Rewards Vs Recognition
Real rewards with direct financial value are certainly important to employees; However,employee recognition rewards programs money alone cannot make it unforgettable for them. Intangible rewards, such as well-deserved recognition from a colleague or boss, create memorable moments for employees and make them more important than cash prizes.
According to a McKinsey study entitled “Getting Beyond Money,” praise and praise from managers was ranked by a majority of 67% of employees as the top motivator for performance, beating other financial incentives. It is really at the discretion of the organization whether or not they wish to combine monetary benefits with their rewards and recognition program. The level of investment made is insignificant compared to the tangible and intangible benefits achieved, making it a high ROI initiative.
Amazing Stats On Employee Rewards and Recognition Program
• Over 3 million employees according to Watson-Wyatt study quoted in Forbes magazine. “Companies that employ effective employee recognition programs enjoy a three-year average return to shareholders of 109% versus 52% returns for companies that don’t.”
• According to Gallup, 65 percent of employees surveyed said they had not received any recognition for their work in the past 12 months. In the same report, 89 percent of employers believe that most workers are leaving their companies to make more money. However, most workers who left their jobs cited the lack of recognition from employees as a major problem.
Rewards And Recognition Ideas
There are many small and simple ways to show your employees that the company knows them and cares.
Sending birthday wishes via email/confirmation platforms is hygienic and does not work. Businesses need to go the extra mile to make employees feel special on their day. Employee Rewards and Recognition Program Give floating gifts, send cookies/pastries/cakes, organize a team party or send flowers to their place of residence. The recognition can also be extended to special days such as wedding anniversaries, work anniversaries, etc.
Peer To Peer Appreciation
Foster healthy peer relationships in the workplace by creating space for peer appreciation. Peer support makes it easier for employees to value positive contributions/behaviour examples, demonstrations of company values and desired behavior. Work Possibility enables peer-to-peer recognition through badges aligned with company values, behaviors and competencies. You can introduce gamification by progressing towards specific titles such as Value Champion, Trailblazers, True Citizen, or sponsorship for a specific club, etc. This can be accomplished by conducting polls and rewarding employees with maximum votes.
Monthly Newsletter With Employee Success Stories
Employee success stories can be added to the company’s monthly newsletter. Businesses can also create newsletters aimed at internal business stakeholders and only publish those success stories.
Give Shout Out
The HR team or manager should make a congratulatory announcement for the achievers. Announcements can be made in the staff room where they sit to boost morale among colleagues. It has an element of surprise and makes the employee/team happy and grateful for the organization.
Invite the employee’s family to the annual R&R and make sure the performer’s family is there to celebrate the event.
The best players can be given a hat/badge/bracelet to wear all day. High performers are having a proud moment and other employees will want to wear the hat in the coming month.
Introduce Top Brass to Employee Rewards and Recognition Program
Introduce the top performers to the company’s top brass. Schedule a session with the CEO, President or board member where they can discuss current performance, employee motivation and employee growth paths.
Handwritten award notes always boost employee morale. The impact of a handwritten “thank you” is incomparable. So don’t fail to reward your worthy employees with written records.
Technology helps you recognize your employees beyond internal recognition. Inform your customers (internal and external) about the achievements of your employees by using technology in creative ways:
Create A Virtual Wall Of Fame
The Virtual Wall of Fame increases the value of social recognition through automatically awarded awards and recipients. With PossibleWorks, employees can contribute to an instant recognition feed and create a track record of every accomplishment. Social participation is encouraged with real-time comment/like options. We also offer options to integrate with existing enterprise social networks such as [email protected], yammer, slack.
Short Film/Employee Interview
Make a short film about an employee’s accomplishments, because most people like to see themselves on screen. This can be a short interview with an employee and can be conducted on the screen in the office, published on the company’s employee portal or distributed within the company by e-mail.
Add The Best Performance To The Company Website
The common practice is to have an executive team on the site. Sections can be added to the website that reward high performers and show off their achievements. Being seen by external clients/site visitors and being accepted into the leadership team can be a powerful motivator.
Employee bonuses, unlike recognition, have a monetary value. Reward programs need to be carefully designed by the HR team to ensure employees are motivated. At the same time, it does not affect the profit of the company. When designing a rewards program, it is important to consider what players are being rewarded for, e.g. B. Employees/teams who negotiate and break large contracts or bring new customers to the company must be highly rewarded compared to employees/teams with 100% attendance.
The following is a list of rewards programs targeting individual and team performance:
Custom Made Gifts
Many organizations use standardized rewards to reward employees. To ensure higher motivation, rewards need to be tailored and attractive to specific employees. The HR team needs to capture each employee’s hobbies in their CRM and reward high performers accordingly. Examples are gifting football boots to a football fan or gifting a camera holder to a vlogger.
Monetary incentives have been shown to increase employee engagement: a study by the Incentive Research Foundation found that properly designed incentive programs can increase performance by up to 44%. If an employee helped increase the organization’s income or save on expenses, then part of the benefits must be distributed among employees. Incentive programs must be designed to make employees feel motivated to achieve more and drive the company’s goals forward.
Awards should be creative so that they leave a lasting impression on players and motivate them to achieve more. Some examples of creative rewards are caricatures of employees showing their mood and accomplishments, upgrades to their office chairs, prime office parking for the month.
Learning and Development Awards
Sending employees to seminars, conferences, leadership programs, career development programs, the opportunity for employees to choose online courses contributes to their learning and development and acts as a great motivator. This motivates employees to take on a larger role in the organization.
A stay is a period of time during which an individual or family stays at home and participates in recreational activities that are within a day’s travel of their home, and does not necessarily require an overnight stay. Sponsored and quality day trips act as a powerful motivator for employees.
Tickets For Events
Present your employees with tickets to events of their choice and let them choose between sports, films, drama, music events or seminars.
Arrange A Lunch For The Best Artist
Lunch parties are a great way to foster team bonding and reward high-performing employees. They can also order snacks from their favorite restaurants and have them delivered to the employee’s desk with a small token of appreciation.
Rewards need to be personal and lasting. Some of the personalized gifts could be an iPad/phone case with a name engraved, a coffee mug with a message, a pen holder, a photo frame with a message, or a poster to put on the table.
There are many companies that offer corporate gift cards, employees can earn money in e-commerce and even in brick-and-mortar stores to purchase items based on their current needs.
Gone are the days when rewards and recognition were seen as part of an organization’s people strategy and should be part of corporate culture. Today, it has emerged as a key tool enabling global organizations to increase engagement, boost motivation, improve performance and drive organizational culture.
Now that you’re looking to build a strong rewards and recognition system, we encourage you to read the following to avoid common pitfalls when designing R&R programs and the benefits of using technology to promote programs.