Employee rewards program are systems set up to reward the employees for outstanding contributions to the organization as well as motivating other employees to perform better. These programs help in keeping the staff encourage new talent motivated to work for thecompany Rewards are awarded in considerations to the ranks and grow which an employee belongs
What are the benefits of rewarding?
These employee rewards program are constantly gaining popularity and have multiple benefits. A few of them are discussed as-
- Driving forces- Regular rewarding and recognition drives employees to engage better with their leaders and heads. This helps in building mutual trust between the learners and the employees.
- Boosts productivity- When a person gets rewarded for his or her performance, he or she gets motivated and work harder to keep up with their image and integrity. This is long run makes the individual more productive and valuable to the company. People tend to work harder in their efforts are appreciated.
- Improving customer satisfaction- A satisfied employee keeps his clients happy as well and a well-acknowledged employee feels satisfied.
- Improving health and well-being- Periodic recognition is great to improve the mental health of the employees. Better health ensures better production of an individual that’s beneficial for the institution.
What are the different categories of rewards for the employees?
There are many ways in which an employee can be rewarded. But it could be offered in two forms-
- Monetary programs- It involves cash or cash related rewards. It can be in form of salary increase, bonuses, commission, stock options, tuition reimbursement, paid career development opportunities, special training courses, retirement plans, healthcare policy, profit share, merit pay, paid leaves, free meals, gift vouchers, conferences, work tours.
- Non- monetary programs- These can be in form of a job promotion, job security, employee empowerment, achievement trophy or medal, award ceremony, achievement certificate, flexible work timing, better office space, leaves, free health benefits, lunch.
What are the different ways in which an employee can be rewarded?
Different ways in which an employee can be awarded are-
- Verbal and written appreciation- In the form of verbal praise or note whether tangible or intangible.
- Peer and manager recognition.
- Public or private recognition- Public recognition can be in the form of a mention in the newsletter, celebration parties, social media posts, or press releases. Whereas a private recognition can be in the form of special note, email, achievement, or a gift.
To set up successful employee reward programs you should have a clear view of your goal and determine what resources would be needed to fulfil the same. For making it work, everything should be well planned and taken care of. Proper technology should be used to implement a successful reward program. It’s recommended to reward employees frequently and as soon as they accomplish something. This gives a feeling of fulfilment and also drives peers to work hard.