Is it time to change your reward programme?
Published:15 Nov 2022
The ‘why?’ of a rewards and recognition programme in the workplace is often straightforward. Everyone likes to be appreciated for their genuine efforts and dedication to their work. If a company is having trouble with staff retention and workplace satisfaction, a good way to boost spirits is to look at their employee benefits offering and add special ways to say ‘thank you’ to employees who make concerted efforts to do their work to the best of their abilities. You may already have a programme in place. It might already be performing for you, or at worst - isn't doing any harm.
But is it time to change your reward programme?
With new employees, changing faces and fresh starts, there is always a chance to re-market your programme, or to refresh it. Here's the evidence that it might be time to consider a new approach.
Rewards should sit under your inclusivity goals
In the workplace, we work with people of different backstories, mindsets, and personalities, all of whom have something to contribute or they wouldn’t be a factor in this equation. Welcoming and appreciating everyone is the key message any organisation wants to project to their staffers. So having an individualised incentives programme anyone can work towards is a huge, positive transformation for any team. If your business wants to be more inclusive, this doesn't just start with hiring and following good guidelines for recruitment. It is also about how you engage with existing employees. Your programme may not account for new hires, apprentices or even remote workers. If it was designed before 2020, there is a good chance it is no longer as effective as it could be.
Your parameters may no longer be helpful
The nature of competition is that one wins, while others lose. A gladiator only wins if the beast or monster dies – not the most positive imagery for the 21st century. Competitions work for some people who thrive in a competitive arena, but it’s important to realize that others may shrink under the pressure. This doesn’t mean that our shrinking violets don’t want to shine in the sun and achieve the same results as those who may be more outspoken. A good programme can see everyone flourish. If your programme was set up with a sales mindset, you may be missing some other key metrics to reward - from customer care, to acting the brand values, to innovation or even learning and challenging. Your progamme may need to be revisited.
Even the best rewards programme needs ongoing adjustment
Some qualities of stellar incentives are to be: 1) fair, 2) attractive, 3) fun and 4) attainable. It can only be fair if it’s all-inclusive and attainable for any staff member. To be fun, it must be interesting and engaging. And to be attractive, it needs to be something people want, which means it needs to be flexible with options. Even the best programmes can start to fall down in any one of these areas over time.
What started as an achievable goal for many may now be an exclusive goal that is hard to reach due to changing market conditions. At the same time, the values, achievements, frequency, and if the programme is understandable, transparent, quantifiable, and evaluated may all have evolved since it's inception. Now is the time to re-evaluate.
The types of recognition employees want is changing
It’s not always about the money or what you can get that motivates people to work hard and to buy into workplace pride and culture, but it would be false to say that money and other tangible currencies are not effective inducements in the office. What will make an employee dig in deep toward the end of the day to give that last task a little something extra?
Some of the main types of incentives people want to receive the most are: Monetary compensation, e.g. pay rise, bonus, commission Promotion Time off, e.g. extra leave Prize rewards, e.g. gift card, gift basket, movie tickets; and Public shoutout, e.g. newsletter, intranet award; or private recognition, e.g. personal email, face-to-face praise.
Now could be the time to blend, survey, or experiment with what you offer.
It may be time to re-launch your rewards programme
With new employees, changing faces and fresh starts, there is always a chance to re-market your programme internally. Just as with external marketing, a reward programme should be reiterated and refreshed time and time again. It could be that you also need new technology. Use a professional service platform with the know-how to design a service tailor-made to a company’s specific needs. It will provide enticing ways to simply say ‘thank you’ and will ensure that your rewards and recognition programme is successful in engaging your staff to achieve company targets.
The Simply Thank You solution is the treatment your staff deserves. Why not learn more about their strategic insight on employee rewards and recognition solutions? Peruse their full reporting suite, employee incentives, and choose from their comprehensive array of fine gift options.
Simply Thank You can meet all your workplace reward and recognition needs, including a bespoke employee reward platform that can stand the test of time.
The best time to make a change was yesterday. The second best time is today!