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4 Ideas For Employee Recognition Rewards

4 Ideas For Employee Recognition Rewards

Employee recognition is a crucial, yet often overlooked aspect to overall employee satisfaction. According to HR Technologist, a study conducted by Achievers showed that over 50% of surveys indicated wanting to leave due to a lack of recognition. Individuals should be recognized for their outstanding work and rewarded with gratitude whenever possible. The recognition should never have to wait for a specific day or event. The smallest amount of appreciation can go a long way. Making employee appreciation a top priority will boost morale and increase efficiency.

When employees know that their work is valued, they will want to perform at a higher level. The work they complete will not only be timely, but of high quality. When an organization fails at creating an appreciation culture they can expect to experience more turnover, lost productivity and tense work environments. This proves the importance of designing and implementing an employee recognition reward system. How do you do this?

Create a Culture of Recognition

Successful employee recognition involves the participation and engagement of the employees, so when implementing new rewards programs and offerings, make sure you have a pulse on what they would like. Not every employee wants a bottle of wine or a coupon but rather some time off or even just shout outs for accomplishments. Employee recognition is not an out-of-the-box solution; it should be tailored to what benefits your employees value the most. Personalization is key. Every individual in an organization is very different, therefore, going out of your way to find something meaningful for a successful employee will drive others to also want to become successful.

Done right, a work culture that recognizes employees can become autonomous, with employees encouraging the best out of each other and recognizing each other’s efforts. In order to make this culture possible there must be praise and respect throughout the workplace.

Read, ‘9 Tips to Increase Employee Engagement.’

Implementing a Rewards System

You can leverage digital employee recognition platforms such as Bonusly. These platforms utilize point systems and integrations with communications platforms to make it easy for managers and fellow employees to give out kudos. Not only does this allow for an organization of rewarding, but it creates a platform for these moments of recognition to be seen company-wide. A little friendly competition between employees will help drive companies towards their goals.

  1. Bonus

While this will be dependent on financials, it simply must be addressed as the first reward that comes to mind. A quality bonus program can motivate employees to raise their performance levels across the board. There are two types of bonuses, cash or non-cash. A cash bonus is simply a sum of cash awarded to an employee for superior performance. A non-cash bonus could be an experience that drives employees to become better. This could include items such as tickets to a ball game to a paid trip to Hawaii.

  1. Extra PTO

Make sure to set clear boundaries and regulations on rewards like this. Perhaps only offer half days or a work-from-home day if appropriate for your company/industry. Flexibility continues to be a hugely important commodity for employee attraction and retention. Extra PTO is a very popular form of recognition rewards due to the fact that employees enjoy it so much. Extra PTO shows employees that their hard work translated into time away while still being paid.

  1. Merchandise & Prizes

Even small prizes can go a long way in making your employees feel seen and wanted. Make sure to listen to employees and offer prizes that are actually desired. Some examples include the boss’ parking spot, coupons, wine or company merchandise.

  1. Events

Some moments of recognition call for a party or special event. These can be especially appropriate for teams or the completion of successful projects and create an even larger platform and atmosphere for praise. At these events, you can take the appreciation to a whole other level if executives attend. When people who run the company take time out of their schedule to attend the event it shows they do care.

The Takeaway

A strong company culture is mutually beneficial for both the company and the employees. Establishing and fostering company culture is also an important aspect in improving the overall health and productivity of employees.

Check out our HR blog series for more workplace tips or contact your local Society agent to discuss business insurance options.

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