Types of Employee Reward and Recognition Programs
Everybody loves appreciation. Every time someone appreciates you for doing something, it boosts your self-worth considerably. You feel the satisfaction of a work well done and making a contribution that matters. It is the same for employees in a company, business, organization, or workplace. Employee recognition leads to more engagement, productivity, and positivity. It also impacts the retention rate, as data shows that recognition programs have 31% fewer turnovers. However, creating and implementing an online employee recognition program is challenging. It involves various aspects, including identifying the awards that a company must present to its employees. Having a platform specializing in such programs and having the necessary features makes the task easier. Here are some programs and features that you must look for in a recognition platform, along with the elements.
What is an employee recognition platform?
Employee recognition platforms such as Power2Motivate enable you to set up and deploy cost-effective employee recognition programs along with sales and channel incentives, training programs, and rewards. Since they have years of experience creating such programs for various companies, they know the programs and features suitable for your organization. An efficient recognition platform will usually utilize SaaS cloud computing since it saves you the hassle of maintaining software and provides your employees with the freedom of accessing the features over the Internet from anywhere they want.
Types of employee engagement programs
These are some standard employee engagement programs that you could include as part of your recognition initiative.
Sales incentive programs
Your sales staff plays a crucial role in expanding your customer base and acquiring leads constantly. You could strive to reward them with exciting benefits and sales incentive programs as an employer. The program ought to have a built-in leaderboard and the latest gamification elements. They should also have the option to choose their rewards from the rewards gallery, featuring a variety of items such as household appliances, event tickets, and sporting goods. The program will significantly motivate your sales team and ensure a high loyalty and retention rate.
Employee awards and recognition programs
Employee awards and recognition programs are solutions that management identifies while rewarding the highest performing employees in the organization. It also enables the staff to celebrate each other’s successes while giving them the option of nominating an individual of their choice. The employees can set up a wishlist of awards, access them anywhere they want, and benefit from a social news feed and gamification elements.
Years of service programs
You may have some employees that have worked in your company for a substantial time, and the best way to reward their loyalty is having years of the service program. These programs involve several aspects, from reminding managers of approaching service dates to issue customized certificates along with points and awards. It aims to strengthen relationships, celebrate their tenure in the office, and highly motivate them. It also has the benefit of ensuring the continuance of the employee within the company and recognizing their contributions.
Staff and employee benefit programs
If you constantly search for new talent that can contribute to your workforce while rewarding your existing employees, it would be helpful to consider the staff and employee benefit programs. The high-performing staff can benefit from many rewards, including access to the rewards gallery, savings on gift cards, travel discounts, entertainment options, unique experiences, and premium tickets for events.
These are some employee reward and recognition programs you might consider for your employees. Creating a culture of recognition in your workplace will motivate, encourage and satisfy your employees, leading to a high-performance culture and satisfaction.
