People of all ages love incentives.
Most of us can trace that love back to the positive reinforcement we received as children in the classroom, hoping to attain stickers for good behavior and then cashing them in at the end of the month for a treat. Those feelings of pride, satisfaction and motivation never go away.
The stakes only get higher as adults in the workplace.
The Benefits of Rewarding Employees in the Workplace
According to the Harvard Business Review, “Business productivity increases by 31% when employees are happy.” The primary objective of an employee rewards program is to do just that! They are designed to increase engagement in the workplace, boost employee satisfaction, retention, motivation and collaboration. Such programs also allow for your company to place itself competitively amongst the job market.
Incentives and rewards don’t just come in the form of a job promotion. Employee rewards programs another efficient and effective way for managers and HR teams to relay the message of a job well done to hard-working employees.
Here are the best ways to implement employee rewards programs into your workplace and how they can increase engagement and drive business goals.
What Makes Up an Employee Rewards Program?
An employee rewards program is a system that helps companies recognize and reward their employees for their job performance and hard work. Rewards can be delivered in various forms such as monetary incentives like gifts and rewards points toward purchases, or non-monetary incentives, such as praise, public recognition and extra PTO.
Employee rewards programs also allow for peer recognition, which positively affects the company culture and improves interpersonal connections, collaboration and symbiosis in the workplace.
The key to an effective rewards program is knowing which reward best motivates the team.
How to Implement an Employee Rewards Program
A successful employee rewards program starts with the simplest question: What do the employees want? By finding out what motivates your team, you’ll create a rewards program that meets their needs and exceeds your goals. Start off with a survey. This will provide a detailed, firsthand account of their primary motivations and give the employees a stake in the success of the program.
Using the results of the survey, design a long-term employee rewards system that is both cost-efficient and remains true to your business goal. There are numerous platforms that are solely dedicated to setting up a rewards system that meets your company’s goals and objectives.
Types of Rewards Programs
In the meantime, there are different types of employee rewards that are short-term with a narrower range but could be less expensive and more easily implemented amongst smaller teams or branches. Below are just a few examples of employee incentive programs that GO2 Partners has implemented.
- Ecommerce systems using rewards points
- Custom employee recognition awards
- Company swag/promotional gear
- Health-based incentives that promote well-being
- Holiday raffles and philanthropy
- “Lunch and Learn” discussions with participation rewards
For more information on finding a better way to support and reward employees, contact GO2 Partners, and let’s see how we can help reach your business goals.