Business development is surely a process led by innovative strategies and marketing schemes. However, one must not forget that it is primarily accelerated by the enthusiasm of employees. Unless and until your employees aren’t engaged, you will perform poorly as an organization. That is why this blog will talk about the benefits of employee reward and recognition program are one of the best ways to increase employee engagement.
The intensified network of employees is the developer, executors and active agents of every business work as efficient representatives of the company. The sole standard of judgment of their hard work is company productivity.
Soaring charts of business profits, widening the base of clients and increasing public attention are the indicators of increased enthusiasm of employees towards their company though it remains a persistent challenge for companies to keep up the spirited work of its staff. If you want to grow as an organization, focus on employee benefits and employee experience.
Employee rewards and recognition are one of the best ways through which businesses accord and promote the enthusiasm of their workforce by promoting the best employee benefits and employee experiences. Handing out vouchers to exclusive services, coupons for personal care, holiday packages, corporate tour opportunities etc. are all means for businesses to rejuvenate their staff’s morale. Yet, designing an employee reward system is not as easy as it sounds.
Staff interests, motivations, and inclinations need to be identified the priory while setting up a reward scheme that benefits both the company and its employees. The kind of employee benefits they will get, the employee experience they will have.
Xoxoday’s reward programs for employees are specially carved schemes that follow the self-same guidelines while chalking innovative business-centric strategies. Despite the individual differences that characterize every company’s employee reward system, the following list of benefits are equally achieved by every business undertaking such schemes.
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Benefits of Employee Rewards and Recognition
1. Promotes Employees to Give Their Best
Expectantly, rewarding employees for their exceptional hard work and overall contribution to the development of the company encourages them to toil harder. If not in expectation for receiving more appreciation, employees begin to devote themselves in fulfilling the obligation extended by the company for the latter’s well-being.
Naturally, their efforts can be seen in the form of voluntary overtime for work, added motivation to complete projects prior and increased loyalty towards the company. As is most beneficial for all businesses, employee rewards prove to bring more profits at the cost of a small investment. Though, such credits are only reflected over a period of time.
2. Ensures Long-Term Employment Gains
Opportunities knock one’s door once but not twice!
And the same principle applies to business. Profitable projects are often restricted by time but delimited in terms of the capital benefits that they can reap. But, one cannot make the most of such occasional opportunities without a strong workforce. Increasing and decreasing performance pressure become the obvious results of such business deals - in such circumstances, unforeseen loss of personnel due to poor recruitment drives and retention.
Employee rewards are one of the best means to prevent losing valuable employees and prospective trainees. In addition, strategic and staff-centric reward programmes can also stand out one’s business propositions from other competitors who need talented individuals.
3. Intensifies Interdepartmental Interactions at the Workplace
Easy coordination between different departmental bodies working in a workplace is very crucial. Without the same, it is very difficult to present a healthy business image as well as execute successful marketing plans. More often than not, employee rewards and recognition are focused on individuals, for they highlight the extraordinary achievements of certain staff members.
However, if they are recompensed on a group or departmental basis, they can be instrumental in smoothening the relations of employees with each other. In this regard, holiday packages and tours/travels make for the best choice.
They allow employees to interact in different environments and create friendly relations. For such instances, Xoxoday’s employee reward programs hold specific expertise since they are designed with an eye for equipping corporate packages with fun-filled experiences and healthy individual development.
4. Increase Job Satisfaction of Staff
Today, vocation and professional work are more than mere earning opportunities for individuals. When talent becomes the currency of a successful career, companies have to devise new ways to ensure that young talent is not compromised by inadequate working conditions and motivation.
Employee rewards are one of the ways through which companies can secure the interest of their best employees in the company’s business while extending a hand in improving their experience at the job. Feeling emotional, if not ethnically connected with the company, can go a long way in establishing a trustful, empathetic and satisfied employee force.
5. Establish Open Work Culture
As mentioned before, communication is the key to a successful business. Communication between customers and employees, employees and employees, besides employees and supervisors, forms the complete network of information transfer. While the foremost of these channels can be secured through loyalty programs, the latter can only be executed successfully when work culture is inviting opinions.
Employee rewards are one such means to appreciate the beneficial interactions between staff and management. They help the company in posting an expected productivity scale for employees. Acting as incentives to perform better, they also reduce the amount of stress that staff bears while climbing up the ladder of individual achievements.
The palpable benefits of a reward system focusing on employees can be further increased in number by adding more features to the program. At Xoxoday, employee reward systems are crafted with due consideration of the desired outcomes and focused receivers of the program.
Their case-specific nature makes them increasingly divergent. Hence, there is no saying that the above list stands as a be all and end all to the advantages that one may receive from reward systems. Company’s investment is the only limit to forming the most appropriate and satisfactory employee reward scheme.
Yet, it is necessary for every employee rewards program to attain a certain level of effectiveness and produce desirable outcomes. Businesses look forward to energizing their staff productivity with incentives that do not dissolve considerable company assets. It is hence, that some particular features are recurrently observed in many program solutions.
