In today’s competitive marketplace, employees expect more than just remuneration and benefits. They want well-balanced environments, a strong connection to the company’s values, and need to feel appreciated for their contributions. In that light, most employers establish rewards programs to underline their staff’s achievements. Of course, every business is different. No one culture encompasses all lines of work and management teams must develop tailored approaches to customize the incentives. If you’ve been tasked with implementing a recognition program, here are a few things to consider.
One-Size-Fits-All, Too Good to be True
Sure, it’s tempting to search for a pre-made, all-inclusive formula. After all, isn’t recognition a generic theme applicable to all unilaterally? Turns out, it’s not. When establishing your solution, it’s best to craft it internally. The nature, size and dynamics of your company are unique and piggy-backing on the programs of others can lead to low engagement from your staff. Maximize your efforts by creating something relevant and unique to your company’s culture.
Define What Your Employees Want
Incentives issued through a recognition program have to be worthwhile for employees; it’s the only way to ensure a successful initiative. As it turns out, over 62% of rewards used in the workplace are gift cards. Deeply engrained in modern consumer habits, these incentives are welcomed by team members of all ages and backgrounds. Behavioural economists agree that gift cards are better than unsolicited items or money. Psychologists Francesca Gino and Francis J. Flynn of Stanford University demonstrated that people are more appreciative of presents they requested than those they haven’t. Also, a paper published by Drazen Prelec and George Loewenstein at the Sloan School of Management at MIT concluded that non-cash alternatives like a gift card eliminate any negative sensation the recipient could feel when using it. An equivalent amount of money will inevitably trigger some discomfort when they choose to spend it instead of saving it. It’s safe to say that gift cards are ideal when implementing any rewards program.
Focus on Fewer Traditional Areas of Recognition
Length-of-service milestones and hitting sales targets may be traditional markers of recognition, but incorporating innovative ideas to incentivize employees can make you stand out. Take this opportunity to recompense people who champion change, optimize systems or processes, assist in client retention efforts, and are great for morale building. By shaping your program to showcase your team members’ various strengths, you will make it inclusive and motivating.
You know your employees best. By listening to their needs and celebrating their successes, you will inherently improve your bottom line: business. Contact us today to craft your custom rewards program. You won’t regret it!