in the programme. And while not everyone can afford to offer dazzling tokens, it’s important that companies and leaders make clear that they see, recognise and reward all the people who lift them up. It doesn't have to be a Rolex—though that would be nice. A sincere expression of praise and gratitude could be a good start.

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