10 Ways to Improve Your Rewards & Recognition Program
10 Ways to Improve Your Rewards & Recognition Program
10 Ways to Improve Your Rewards & Recognition Program
There was a time when people worked 14-16 hour shifts in factories because the production had to run 24×7. It was only in 1914 that the Ford Motor Company reduced the working hours of workers to eight hours. It was a landmark decision back in those days. It soon produced overwhelming results as the productivity of workers improved dramatically. Ford Motors went a step ahead and doubled the wages too. And, the rest, as they say, is history.
It can be said that this was one of the earliest reward strategies that worked immensely well at that time. Today, eight-hour shifts are no add-on for an employee but an expected norm, and a wage hike is a normal course of action to award top performers. Employees today seek much more than this. That is why organizations introduce innovative Rewards and Recognition programs to create a holistic working ecosystem.
Why does your organization need a Reward & Recognition Program?
A Gallup study points out that employees, in most cases, quit their jobs because of a lack of recognition. Another Gallup study shows that employees who feel they are not being recognized for their work are more probable to leave their job than others. These studies clearly and rather alarmingly point out that employees feel that their employers ignore their best efforts routinely. The result – there is an ever-increasing flock of employees actively searching for greener pastures.
Well-defined and realistic reward programs serve multiple purposes. These programs are a great way to engage employees, leaving them feeling appreciated and recognized for their work. Organizations today have realized that R&R programs can contribute meaningfully to their employee retention programs while helping improve the work culture. Here are the top reasons why an increasing number of employers rely on objective R&R programs that promise to deliver noteworthy results.
- To drive employee motivation: A well-created R&R program infuses motivation in employees, giving them reasons to stay on track and collaborate with their colleagues positively. It is not rocket science – just simple human psychology – if a person is rewarded for doing something right and in the best possible manner, the individual is motivated to repeat the performance, over and over again.
- Develop a positive work culture: Recognizing people for their work and rewarding them encourages friendly competition amongst peers. It brings in an enthusiastic and proactive rivalry where each team member tries to do the best each time.
- Improve productivity: When employees are motivated to better their previous work or maintain consistency in their performance, there are high chances of improving employee engagement. It makes individuals and teams more efficient and productive as they are more invested in their work. In the end, all of them will ensure to contribute high-quality work.
- Retention: Motivated employees are more likely to stick around. Employees appreciate employers who recognize and reward their work. It is a natural give-and-take philosophy.
R&R programs can help in creating a positive company culture. When there are a bunch of happy, motivated, and appreciated people around, it usually catches onto others. Everyone tries to put their best foot forward; there is enthusiasm and involvement with work. All of this helps create a good place to work.
Is your R&R program delivering the desired results?
Probably not! If the mere presence of R&R programs were that effective, all organizations would be reporting top performances of employees. But that’s not the case? Why? Because rewards & incentives need to be aligned effectively with employee needs and expectations.
It is crucial to research ways to optimize rewards & recognition programs to achieve the best results. All the benefits mentioned above are reachable and realistic, provided the company’s R&R program is custom-designed for matching the unique challenges of your organization.
As mentioned before, there is no rocket science involved in designing a reward and incentive program that works. It needs to psychologically appeal and impress your employees and practically deliver what they expect.
Here are ten ways to upgrade your Reward & Recognition program:
Clarity around reward programs
Ensure every employee has clarity and know-how about earning rewards as per company policy. Ambiguity leads nowhere other than frustrations. In the process, it alienates people. If the very people who the program is meant for are not aware of the program, what good can it deliver? Plus, there is the risk of employees misunderstanding and sidelining it off as biased and unfair. Communicating what the program entails is important. For example, if your organization is ready to launch a wellness program, be sure that your employees know what they are required to earn the rewards.
