The right strategy for employee rewards and recognition goes a long way toward building engagement and ultimately, strengthening your company’s bottom line. Studies have shown the ROI on a robust recognition program can equate to up to 50 percent higher productivity and 20 percent better business outcomes.
Make It Meaningful
Employee recognition can take many forms. It doesn’t have to be expensive, but it does have to be meaningful. Be sure to customize each reward to the individual team member – because what works for one may backfire for another.
- If you’re not sure, ask. Before starting a recognition program, consider surveying your workforce to see what type of recognition would resonate most with them. For one worker, it may be a bonus in their next paycheck; for another, a paid day off or the chance to attend an off-site seminar or workshop would be preferable.
If employees get to choose their rewards, they’ll be even more likely to work toward the performance levels or milestones that will get them there.
Here are some ideas to get you started on your successful recognition program:
- Offer opportunities as proof that an employee is valued by your company. This could mean selecting a person to participate in a training or mentoring program, or making them the trainer or subject matter expert. For example, choose a top customer service rep to create a script and use it when onboarding new hires. This also serves to build engagement in training efforts, as well as in daily operations.
- Provide personal praise. It can be as simple as a thoughtful thank-you note, singling a person out and acknowledging their performance. Or, provide company-wide acknowledgement via email or during a town hall meeting. By showcasing what people are doing right, you encourage the same type of behavior in others. Just make sure a person is comfortable with widespread recognition before you implement it.
- Time off is like gold. Not surprisingly, an extremely popular employee reward is paid time off from work. At one company, once they began offering flexible work hours as rewards, they saw an 80 percent improvement in employee performance.
- Give gift cards, shopping vouchers and similar awards. Bonuses are good, too. But additional options are shopping vouchers or gift cards, which can be customized to fit employee preferences. These can include tickets to sporting events, shows, cultural events and attractions, and family theme parks or other destinations. Or, donate to a person’s favorite charity in their name.
As part of your talent management strategy, PrideStaff Modesto can help you design and implement a successful employee recognition program. Read our related posts or contact us today to learn more.