A Comprehensive Guide to Crafting Effective Employee Rewards
One of the best ways to tackle multiple workforce challenges simultaneously is to introduce innovative, structured, and flawlessly executed employee rewards and recognition programmes.
Not only is it considered to be among the top 15 strategies to boost employee retention. but it also recognizes employees at various levels of the hierarchy. This helps save hiring costs, increase employee productivity, and drive revenues.
Keep scrolling to explore the 6 effective employee rewards programmes to get to grips with multiple workforce hurdles seamlessly.
6 Pillars Of Effective Employee Rewards Programmes
A playbook for running low-cost, high-impact employee rewards programmes:
1. Identify Key Objectives
The first step for businesses is to identify their key challenges. Based on the existing challenges, businesses need to craft new objectives and identify key metrics to ensure the measurability of goals.
Say recruitment statistics indicate that 90% of new hires leave within six months of being employed at a business. Businesses must aim to bring down this percentage. However, they need to get specific.
For such a scenario, employee rewards programmes must be structured to help motivate recruits to stay with the company for a minimum of one year. This shift helps bring down employee cost-to-company.
Say recruitment statistics indicate that 90% of new hires leave within six months of being employed at a business. Businesses must aim to bring down this percentage. However, they need to get specific.
For such a scenario, employee rewards programmes must be structured to help motivate recruits to stay with the company for a minimum of one year. This shift helps bring down employee cost-to-company.
2. Identify Types of Rewards and Recognition
Businesses can offer a mix of relevant rewards based on the profile, needs, and aspirations of employees. Here are some key categories:
- Monetary rewards include bonuses, incentives, and pay hikes, which can prove expensive to sustain.
- Non-monetary rewards, such as gift cards, physical gifts, vouchers, and vacations, can be cost-effective yet high-impact.
- Prepaid cards can be an effective tool to reward employees when they achieve unique milestones.
- Recognition through the in-house awards programmes brings healthy competition to the table.
- Internal and external recognition through online shoutouts, emails, and in-person praise
3. Reward Small and Large Milestones
Companies tend to wait until an employee has achieved a significant milestone to reward and recognize them for their efforts. This approach leaves many employees feeling unappreciated for long periods.
Ensure that the programmes reward diverse milestones from the time an employee joins the business. Rewards and recognition must be designed in a way that makes them proportional to the impact of the milestone.
24% of employees, for instance, believe that the highest form of recognition comes from the top authority, i.e., the CEO. Thus, official appreciation can be segregated based on the impact of the employee’s performance on the business footprint.
4. Design A Structured Programme And Automate
Monitoring the efforts of employees and delivering timely, relevant rewards is challenging when executed through manual interventions. This can lead to errors and omissions, and a lack of data-driven decision-making.
Businesses must leverage the power of technology to run a sustainable, fair, and high-impact programme. For example, automated gifting rewards solutions enable businesses to execute effectively and scale quickly.
Businesses must leverage the power of technology to run a sustainable, fair, and high-impact programme. For example, automated gifting rewards solutions enable businesses to execute effectively and scale quickly.
5. Build A Data-Driven Rewards Culture
A high-impact rewards and recognition programme must leverage the benefits of people analytics. A data-driven approach informs businesses of the true impact of an employee’s efforts.
It measures employee performance more effectively via multiple metrics – from leadership and individual performance to mentorship, training, and teamwork. This approach enables businesses to map rewards and recognition effectively and expedite the achievement of larger business goals.
It measures employee performance more effectively via multiple metrics – from leadership and individual performance to mentorship, training, and teamwork. This approach enables businesses to map rewards and recognition effectively and expedite the achievement of larger business goals.
6. Leverage Rewards to Promote Diversity
A growing number of companies today aim to boost diversity due to the business benefits. Rewards that drive diversity can be crafted differently for greater impact.
For instance, floating holidays, flexible schedules, remote jobs, and mentorship opportunities are some key examples. These meaningful rewards help drive diversity goals and nurture a multicultural workforce.
For instance, floating holidays, flexible schedules, remote jobs, and mentorship opportunities are some key examples. These meaningful rewards help drive diversity goals and nurture a multicultural workforce.
Wrapping Up
Structured, sustainable, high-impact employee rewards lead to considerable cost savings and acceleration of growth. Gift card solution provider like Qwikcilver offers comprehensive options to support businesses in delivering sustainable, high-impact employee rewards programs. Qwikcilver’s plug-and-play APIs and SaaS-based model make it easy for businesses to integrate and deploy programs quickly, securely, and effortlessly. From the Gold reward card program to prepaid cards, businesses can choose the right one for their needs.
If your business is looking to design and execute an effective, data-driven employee rewards and recognition programme, consider leveraging corporate rewards solutions at Qwikcilver.com.
