Recognition programs make employees feel valued and give them a sense of ownership with a company. It retains them longer and drives productivity because they want to succeed and want the company to grow.
There’s a saying that, “people don’t quit companies; they quit bosses.” While that’s true, studies show an overwhelming number of employees leave their jobs because they do not feel appreciated by the company or their bosses.
As you might suspect, this feeling of a lack of appreciation does not keep them motivated to work nor stay. It is essential to incorporate an employee reward and recognition program into your company and your workplace culture.
Routinely acknowledging employees for their work and their attitude and then rewarding them boosts morale and helps grow your business.
Let’s look at some of the core points to consider when looking to initiate an employee recognition and rewards program:
Step 1: Identify the “Why”
It is essential to understand your specific “why” of starting an employee reward program in your company. Is it to increase morale or drive certain behaviors or to recognize those who go out of their way to do a great job or what? You have to narrow this down.
Because if the people creating the program don’t have a clear goal in mind, no one who participates will genuinely understand, and the program will fail. Consider what your company’s stated values are before launching, so there’s no confusion with messaging.
Step 2: Identify the “How”
Employees, because they are almost always competitive, need to understand the eligibility requirements for rewards. Before launching, decide how frequently you are going to acknowledge deserving employees.
Consider factors such as:
- Are only full-time employees eligible? What about part-time or intern candidates that do a great job?
- Is it possible for the same employee to get a reward more than once?
- Are the employees involved in the selection process for who is eligible for rewards, or is it just the Management?
Step 3: Identify the “Who”
It is essential to decide who is eligible for winning and who will determine the winner.
- Decide how employees will be selected. Will it be a nomination? Serial data (meeting KPI’s, etc.)
- How will a winner be chosen from the pool of employees? Who will hold the final decision? What kind of rating criteria will be involved, etc.?
As it is apparent, deciding upon the “Who” is essential, so don’t skimp on the planning here. It will help with the creation of a successful employee reward and recognition program.
Step 4: Identify the “What”
You’ve decided upon the “why,” “how,” and “who” of your employee recognition program. Now you need to figure out the aspects related to “what.” What kind of award will you use to recognize employees?
Is it going to be a certificate, a trophy, or will it be a larger reward? Some companies give out gift cards, some give cash bonuses, and some reward with extra Personal Time Off.
Whatever the gift, it must be meaningful to the employees since this will motivate them to participate and is also going to make them feel valued for the work they’re doing.
Step 5: Identify the “When”
Finally, decide on when you’re launching and when you’re announcing the program. If your team doesn’t know about the program effectively, it’s going to fail.
So, decide when to promote it and pick a time when as many as possible are engaged. Will it be during a team conference or a companywide meeting?
Whenever you do it, make sure it’s followed by an email having all the details. Tell your employees about when the first nomination period is and how you will award the employees since doing it will make everyone excited and eager to participate.
These steps are the exact Who, What, When, Why, and How steps you need to follow when creating a successful employee recognition program. A program that completely fits your business culture.
How NextBee can help companies to start recognition programs?
NextBee’s well-thought-out and planned recognition program solution would help you with retention, engagement, and productivity at your company. With its exclusive features, businesses can:
- Retain their best-performing employees with rewards and incentives
- Brands can conduct training and development programs that are critical to the company’s financial performance
- Leaderboards and gamification can encourage employee engagement in all business activities
To know more about the solution, book a demo with one of our NextBee’s specialists, and get insights about our robust employee engagement solution.