Infuse unicity in your rewards and incentives program
It is important to be unique as that arouses intrigue and interest. What is important is that the rewards program is attuned to the unique culture of your workplace. There are many ways to make the program extraordinary. It is crucial to discover what your employees want and value – take feedback – delve deep into their minds. It could be that they are looking for freedom. Or, a few fun parties, or maybe a volunteering opportunity. Also, make sure that top performers are appreciated and recognized publicly, through an e-dashboard, company newsletter, email, etc., with peer recognition taking it to an enhanced level.
Ensure rewards are present for big and small achievements
Big achievements are worthy of celebrations, but so are the small ones. Employers often forget the little fish. What they forget is that small feats add up to become big achievements. All the small ones add up, so let’s not forget these. It is vital to make your reward programs layered. While the bigger wins can get monetary rewards, the smaller ones can get little words of appreciation, a pat on the back, and more.
At the core of a great team is teamwork. Reward teams to amplify teamwork
Let’s accept that most of the work done well is due to collaborative efforts. If the team is lagging on teamwork, the productivity of individuals is affected. Hence, the reward system should acknowledge the contribution of the entire team. It leads to fueling team and inter-departmental relationships.
Create a healthy competitive environment by gamifying rewards
One way to induce friendly competition in the workplace is to take advantage of gamification. Competitiveness should be in moderation and not overly competitive because that can lead to burnout and unhappiness. Gamification helps introduce a fun element to the reward program, making it easy for everyone to be on board.
Inventing new ways to reward top performers
Bring in new ideas to the rewards program, now and then. Innovate to give your people real-world rewards. It is natural for boredom to seep in with regular stuff, thereby, decreasing the overall value of the reward system. To ensure that your employees are consistent in their quest to perform better every time, it is essential to refresh your R&R program from time to time. There should be an ever-evolving reward system for employees to feel truly incentivized to avoid stagnancy and a taken-for-granted attitude.
It is all about personalization today
Ensure rewards are personalized too. This can make a key difference in employee engagement and the recognition process. Be it consumerism or human resource retention policies, offering tailor-made incentives can make top performers feel acknowledged and recognized even more. For example, lunches can be a one-to-one affair with a senior manager or one of the top bosses. Small efforts like these can reflect that the employer cares for what the employee has achieved. Such endeavors also motivate others to excel in their job.
Inundate rewards programs with personal development factors and causes close to employees
Personal development is a topic close to every employee. Be it junior or senior personnel, everyone wants to progress in life. Giving opportunities to employees to develop their skills and improve their know-how is one of the best rewards. Plus, upskilled workers can add value to your organizational goals too. Yes, such endeavors can be expensive. But, the end results are brilliant and worth the time and money.
Another way to show your employees that you care is to let individuals give time to causes that they are passionate about. Company-level feedback can be taken on what is close to their heart, and the company can choose to align with causes that most feel about. Or let individuals make use of volunteering leaves. It can have an everlasting impact in enhancing the company’s corporate image, helping attract deserving talent.
Nurture self-esteem of employees
Motivating employees just doesn’t come from financial rewards. Intrinsic motivation comes from giving employees control over their work. Give them the reins. Keep the communication channels open and celebrate achievements. Give them opportunities to train and teach others. Offer them coaching support in case of setbacks. Feature them on your brand website as Top or Consistent Performers. There are multiple ways to strengthen the self-esteem of individual workers.
Research before gifting your employees
Another way to ensure that your R&R programs are truly motivating is to find out what kind of rewards they want from your people. There are innumerable choices of gift cards, staycation rewards, event tickets, monetary incentives, creative rewards, etc. Give employees the freedom to choose because that can drive maximum employee satisfaction.
Conclusion
Many factors affect employee productivity, and a strong forceful Rewards & Recognition program is one essential element of making the workplace performance-oriented, engaging, and fun. Thankfully, modern technology has helped evolve various high-tech platforms that facilitate rewarding and incentivizing seamlessly. Buzzz is one platform that helps you comprehensively implement, monitor, and track your R&R program. Features like peer-to-peer recognition ensure that appreciation and positive feedback can occur even when workers are remotely working. Contests can be integrated to infuse healthy competitiveness in the workplace. Instant rewards, instant recognition, gamification, and a centralized dashboard can provide a strong impetus to your R&R program.