Components of Employee Reward Programs
1. Making Ends Meet in One Hamper
As per the Globoforce Employee Recognition Survey 2016, it was found that over 60% of proliferating businesses had chosen to structure their reward program as per the company values. And, as projected, the reception of such focused programs was incredibly high. There are a number of reports like the one published Globoforce that highlight the opportunities for innovation characterizing employee rewards systems.
Aligning the criteria for accreditation to the company’s core values (like dedication to client services, creative thought, outstanding social impact etc) allows businesses to direct the efforts of their staff towards the interests of the company. Thereby ensuring that while the former work for achieving personal goals, they also help in fulfilling business expectations.
Furthermore, by appreciating employees for their contribution to upholding the core values, companies also posit them as ambassadors for their cause. While sharing their rewards in social circles, employees act as representatives of the company on diverse platforms. This, in turn, increases the popularity, customer base and outreach of businesses in the competitive market.
2. Individualising Reward Accreditation
Rewarding the hard work of staff members is basically an endeavor of companies to increase the overall productivity of the company, by strengthening the contribution of every individual worker. This is why they are increasingly individualized from the rest of the staff programs started by the company. But that’s not all.
Employee rewards also set a distinction between individuals or his/her department from the rest of the workforce. As the positive behavioral, professional and ethical characteristics of a person are highlighted, s/he participates in setting new standards of professionalism at the workplace. Thus, for every reward handed out personally, there is an entailing motivation for other employees to outperform their limitations.
3. Focussing on Staff Characteristics for Identifying Reward Type
Workplaces are populated by individuals with many different types of thought processes. From senior to junior-most and even trainees – every employee at a firm is a completely unique personality with different concerns. It is common to find certain groups of employees appreciating income bonuses as rewards, while the opposite others striving to secure a family vacation to foreign lands.
There might even be others who prefer wellness programs as better alternatives to a seemingly transient bonus or trip. So, with the increasing age of the workers, their priorities and interests may shift significantly.
Hence, companies must analyze the proportions of their employees that lie in Generation Z, Millennials and Generation X Categories for sketching out a basic list of rewards that can be awarded. It must be noted that strategizing a reward system for employees by only considering the needs of the majority staff group(s) can be more regressive than a beneficiary.
4. Developing a Thorough Rewarding Plan
As can be observed, the highest peak of all human emotions is set by his/her ambition. The natural tendency of individuals to succeed in life and keep climbing the social ladder hone their skills in the professional field as well.
Reward programs for employees come as an appreciation of the individual talents and feats of employees. And, hence, they often become the promoting factors that motivate laid-back employees into action. But, all the gains of a reward system can be instantaneously lost if they are inconsequentially distributed.
So, it is advisable for companies to develop detailed and long-term employee rewards systems that can set new goals of achievements with every passing milestone. Needless to say, the increasing value of rewards would be an inseparable aspect of extended reward plans. Therefore, companies need to take into account all the capital investment and commitment that would be needed in upholding them.
5. Instant Appreciation of Milestone Achievement
In business transactions, time is the sole factor that determines all loss and profit. And it would not be wrong if the same understanding is extended to employee rewards as well. An appreciation received at a later date than when it is useful prompts more frustration than satisfaction in employees.
For instance, the award of a corporate trip credited during the busiest months of the year, when employees are obliged to be present at the office, remains as an uninspiring memory for staff members.
So, companies must initiate reward programs that instinctively distribute set out “tokens of appreciation” every time an employee outruns a professional milestone. Such automated systems must be equipped with the statistical data of all the employees.
It is only then, that it can keep a track of their achievements and individual productivity. Xoxoday’s interactive reward system designs exemplify some of the best strategies that ensure a well-deserved appreciation for employees’ hard work.
Employee rewards have become a popular respite for businesses for promoting their staff interests.
With the individual’s attention shifting from leisure to health, companies have started rolling out reward schemes where employees can earn subscriptions to popular wellness clubs. Superseding the most common favorites, like shopping vouchers etc., wellness club membership is yet to find its place amongst the most successful reward strategies.
Nonetheless, if not for the type of award handed out by companies, one can be sure that businesses have made the most of employee reward schemes. With more new ways to procure talent and understanding their professional expectations, companies have found better solutions to increase job satisfaction.
Since it all begins with a smile, businesses are striving hard to make sure that the self-same employee “smile” stays till the end of his tenure.
In the competitive economic market, trying to retain talented employees with cheaper and poorer reward systems can barely produce the desired results.
Hence at Xoxoday, employee reward and recognition programs are chiseled to perfection using high intellectual tools. The specific factors separating two businesses from each other are particularly noted down to account for the loopholes that may arise in a pre-set reward system design.
Naturally, chalking an influential reward program for employees becomes an exhaustive task – both for the thinking heads as well as company committees. But the observable benefits of the toil are worth every moment spent. The healthy work environment and charged employee enthusiasm are a sight for sore eyes, for they promise exceptional productivity with stress less work culture.
Build a culture of employee rewarding and recognition with Xoxoday Empuls. Automate rewards and incentives delivery by connecting your applications with Plum RaaS APIs. Want to know more? Book a demo or start a free trial.