7 Keys Things to Review before Starting an Employee Rewards Program
Want to make your employees feel appreciated? One of the best ways is by acknowledging and rewarding them for the exceptional work they’ve done. It makes them feel treasured which results in improved performance, encourages employee engagement and retains them in your company. (Side effect is a much simpler recruitment process.)
However, there are certain things to keep in mind and question before recognition and rewards program. These include:
- Is your rewards process fair and understandable?
Make sure that your employees clearly understand your reward system and that it’s fair. By “fair” we mean that everyone participating must have an equal chance without it becoming over competitive. This makes the employees motivated, engaged and it can promote teamwork as everyone helps everyone else reach rewards.
- Are the employees satisfied with that you offer?
Employee surveys are a great tool to identify what makes them happy and engaged. It also takes out the guesswork for determining if your planned rewards are going to be appealing. Speaking of rewards, some of the most successful we’ve seen have been ones where companies add in items designed to enhance their employees’ lives like shopping, money or travel incentives or extra time off to be spent with their families.
- Is there a recognition culture in your company?
Though direct managers are usually the best people to honor their teams, the teams should also be acknowledged by senior leaders because when the recognition comes from the top management, it paints a whole new picture of encouragement for everyone.
- Does your recognition program go well with your business values?
Align your rewards process with your business’ values and you’ll quickly see how it influences the engagement. The program holds the power to impact the cultural changes as well by dispersing key messages about the importance of the contributions employees make. The positive reinforcement allows the employees to embrace and bring the culture and values of the company to life.
- How frequently do you reward the employees?
Regularly reward your employees. Rather than waiting to reward everyone yearly, or only at the time of their performance reviews, create inventive ways to show thanks and reward them whenever they’ve performed extraordinarily.
- Are you giving ‘free’ rewards to the employees?
Rewards do not need to be completely financially based, or be something which will make it expensive for your business. Effortless and honest acknowledgments do wonders. We’ve worked with companies where they’ve acknowledged their teams with reasonably priced treats and they work great to bring teams together. It can be as simple as cake on Friday or breakfast on Monday. Other incentives might include an additional holiday in December or giving a day off just to have some quality family time.
- Are you using social platforms?
Social media is a great platform for giving shout-outs to your employees for their brilliant efforts and achievements. This makes the employees feel valued and also demonstrates publicly that the company recognizes its employees for their efforts.
So, there are 7 things that need to be considered while reviewing your organization’s reward process. If you want to start or revamp your reward program, NextBee can help you do so in a way that’s in line with your business’ needs. Contact us here NextBee and go through a live Demo to see just all the ways we can help you.