There was a time when people worked 14-16 hour shifts in factories because the production had to run 24×7. It was only in 1914 that the Ford Motor Company reduced the working hours of workers to eight hours. It was a landmark decision back in those days. It soon produced overwhelming results as the productivity of workers improved dramatically. Ford Motors went a step ahead and doubled the wages too. And, the rest, as they say, is history.
It can be said that this was one of the earliest reward strategies that worked immensely well at that time. Today, eight-hour shifts are no add-on for an employee but an expected norm, and a wage hike is a normal course of action to award top performers. Employees today seek much more than this. That is why organizations introduce innovative Rewards and Recognition programs to create a holistic working ecosystem.
Why does your organization need a Reward & Recognition Program?
A Gallup study points out that employees, in most cases, quit their jobs because of a lack of recognition. Another Gallup study shows that employees who feel they are not being recognized for their work are more probable to leave their job than others. These studies clearly and rather alarmingly point out that employees feel that their employers ignore their best efforts routinely. The result – there is an ever-increasing flock of employees actively searching for greener pastures.
Well-defined and realistic reward programs serve multiple purposes. These programs are a great way to engage employees, leaving them feeling appreciated and recognized for their work. Organizations today have realized that R&R programs can contribute meaningfully to their employee retention programs while helping improve the work culture. Here are the top reasons why an increasing number of employers rely on objective R&R programs that promise to deliver noteworthy results.
- To drive employee motivation: A well-created R&R program infuses motivation in employees, giving them reasons to stay on track and collaborate with their colleagues positively. It is not rocket science – just simple human psychology – if a person is rewarded for doing something right and in the best possible manner, the individual is motivated to repeat the performance, over and over again.
- Develop a positive work culture: Recognizing people for their work and rewarding them encourages friendly competition amongst peers. It brings in an enthusiastic and proactive rivalry where each team member tries to do the best each time.
- Improve productivity: When employees are motivated to better their previous work or maintain consistency in their performance, there are high chances of improving employee engagement. It makes individuals and teams more efficient and productive as they are more invested in their work. In the end, all of them will ensure to contribute high-quality work.
- Retention: Motivated employees are more likely to stick around. Employees appreciate employers who recognize and reward their work. It is a natural give-and-take philosophy.
R&R programs can help in creating a positive company culture. When there are a bunch of happy, motivated, and appreciated people around, it usually catches onto others. Everyone tries to put their best foot forward; there is enthusiasm and involvement with work. All of this helps create a good place to work.
Is your R&R program delivering the desired results?
Probably not! If the mere presence of R&R programs were that effective, all organizations would be reporting top performances of employees. But that’s not the case? Why? Because rewards & incentives need to be aligned effectively with employee needs and expectations.
It is crucial to research ways to optimize rewards & recognition programs to achieve the best results. All the benefits mentioned above are reachable and realistic, provided the company’s R&R program is custom-designed for matching the unique challenges of your organization.
As mentioned before, there is no rocket science involved in designing a reward and incentive program that works. It needs to psychologically appeal and impress your employees and practically deliver what they expect.
Here are ten ways to upgrade your Reward & Recognition program:
Clarity around reward programs
Ensure every employee has clarity and know-how about earning rewards as per company policy. Ambiguity leads nowhere other than frustrations. In the process, it alienates people. If the very people who the program is meant for are not aware of the program, what good can it deliver? Plus, there is the risk of employees misunderstanding and sidelining it off as biased and unfair. Communicating what the program entails is important. For example, if your organization is ready to launch a wellness program, be sure that your employees know what they are required to earn the rewards.
Infuse unicity in your rewards and incentives program
It is important to be unique as that arouses intrigue and interest. What is important is that the rewards program is attuned to the unique culture of your workplace. There are many ways to make the program extraordinary. It is crucial to discover what your employees want and value – take feedback – delve deep into their minds. It could be that they are looking for freedom. Or, a few fun parties, or maybe a volunteering opportunity. Also, make sure that top performers are appreciated and recognized publicly, through an e-dashboard, company newsletter, email, etc., with peer recognition taking it to an enhanced level.
