Reward programs for employees are becoming increasingly popular with various businesses and companies. While many companies are executing them with positive results in their employees, research has shown that many employees—an astounding 33 per cent—are dissatisfied by their employee reward program. Even fewer than that feel that the program aligns with their company’s goals.
While it is a difficult road with many parts of it uncharted, developing your program that fits the goals of your organisation and fulfils the needs of your employees can go a long way towards a more welcoming workplace.
Here are five ways to improve your employee reward program:
Go into the demographics of your company and try to determine what the various sectors would prefer. The main complaint of a lot of employees is that the company doesn’t understand what’s important to them.
Take surveys and ask your employees which areas of their life outside of work need addressing in some way. A good example would be to offer paid education to your less skilled employees. Not only will this give the comfort they deserve, but it can attract a lot of highly educated young professionals.
The relationship between employee and employer is complicated and full of pitfalls, but rewards can help address many of these issues. It isn’t just about rewarding productivity; it is also about improving the collaboration between members of a single organisation.
Rather than a carrot on a stick pulling the horse forward, employees should feel driven internally and that their effort is meaningful and worth giving to the company.
A lot of employee reward programs use a points-based approach. This allows employees to accumulate points and then exchange them for the rewards and benefits that they prefer. This can give them the flexibility they need to be better motivated.
Rewards could include time off, paid education, a free coffee, and so on.
One-way employees can gauge whether or not they’re being treated fairly is transparency. Transparency can build trust between the members of a company and the company itself.
This is just as applicable in a reward program. Be clear with what is rewarded and what is not in the company, and make sure, to be honest about any adjustments you might make to it. Be clear about the evolution of the program and why certain changes are necessary. This can build trust and maintain faith in both company and the program.
An employee reward program is a great way to gather data on your employees. For example, in a points-based system, you can easily track an employee’s value to the company by monitoring their points.
You can also use data to determine what causes spikes and troughs in points. Is it the current project? Is it the current climate? Are the rewards not sufficient? A good reward program can track all these and more, and it can help your company operate more efficiently.
Whatever industry you may be in, an absolute is certain: taking care of your employees is one of the best things you can do for your company’s longevity and success. A company that puts thought into rewarding its employees can foster loyalty and overall happiness at work.
For more information on how Appreci can help you to improve your employee reward program in Australia, send us a message. We know how to take care of people, and we’d be happy to teach you how!