Employee Reward Programmes: Setting Up For Success
An employee reward programme is no longer a ‘nice to have’ or something you just tick off a list as a business – it’s an essential. Not only does a successful staff rewards programme benefit your employees’ wellbeing, but it also drives employee engagement, motivation, and overall business performance.
In fact, more than 80% of employees say that recognition improves their engagement and companies with a highly engaged workforce are 21% more profitable. Despite this, only 42% of employees say they receive regular recognition from their CEOs. It’s clearly time for change!
In this article, we’re going to explore everything you need to know about launching a successful employee reward and recognition programme. Keep reading to find out how to create your programme. Armed with these insights, you’ll be boosting your people and your company in no time!
Successfully implementing and managing a company reward programme can be tricky as there are many factors to consider. That’s why it’s important to understand and recognise the following key components for success and keep them in mind as you develop your reward programme.
CLEARLY DEFINED OBJECTIVES
Setting specific objectives for your reward and recognition strategy will help ensure employees understand what they’re working towards and that they’ll be rewarded for behaviours and actions that are aligned with your company’s values. For example, rewards could be tied to performance-based metrics or for displaying great teamwork. Whatever you decide, clear goals demonstrate a fair and consistent approach that provides equal opportunities for employees to get rewarded.
What makes an employee reward programme successful?
RELEVANT REWARDS
To incentivise your employees, you need to deliver rewards that are desirable and meaningful. Otherwise, you won’t see an increase in engagement and engagement – two key aspects of a successful staff rewards programme. Hit the nail on the head by reaching out to your people and finding out what rewards they want to be offered.
REWARDS THAT ENCOURAGE APPRECIATION
Your reward and recognition scheme should be designed to ensure each member of your team feels seen, valued and appreciated. With a combination of hand-picked rewards, recognition tools and benefits, you can build a thriving company culture that boosts employee morale, and ultimately, business performance.
4 steps for creating an employee rewards programme
With careful planning and consideration, you can lift your reward and recognition strategy off the page and start boosting your employees. Here are the key steps to creating and implementing a successful rewards programme for employees:
1. Create your programme:
Set the foundations for your reward programme by ensuring you’ve clearly outlined the objectives and aligned them with your business’ goals. Take time to consider the needs of your employees and your company culture so you can tailor your reward and recognition offering.
2. Communicate internally:
Once your reward and recognition scheme is up and running, make sure you send comms to your employees to introduce the platform and tools and provide key information such as how to access the platform, tips for using it and how to get support for queries and issues. You can then focus on driving engagement with further comms, training and campaigns.
3. Promote and publicise your rewards:
A successful employee reward programme requires you to consistently promote your offering to your people – it’s not a one-time kind of event! Keep your reward and recognition scheme front of mind by regularly sharing useful and interesting comms with your employees.
4. Encourage feedback, monitor, and evaluate:
Encourage your people to consistently share feedback so you can determine how successful your company reward programme is and use the insights to make updates and improvements.
CREATING THE PERFECT EMPLOYEE REWARD PROGRAMME
As you can see, there’s a lot to consider when it comes to implementing an employee reward programme and it can be quite daunting. To get your strategy right and enjoy the benefits we mentioned earlier, you need to tailor your rewards to your employees.
That’s where we can help! With over 22 years of experience under our belt, we’ve got the expertise and the solutions that will empower you to build a truly meaningful reward strategy. From points-based rewards to powerful discounts, we provide a huge range of tools that can be tailored to suit the needs of your people. So, what are you waiting for? Book a demo today and let’s chat about how we can collaborate to deliver the ultimate reward and recognition scheme for your company.