Ensure rewards are present for big and small achievements
Big achievements are worthy of celebrations, but so are the small ones. Employers often forget the little fish. What they forget is that small feats add up to become big achievements. All the small ones add up, so let’s not forget these. It is vital to make your reward programs layered. While the bigger wins can get monetary rewards, the smaller ones can get little words of appreciation, a pat on the back, and more.
At the core of a great team is teamwork. Reward teams to amplify teamwork
Let’s accept that most of the work done well is due to collaborative efforts. If the team is lagging on teamwork, the productivity of individuals is affected. Hence, the reward system should acknowledge the contribution of the entire team. It leads to fueling team and inter-departmental relationships.
Create a healthy competitive environment by gamifying rewards
One way to induce friendly competition in the workplace is to take advantage of gamification. Competitiveness should be in moderation and not overly competitive because that can lead to burnout and unhappiness. Gamification helps introduce a fun element to the reward program, making it easy for everyone to be on board.
Inventing new ways to reward top performers
Bring in new ideas to the rewards program, now and then. Innovate to give your people real-world rewards. It is natural for boredom to seep in with regular stuff, thereby, decreasing the overall value of the reward system. To ensure that your employees are consistent in their quest to perform better every time, it is essential to refresh your R&R program from time to time. There should be an ever-evolving reward system for employees to feel truly incentivized to avoid stagnancy and a taken-for-granted attitude.
It is all about personalization today
Ensure rewards are personalized too. This can make a key difference in employee engagement and the recognition process. Be it consumerism or human resource retention policies, offering tailor-made incentives can make top performers feel acknowledged and recognized even more. For example, lunches can be a one-to-one affair with a senior manager or one of the top bosses. Small efforts like these can reflect that the employer cares for what the employee has achieved. Such endeavors also motivate others to excel in their job.
Inundate rewards programs with personal development factors and causes close to employees
Personal development is a topic close to every employee. Be it junior or senior personnel, everyone wants to progress in life. Giving opportunities to employees to develop their skills and improve their know-how is one of the best rewards. Plus, upskilled workers can add value to your organizational goals too. Yes, such endeavors can be expensive. But, the end results are brilliant and worth the time and money.
Another way to show your employees that you care is to let individuals give time to causes that they are passionate about. Company-level feedback can be taken on what is close to their heart, and the company can choose to align with causes that most feel about. Or let individuals make use of volunteering leaves. It can have an everlasting impact in enhancing the company’s corporate image, helping attract deserving talent.
Nurture self-esteem of employees
Motivating employees just doesn’t come from financial rewards. Intrinsic motivation comes from giving employees control over their work. Give them the reins. Keep the communication channels open and celebrate achievements. Give them opportunities to train and teach others. Offer them coaching support in case of setbacks. Feature them on your brand website as Top or Consistent Performers. There are multiple ways to strengthen the self-esteem of individual workers.
Research before gifting your employees
Another way to ensure that your R&R programs are truly motivating is to find out what kind of rewards they want from your people. There are innumerable choices of gift cards, staycation rewards, event tickets, monetary incentives, creative rewards, etc. Give employees the freedom to choose because that can drive maximum employee satisfaction.
Conclusion
Many factors affect employee productivity, and a strong forceful Rewards & Recognition program is one essential element of making the workplace performance-oriented, engaging, and fun. Thankfully, modern technology has helped evolve various high-tech platforms that facilitate rewarding and incentivizing seamlessly. Buzzz is one platform that helps you comprehensively implement, monitor, and track your R&R program. Features like peer-to-peer recognition ensure that appreciation and positive feedback can occur even when workers are remotely working. Contests can be integrated to infuse healthy competitiveness in the workplace. Instant rewards, instant recognition, gamification, and a centralized dashboard can provide a strong impetus to your R&R program.