Reward and Recognition Benefits
Reward and Recognition Benefits
Employee reward and recognition has a major role in a company's performance and creates a massive impact in engaging employees in the structure of the company. Companies engage in reward and recognition programmes in order to increase employee motivation and engagement, revitalising the workforce and developing the network between co-workers. Employee reward and recognition is cost-effective and is considered to be a very efficient method in bringing about strong business outcomes. There are many incentive programmes that engage companies with a multitude of services like reward solutions, managing employee incentive solutions, performance measuring tools, etc., while the initiators of the business look ahead and beyond reward programmes and concentrate on important aspects of handling the business in itself. This takes off much of the workload and helps employers to focus on building their company and keeping their employees happy and driven; thereby creating a positive atmosphere for a zealous workforce.
Here's a quick look at the features of most incentive programmes:
-
The programme offers an online catalogue from which employees may choose the merchandise they want (based on the points they have been allocated).
-
As per the company's strategic priorities, the incentive programme organises a balance score card that measures the employee’s performance as per the demands of the company. Hence, if the company wants to encourage a particular department to be high performers, the incentive programme will start analysing the employees in exactly that way and reward them accordingly.
-
Investing in incentive programmes involves goal setting – the programmes assist the company in successfully achieving these goals with realistic strategies that yield favourable outcomes.
Incentive programmes are a low cost marketing method that yields a good return on investment, gives the company brand recognition and drives sales through the roof. Employee rewards range from movie tickets, travel and accommodation vouchers, gift vouchers for spa treatments, electronics, home appliances, vouchers for grocery shopping and so forth.
Also, employees benefit from the high accessibility of their rewards and incentives as they can be redeemed from their phone or from the online website. They can also use digital gift cards at retail stores and redeem the credit that they are eligible for. Along with rewards, employers also inform employees how much they mean to the company and how their efforts are truly indispensable, providing the priceless recognition they need. The recognition aspect goes hand and hand with the reward programme and involves a yearlong marketing communication plan to engage employees and provide them with effective information and encouragement to keep them engaged and target oriented. Communications also include the rewards already achieved or redeemed by other staff members – providing motivation to their peers to achieve more themselves.
Tags: Employee Rewards, Employee Rewards Blog, Increase Performance, Internal Communications, Reward and Recognition , Staff Incentive