When properly executed, Rewards & Recognition Programs are key drivers for company moral and sales incentives.
Let’s first consider that a majority of companies do not offer any rewards or recognition programs. The fact that you are already considering to do so is already a great start. Programs can be a lot to build and launch and trying to please a wide spectrum of people of countless hours is never an easy task. Lucky for you, that’s where we come in!
Let’s dive into the basics of what it takes to launch a successful awards program. Employees respond to appreciation at work, especially when it’s expressed through recognition of their efforts because it confirms their work is valued. A simple thank you goes a long way and will not only make your employees feel good, but will actually benefit your business in the process. Here’s how:
Productivity
Staff that are engaged are more productive, efficient and proactive. If their efforts are likely to be praised and rewarded, they will likely work harder to receive recognition.
Satisfaction
Recognizing that an employee is valuable to the business sends a message that their hard work is important and can lead to increased workplace satisfaction.
Happiness
Fulfilled employee are motivated because of the positive feelings they have towards the company. This positivity often ripples across the entire business, creating a happy and enriching work environment for others as well.
Retention
High staff turnover typically leads to poor morale. The prospect of being recognized for ones efforts gives employees a tangible reason to stay.
Loyalty
Rewarding hard work generates loyalty and helps your team to feel an emotional bond with your organization.
Team culture
Rewards that incorporate peer-to-peer recommendations encourage staff to see the positive attributes in one another. Allowing colleagues to nominate one another for rewards is empowering, as it demonstrates that they value each other’s opinion.
What should your employee rewards program include?
- Peer-to-peer recognition – empower your staff to celebrate each other
- Long-service awards – celebrate milestones
- Instant recognition – visible performance metrics to reward employees immediately
- Rewards –desirable wins, so staff will work hard to achieve them
It’s also important to tailor your program to your organization, so it reflects your culture and brand. We’d love to help you engage, motivate and inspire your team. To speak to a member of our team please reach out here