What Should You Look for in a Rewards Catalog?
Today, employee benefits play an important role in motivating workforces to achieve their optimal best. Rewards programs can be an effective tool in this journey. Timely, meaningfully curated rewards enable companies to demonstrate appreciation for their employees.
The rewards catalog, in particular, plays an important role in the success of rewards programs. In turn, the program helps reduce attrition, boost productivity, and drive revenues. We outline four pillars of an effective rewards catalog.
Top 4 Features of a Superior Rewards Catalog
Here’s a snapshot of four elements of a rewards catalog for a successful employee rewards program.
1. Choice of Rewards
A superior rewards program comprises a meaningfully curated mix of consumer categories and branded experiences. Participants can choose from a wide range of categories, such as vacations, beauty and personal care products, fashion, food and beverages, food courts, jewelry, large-format stores, retail formats, health care, and travel.
This is a great opportunity for employees to enjoy products and services from their favorite brands. Businesses can select the mix based on the profile of their workforce, taking into consideration aspects such as lifestyles, income, age, and gender.
This is a great opportunity for employees to enjoy products and services from their favorite brands. Businesses can select the mix based on the profile of their workforce, taking into consideration aspects such as lifestyles, income, age, and gender.
2. Flexibility of Rewards Points and Denominations
A rewards program aims to motivate employees to stay competitive and deliver their best work performance. To achieve these outcomes, such programs must nudge employees to rise to new market challenges. Hence, employees must receive awards in proportion to the work milestones they achieve.
Companies must be flexible enough to map the rewards catalog according to an employee’s Key Performance Indicators (KPIs), goals, and growth trajectory. The entire process needs to be automated to ensure sustainability and scalability.
Companies must be flexible enough to map the rewards catalog according to an employee’s Key Performance Indicators (KPIs), goals, and growth trajectory. The entire process needs to be automated to ensure sustainability and scalability.
3. Easy Redemption Process
Another ingredient of success for any rewards program is that employees must be able to redeem rewards seamlessly. The rewards catalog must be accessible to employees so that they can leverage rewards swiftly.
The entire rewards redemption workflow must be designed for ease of use. Another key aspect is to ensure that employees can redeem rewards securely without any risk of data compromise.
The entire rewards redemption workflow must be designed for ease of use. Another key aspect is to ensure that employees can redeem rewards securely without any risk of data compromise.
4. Easy Accessibility
Last but not least, employees must be able to use the rewards easily at their channel of choice through a mobile app or a desktop-friendly process. Key channels include social media, online and offline stores, and other types of establishments.
Adding gamification elements such as challenges and leaderboards can also make the entire rewards and redemption process more engaging. The design can help nurture healthy competition among employees.
Adding gamification elements such as challenges and leaderboards can also make the entire rewards and redemption process more engaging. The design can help nurture healthy competition among employees.
The Conclusion
The rewards catalog plays an important role in the success of an employee rewards program. A successful catalog comprises four features: ease of access, secure and seamless redemption, a curated mix of consumer categories and brands, and rewards offered in proportion to achievements.
Qwikcilver by Pine Lab‘s end-to-end rewards solutions enable businesses to automate the entire process of designing and executing a superior rewards program. Employers can customize the rewards catalog based on the needs and profiles of their workforce. Employees can enjoy branded experiences across multiple consumer categories.
Businesses can run the program from a single unified interface that empowers them to track employee engagement and measure the results. Today, Qwikcilver’s rewards solutions are leveraged by leaders in their domains – from hospitality, airlines, and retail to e-commerce, IT, banking, and financial services.
