The essence of any organization lies in their workforce. And to keep this essence alive, it is extremely important to keep the workforce not only engaged and happy, but also motivated. One of the most common and trusted ways of doing so is through employee rewards and recognition programmes. In this blog, we dive deeper into such programmes and how they can benefit your organization.
Employee rewards and recognition are effective ways to reinforce the employees for their good work and keep them motivated. Rewards and recognitions usually involve giving gifts in cash/kind or verbal praises to employees to acknowlege their achievements and hard work.
In short, rewards and recognition are gestures towards employees to recognize and reward them for their exceptional performance.
Rewards and recognitions play a pivotal role in creating a positively motivated workforce, resulting in increased productivity. There is a higher possibility of retention when employees feel valued and their work is appreciated, according to an Achievers survey. Moreover, rewards and recognition programme is a great way to increase employes’ job satisfaction and maintain overall well-being.
Rewards are tangible incentives such as monetary bonuses or extra time-off which are usually tied to specific goals or tasks. Recognition on the other hand, is verbal praise or acknowledgement of good work and is not necessarily goal-specific and can be given by anyone. Think of recognition as a shout-out (Gen-Z much?)
Traditional practices of rewards and recognition, such as bonuses or awards and badges are effective ways of keeping the workforce engaged and motivated. However, a major drawback with such practices is the lack of customization and a touch of personalization. (Plus, isn’t everyone bored of the ‘Employee of the Month’ awards?) Mentioned below are some unique ideas to reward your employees the way they actually deserve it!
Make a designated fund for your employees that they can use to hone their skills by attending workshops, learning through virtual learning courses or certification programmes. This gives employees a chance to invest in their professional growth.
Grant high performing employees an “Employee Wellness Passport’ that grants them free access to wellness facilities such as gyms, meditation centers, fitness classes and mental wellness resources. To make it a more enjoyable experience, employees can collect stamps on their passport by participating in these wellness activities.
Introduce an initiative to reward employees by allowing them to take paid time-off for volunteering for a social cause of their liking. This will help promote an empathetic and compassionate community inside and outside the workplace.
Reward top-performing employees with an all-expense-paid family trip to an adventure camp where they can participate in thrilling activities and explore new adventures with their loved ones. By doing so, you can encourage people to engage in outdoor activities in this digital world where people are just stuck to their seats.
Start ‘Learning and Hobby Clubs’ within the organization based on different hobbies of employees and give special access to the ones consistently performing well. This will help the employees to connect for reasons other than professional and pursue their passion outside of the work. Examples of such clubs include yoga club, book club, and hiking club amongst others.
Start ‘Learning and Hobby Clubs’ within the organization based on different hobbies of employees and give special access to the ones consistently performing well. This will help the employees to connect for reasons other than professional and pursue their passion outside of the work. Examples of such clubs include yoga club, book club, and hiking club amongst others.
Give employees the access to personalized consultations with financial experts or consultants to check their financial fitness. Such consultations could focus on topics such as investment opportunities, budgeting, analysis and maintenance of credit score, retirement planning, and debt management. Financial guidance will help employees feel in much more control of their future.
Launch a “Tech It Up” programme which offers top performing employees an opportunity to choose a gadget of their choice from a selection of unique tech devices such as virtual reality headsets, smart home devices, portable projectors, or digital sketch pads. This initiative will help keep the employees motivated and encourage them to explore recent technological advancements.
Offer this unique opportunity to swap roles with anybody in the office allowing them a closer look at how other departments and roles function. Through this activity employees can have a better understanding of the diverse nature of work at the organization and develop interest in areas other than their own expertise. Also, this could be a great way to make your employees be compassionate towards each other.
Give employees access to coaches or mentors who can provide the necessary guidance and support to develop new skills or refine existing ones. Thai will give employees a clearer vision of their future path in career and gain expertise in a particular domain. Investing in this initiative can also strengthen the leadership pipeline of the organization.
Solution: Adopt non-monetary rewards or allocate budget for R&R programmes at the beginning of the financial year to avoid any last minute budget scares.
Solution: Establish clear criteria for recognition and provide training to managers. Encourage regular feedback sessions.
Solution: Implement a comprehensive recognition program that includes peer-to-peer recognition and team achievements. Foster a culture of appreciation.
Solution: Emphasize verbal praise and specific feedback. Promote a culture of gratitude among employees.
Employee rewards and recognition are more important than ever today in a world where employee satisfaction and engagement rates are falling. By introducing innovative employee rewards and recognition programmes employee satisfaction and morale are always on the high. Making employees feel valued, acknowledged, and appreciated has become extremely important to retain top talent.
Emossy’s extensive employee performance module allows you to manage goals and progress efficiently allowing you a better understanding of top performers and identifies areas of improvement for you.
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