By Kiara Mac
Employee recognition and rewards programs are essential to attract and retain modern employees. It can reinforce employees’ behaviour and achieve the company’s values and mission.
Rewarding employees has evolved significantly in the last decades; this only means that companies tend to find more innovative ways of attracting qualified employees by offering modern reward and recognition programs such as Redii.
Nowadays, having some strategic recognition program can boost business performance.
Different types of rewards for modern employees
Some organisations are just starting up their employee reward program, and here are some common reward concepts that you could offer to your employees:
Non-monetary:
- Praising an individual for a job well done or for good behaviour
- Giving them opportunities to handle special projects
- Having the chance to mingle with the CEOs
- Celebratory lunch/dinner with colleagues
- Giving them a certificate of recognition
- Trophies with the employee’s names
- Plaques
- Appreciation cards
- Bouquets
Monetary:
- Gift certificates
- Catalogues
- Giving them extra paid time off
- Sending them to expensive training or conferences
- Special trips
- Donating to charity in their name
Two things to remember in preparing your employee reward program:
Consider the time and relevance of rewards. Rewards are more effective if they are unexpected, so instead of saying, “if you complete this X you will receive a Y” say, “Now that you’re done with this, we would like to give you this.” This approach is more motivating and innovative.
Ask your people what they want to receive as rewards. Survey your employees and make their response be your basis in offering various options they can choose from.
The advantages of re-inventing recognition and rewards programs
It’s important to create a modern approach to your recognition and reward programs. Adapting the system to the needs, work style and expectations of modern workers today can have a drastic effect on different fields. This new system of recognition and rewards programs provides the following:
- Support employees in reaching their full potential and increasing their success levels, making them feel more appreciated.
- Achieve visibility in real-time towards your organisation’s status to avoid workforce problems.
- Increase retention of workers, save time and money related to the long and costly hiring process.
- Increase customer satisfaction rate and strengthen office relations.
Modern employee rewards programs offering employee’s choice
Allowing your people to choose for a reward is genuinely motivating. More often than not, employees who receive rewards that are impractical, end up not being too grateful. So give your employees the flexibility of choosing the rewards that they can redeem through either online or physical retailers, just like what places like Redii offer.
- Immediate delivery of modern rewards
In these modern days, employers should also know the on-the-go demands of the modern employee. Providing your people real-time, meaningful, and positive recognition will make them contribute to achieving your business’ mission.
- Transparency of modern rewards
This modern reward strategy offers instant access to bonuses that are significant, valuable, and meaningful. Managers have full visibility of their budget, and they have complete control over the costs, making it easier for you to build a culture of reward and recognition.
Make your reward and recognition program evolve to meet the needs and expectations of your modern employees. Plan a strategy that would work on your organisation and would create a massive motivation to your people.