The biggest support or the backbone of a successful company is its employees. For a company it is essential to reward their employees and recognize their efforts in the company’s success as well. Hence, integrating employee rewards programs is one of the best ways to achieve this.
Now, depending on different companies and their cultures, these employee performance program can vary. However, here in this blog we will be helping you to understand the basic nature of creating a successful employee rewards programs.
Decoding the Employee Recognition
Essentially, an employee recognition or employee rewards programs is the process or system that allows a company to recognize the efforts and achievements of its employees, while also rewarding them for their work.
For recognition programs, organizations often leverage their internal platforms with the intent of boosting the employee morale and motivating them for better performance throughout the year. This also allows the organizations to identify the best talents which are further retained, motivated, and appreciated.
It’s not that all brands cannot integrate a successful employee task reward program, what they lack is the knowledge and the resources to do so. Hence, it is advisable to integrate the right partner such as RewardPort which can offer you better employee rewards programs.
Why Integrate this Approach?
Defining the basics, now we move on to provide you with the details as to why these programs are beneficial for a company and for their employees as well. Here are some of the most common benefits that come along with it.
- Employee retention
If your employees feel their efforts are being recognized and rewarded, it encourages them to stay or work for a longer period of time with the company. Developing a culture of rewarding and recognition will help in employee retention rate which further enables them to have a sense of belonging within the organization.
- Increased employee engagement
Regularly conducting employee engagement activities and employee task reward program will allow the employees to have better engagement in all the activities and tasks. This further promotes better communication within the organization and the employees.
- Better communication
These rewards and recognition programs would offer the employees a platform to speak up about their mindset. This would further encourage employees to get involved in conversation with the management and have an open conversation. This allows the employees to keep forward their issues and queries and the management an opportunity to solve their queries and further improve the work performance along with culture.
- Enhanced performance
Since the employees are recognized and rewarded for their efforts it will further push them to perform even better. For this employee performance coupon program are integrated such as effective sweepstakes promotion for offering rewards to employees.
Elements of Employee Rewards Program
Moving on, let’s have a look at the key elements that you need to consider while creating your employee performance program.
- Parameters for performance evaluation
Identify certain specific parameters for performance evaluation for different teams. This is necessary as the parameters that you use for the sales team are not relevant for the marketing team, hence each team needs different parameters.
- Employee task reward program fair
Consider all the employees and all teams in the performance evaluation process to make it fair for all. Don’t involve any factors that might make the process biased in favor of any particular team or employee.
- Include certain surprise elements
If you open up all the elements of the employee rewards program, you are taking the thrill out of it. Hence, keep an element of surprise, be it the rewards or the evaluation process. This will further push the employees to be more excited about the program and would work even better to achieve the recognition.
- Regular performance valuation and recognition programs
These employee task reward program should be conducted on a regular basis as this would keep the employees motivated and their morale high. Further enabling the employees to perform better and achieve their goals.
- Open communication space
Include an open communication space where the employees can offer feedback and talk about their queries, experiences which the management can work upon. This would make the employees feel heard and appreciated by the management.
Rewards and Recognition
For a successful employee performance program, here are some rewards and recognition ideas that you can integrate into your company. Additionally, another important factor to consider here is that you involve the right partner that can help you implement this process such as RewardPort. With RewardPort effective Sweepstakes promotion you can offer various rewards to your employees.
- Monetary rewards
Either you can offer additional incentives as a part of your employee task reward program or you can provide incentives along with the regular payouts.
- Social recognition
Leverage the social channels and offer your best performing employees a social reward by recognizing them on social media. This would help them get more motivation and urge to perform better in future as well.
- Gift cards
You can offer your employees gift cards. Creating successful sweepstakes with RewardPort for an effective rewards and recognition process would further enable you in this process.
- Personalized gifts and hampers
Depending on the best employees’ you can give them a personalized gift which has more effect as compared to any other gifts. This provides them a sense of personal belonging with the company and hence more connection.
- Trip or travel vouchers
Lastly, you can offer your employees travel vouchers with effecting Sweepstakes promotion. This would help your employees to take time off and relax a bit after the hard work they are putting in for the company.
Loyalty program companies such as RewardPort offer companies a chance to integrate an effective sweepstakes program in their employee rewards program and motivate their employees for better performance.
Offering employee performance coupon program would further enhance the employee performance throughout and a motivation for them to work better in the future to get the rewards and recognition as well.
Danone is wholly dedicated to achieving health through food and with a mission to benefit people every age, in every social and cultural environment and in every part of the world – as many people as possible. Danone has a strong focus on efforts solely healthy businesses – such as fresh dairy products, waters, early life nutirition and advanced medical nutrition – and it goes way beyond selling food and beverages to actively encourage healthier eating and drinking habits, giving people an essential role in their own and their family’s health capital, in over 130 countries.
Danone wanted to increase its sales and incentivise wholesalers for the incremental sales done / target achieved for their product ProtienX.
RewardPort created a slab based program for the wholesalers, where in every wholesaler had to select a slab as per target sales that they wanted to achieve. Each slab has its own specially curated gift catalog which can be redeemed at the end of the program.
1. Over-achieved the over all sales target by 35%.
2. Higher motivation among the wholesalers to cross the chosen target and reach the higher slab than selected.
3. Great insights of the buying pattern of individual wholesalers in each city, across the country.