For any brand or a company, its employees are its backbone and strength. The only way to keep the employees for a longer period of time is to recognize and reward their efforts and hardwork. For this companies implement different strategies such as employee rewards program.
Let’s first understand what an employee rewards program is.
Decoding Employee Rewards Program
As the name itself suggests, an employee rewards program is a recognition program that a company implements in its process to recognize and reward employees for their dedication, hard work and constant efforts.
Also these are often used as employee program retention programs to ensure that an employee doesn’t leave the company abruptly. Furthermore, these programs also allow an employee to provide feedback and views on different policies of the company.
Elements for an Employee Program Success
If you are designing an employee program engagement, here are some crucial elements that you should consider including.
First and foremost, start with employee feedback. If the company takes employee feedback and implements even a few points for improvement, your employee program retention rate is already increased. This allows employees to feel valued and heard and won’t quit the company.
Secondly have a clear communication about how the performances would be monitored and how often these employee reward program would be implemented. This would keep transparency in the company and allow employees to focus better on their performance and improve the factors where they are lacking behind.
Next step, be specific about the rewards and incentives for employee performance being distributed. This would further allow the employees to set their expectations and put in more efforts to achieve the rewards that they wish to. This would allow them to perform better and give their best performance throughout the year.
Also, you need to have a clear communication about the employee program engagement. This would create an environment where all employees would feel included and valued, further allowing them to form a bond with the company.
Different Approaches of Employee Rewards Program
After discussing the basics and elements of an employee rewards program, let’s have a quick look at some of the most common approaches being implemented in companies to boost employee performance and increase retention rate as well.
- Monetary incentives
In monetary incentives there is a fixed amount of money that is being awarded to the employee as a form of reward. This money is usually given in form of bonuses, appraisal, salary raise, or travel cards. This allows the employee to feel valued and builds a sense of belonging with the company.
For this you can partner with a loyalty program provider such as RewardPort and leverage their different services to integrate the most suitable services in your strategies.
With RewardPort you can explore CineRewardz, Subscription Nation, Free Bucks, Digiflix and others for employee rewards program.
- Peer to peer appreciation
It is important for the employees to get appreciated by their peers as well. For this you can ask the employees to nominate the best suitable employee as per their preference. This way not only the management, but the employees are also appreciating the efforts of their peers which further boosts their morale.
- Non-monetary incentives
For non-monetary incentives you can give your employees different rewards such as trips, dinner with family, extra days off. This way you are not only rewarding your employees but also providing them an experience that they can associate with the company in future.
- Social recognition
In the digital world it is essential to offer your employees recognition on the digital platform as well. This way your employees will feel motivated to give their best performance in the future. Also, this will allow your employees to share their experiences on the digital platform, offering visibility to the employees and the brand as well.
- Creative awards
Get creative and reward your employees with creative and personalized gifts by offering them different titles such as ‘problem solver’, and ‘creative thinker’. These can be implemented if you have regular employee appreciation activities. Further for personalized gifts you can reward your employees with different things such as planners, bags, and shirts personalized for the employees. This way you are allowing the employees to associate the company with those objects and associate themselves more with the company and generate a sense of belonging.
Now that we have discussed the most popular employee rewards program, let’s have a quick look at the possible benefits of integrating such activities into the company strategies.
Benefits of Employee Program Growth Opportunities
Some of the major benefits observed are as follows:
- Increased employee retention rate
- Employee loyalty
- Better working conditions and environment
- Employee performance enhanced
- More growth opportunities for employees
- Increased employee engagement
- Better team communication
The above-mentioned benefits allow a company and its employees to grow together and work in better conditions for maximum output and enhanced performance.
Employee Program Engagement with RewardPort
We have established the importance of integrating an employee rewards program in a company. Also, we have talked about the most common approaches of employee engagement program that companies employ for enhancing retention rates and boosting employee performance as well.
Furthermore, for doing all this you need a right partner that can help you achieve all this without any hassle. RewardPort is one of the leading loyalty program providers in India that can offer you such services to be integrated in your company.
Here at RewardPort you can explore different services such as CineRewardz, Digilfix, Freebucks, Sweepstakes, and others. These services are designed to offer your company loyalty programs that can be customized as per your needs as well.
Additionally, these can be integrated hassle-free and you can further keep a track of all the activities for better analysis. For more information get in touch with the expert team here at RewardPort and pick your employee rewards program today.
Frequently Asked Questions: -
In order to design an effective employee rewards program, define your goals, get employee feedback, decide for the recognition criteria, specify the rewards, have a clear communication with the employees and run a trial for the rewards program.
Most commonly, travel & trip cards, gift cards, personalized gifts, monetary rewards and social recognition are included in the employee rewards program.
Evaluate the business and cultural goals, define employee personalities, create proper communication, create excitement among employees. These are some of the best practices for implementing an employee rewards program.