Get involved, get personal, go digital: 3 ways a platform can improve your approach to reward
In order for an employee to feel truly valued it is important to recognise their personal contribution to a business. Often this takes the form of an end of year bonus added to their pay cheque, an occasional thank you for a job well done, or more regular rewards given by line managers and co-workers. More regular reward and recognition can be far more effective when it comes to motivating employees than an annual acknowledgement and a more inspired workforce creates a virtuous circle, leading to increased employee retention, morale, enhanced productivity, and increased customer satisfaction, improving bottom line results.
There are three ways a platform can improve your approach to reward – by getting everyone involved, getting personal and going digital.
Getting Everyone Involved
When it comes to reward and recognition, involving all staff rather than just managers can encourage greater usage and adoption. Encouraging a culture where it becomes commonplace to publicly say thank you for help, well done and congratulations for a successful project, helps raise everyone up and gets all employees involved in both the giving and receiving of recognition.
Getting Personal
However, there is such variety in today’s workforce that it is near impossible to find a reward type that works universally for all staff. That’s where technology can help, with online or app-based reward and recognition it is possible for employers to craft a scheme that offers the flexibility to provide different rewards that suit the personal tastes of each individual team member, creating a rewards programme that allows for each of our individualities. Using a points-based system that translates peer to peer rewards into a monetary value, allowing employees to save their reward points for the exact item that they desire.
Going Digital
App based reward and recognition platforms allow for the use of push notifications, sent from HR to certain users or sections of the workforce, perfect for a quick thank you for a job well done. These platforms can also be used for a dedicated reward and recognition service, ranging from simple e-cards to physical or monetary rewards.
If gift cards or vouchers are your reward of choice it is important to track and understand your breakage. Breakage is the revenue gained by the retailers through unredeemed gift cards or rewards. Many employers monitor the amount of rewards that they gift to employees but are unable to track how much is actually redeemed. The personal gift rewarding a job well done may only be benefitting the retailers profit margin. According to the UK Gift Card & Voucher Association around £6 million is lost on vouchers each week in the UK. Using a reward platform that includes eVoucher rewards allows you to track usage and spend, allows employers to remind staff to spend their awards before they expire and, as an added bonus, returns any unspent award to the employer float.
Increasing the engagement levels of employees is always good for business. But it’s also important to ensure that the chosen scheme is a good fit for the business and presents a manageable ROI. However, it is important to remember that the benefits of a reward and recognition programme is not a direct monetary value. As well as savings in breakage, savings are seen in an increase in retention rates, staff motivation, staff happiness and employee satisfaction. For more information on how to measure the ROI of a reward and recognition programme, check out this handy infographic.
This article is provided by Personal Group.
Supplied by REBA Associate Member, Personal Group
Personal Group provides the latest employee benefits and wellbeing products.
