When companies decide to put into practice an employee reward program, more times than not they miss the most obvious consideration of all, what is it that employees want or need in order to feel appreciated for their work. Knowing or not knowing this is perhaps one of the largest items that will impact the success of a program.  Most companies think, “If we merely provide our employees rewards they’ll do better.”

But, it turns out that studies actually show that businesses whose recognition and rewards programs (strategic recognition programs) are aligned with their corporate values are more likely to create employees who are more motivated at work and less likely to switch jobs.

What is the Strategic Recognition Program?

Strategic employee reward programs connect the performance of the employees directly to a company’s core values and strategic objectives.  By linking recognition to your company’s objectives and then evaluating the activity, you end up creating a culture, and enthusiasm, for your company. Additionally, you will be gaining constant feedback from your employees which is where most companies fall short.

So, to sum up, if you’re contemplating a Strategic employee reward program make sure to ask these questions:

1. Is it linked with our core values and goals?
2. Are the activities able to be evaluated, recorded and inspected?
3. Is the reporting simple, reliable, centralized and, if necessary, accessible worldwide?
4. Is there a clear process for recognition?

Having started with these questions, your team will have a clear foundation to build a Strategic recognition program from and as a bonus, you’ll also give your employees a healthier understanding of the company’s objectives and a clear path for them to receive feedback from management.

How to Assess Employee Recognition Programs

Congratulations, you decided to start a strategic employee reward program and you have it up and running but, how can you assess the return on investment for your employee recognition program? Simply by considering a few metrics like these below:

• Has employee retention changed since implementation?
• Has productivity increase or decreased since implementation?
• Are our employees more engaged in the company overall?

These are just some of the metrics to take into consideration to quickly see an ROI of your recognition program. But there are plenty more, but if you start there then you’ll have your thumb on the pulse of the campaign and value.

Strategic employee reward programs: Managing Employee Expectations

It simply can’t be stressed enough that companies need to identify what employees expect from these programs. Otherwise, employees won’t feel appreciated for their hard work, and in the end, that’s what they want.  They also want fairness, accuracy, and reliability when it comes to employee reward programs. If your recognition program misses out on these things, you are less likely to see positive results and gradually the employees start losing faith in your company to do what it says it will do and they’ll look for opportunities from other organizations (the grass is always greener on the other side!).  Therefore it’s vital that not only is the recognition program well thought out but that it performs to the expectations of your employees.

Employee reward and recognition programs are great! Just remember to keep them tied company’s core values. Listen to employees for what they want/need, and make sure the program does what you say it will. Doing so will practically ensure a successful strategic recognition program and employees who are more engaged.