Is All Fair In Love And Rewards?
Is all fair in love and rewards? We’d love to wholeheartedly say ‘yes’ and that our work here is done, but unfortunately that’s not the case. Research has revealed that just 39% of employees believe their organisation’s reward and recognition scheme is fair and that 51% believe senior managers gain more recognition than those in roles at a lower level in the company hierarchy. It’s clear that more needs to be done to ensure that reward and recognition initiatives are fairer and more transparent.
As an employer or HR professional, it’s crucial to address this imbalance, helping your employees feel seen and appreciated for the things they do. After all, everyone deserves to be recognised! So, join us as we explore employee reward schemes in more detail and the best ways to make rewards and recognition fairer for all.
Why does employee reward equality matter?
Equality and transparency in the workplace should be a given. It’s important to ensure that each member of your team feels included, appreciated and recognised for their actions and achievements. Furthermore, clear honest communication is key to driving a great company culture. By prioritising equality and transparency, you’ll not only help your people feel part of something meaningful, but you’ll also foster trust across your company. Oh, and there’s more! When you build a culture based on inclusivity and trust, you’ll benefit from lower staff turnover, higher productivity, and increased engagement. Simply put, reward equality is at the heart of business success!
What are the key components of a fair reward system?
When it comes to rewards and recognition, it’s important to understand that you and your employees might have different perceptions about what’s fair. For your team to see your reward scheme as inclusive, they need to feel that you’ve taken recognisable steps to prioritise equality. Here’s how you can demonstrate that!
By giving your team performance-based rewards, you can minimise potential bias and perceptions of inequality. When employees have clearly outlined targets, they know exactly what they need to achieve to receive a reward, leaving no room to dispute whether they’ve been excluded unfairly. Additionally, communicating clear criteria for rewards will give your team set targets to strive toward, ultimately driving motivation and productivity!
Clear and transparent criteria
Everyone works slightly differently; it’s one of the things that makes us wonderfully human. This is why implementing performance-based recognition is important in building a fair reward scheme. Each member of your team can grow and develop at a pace that works for them, without missing out on the opportunity to get recognised for hitting targets. Not only will this help cultivate a culture where people can thrive, but it’ll help align personal objectives with company objectives. When your teams have achievable goals, they’ll work harder and be more productive, knowing that their efforts will be rewarded.
Performance-based recognition
It should go without saying that every person in your team should have the chance to be recognised and rewarded for their hard work. Your employees should be eligible for your reward scheme regardless of role or seniority to ensure that it’s truly fair. By levelling the playing field, you’ll also encourage your employees to participate more and empower them to develop their skills, benefitting them and your company in the long run.
Equal opportunity
How to achieve a fair rewards system in the workplace
Receiving a reward for a job well done is always nice, but nothing beats being given something truly meaningful to mark an occasion. Whether it’s a gift card for their favourite brand or points to spend on an item of their choice, a personalised reward is more likely to resonate with an employee and encourage them to keep up the fantastic work. It also shows that you know your team members and are willing to take steps to ensure they feel personally recognised.
1. Customise rewards to suit your employees
Receiving a reward for a job well done is always nice, but nothing beats being given something truly meaningful to mark an occasion. Whether it’s a gift card for their favourite brand or points to spend on an item of their choice, a personalised reward is more likely to resonate with an employee and encourage them to keep up the fantastic work. It also shows that you know your team members and are willing to take steps to ensure they feel personally recognised.
2. Align rewards with goals
By aligning rewards to your company’s goals and clearly communicating these with your team, you’ll help focus each person and motivate them to work towards a common target. While individual targets are beneficial, having shared goals gives your employees more opportunities to get rewarded. This will make it fairer across the board and ensure your team feel appreciated for their contributions.
3. Involve employees in reward decisions
Despite being the people receiving rewards and using recognition tools, only 54% of employees state that they are never or rarely consulted on shaping reward and recognition schemes. But, getting employee feedback and suggestions is not only helpful when it comes to engaging your team, it also helps give everyone a voice. Opening the floor to let your people share their opinions is a great way to make your reward scheme more inclusive and minimise potential bias.
4. Communicate rewards transparently
If you don’t set clear targets for rewards and properly communicate them to your team, you run the risk of making things confusing. If there’s room for ambiguity and dispute over rewards being given, your scheme will likely be perceived as unfair. To avoid this, take the time to define your rewards programme and share it with your employees via a variety of channels such as verbally in one-to-ones, via email and through posts on your company intranet. The more touchpoints you use, the lower the chance your team will miss the message.
5. Regular feedback and appraisals
Regularly checking in with your team and appraising their progress is a great way to make sure they feel supported and know what they’re working toward. It gives you the opportunity to realign your employees while also allowing them to update you on any concerns they may have. This will help them feel seen and included as they have the opportunity to voice their opinions. Even better, regular appraisals reinforce reward targets and show that your company prioritises development. Both these aspects will demonstrate fair opportunities for all your team members to be rewarded for their progress.
6. Review and adjust rewards
Launching a reward and recognition scheme is only the beginning. As your team develops, it’s important to regularly review the rewards you offer and update them to ensure they remain relevant to your employees. In fact, 74% of employees say personalised rewards would make them work harder. So, here’s another reason to get feedback from your team to find out what rewards they value! With that insight, you can refresh your reward programme and give your employees the boosts that drive motivation, productivity and engagement. Plus, you’ll help make your programme more inclusive by aligning it with your employees’ needs. Win-win!
Achieve a fair reward system with Boostworks
As you can see, there are plenty of ways to make your reward programme fairer and more inclusive for your team. By encouraging employee feedback, offering personalised rewards and setting clear goals, you’ll motivate your employees to work harder as they know their input is genuinely valued. Now we understand that actioning these steps is often easier said than done! There’s a lot to consider when it comes to creating and maintaining an effective reward and recognition scheme. That’s why our reward and recognition solutions are built to be flexible and tailorable, offering powerful boosts that are easy to deliver. What’s more, our single platform and app gives people access to their rewards anytime, anywhere so they never miss an opportunity to get rewarded for their achievements.
We’re all about inclusivity and recognition, so we make it as easy as possible for you to reward your people in ways that count. Sound good? Why not get in touch today or book a demo to find out more about how we can help you give your people the appreciation they deserve!