If you need to boost employee morale, build a more positive team culture, and improve retention rates — not to mention increase productivity and sales — learning how to create an employee rewards program can help. To get started, you need to be clear about which activities you’ll be rewarding by determining your ultimate goals for the program. Once you know which behaviors and actions you wish to see, you can choose activities to reward. Then, prioritize them so you can determine the value of each activity. Finally, it’s time to implement your rewards program and spread the word among your workforce.
An employee rewards program is extremely beneficial for all kinds of businesses, especially given the recent trend of employee resignations and reshuffling. Many organizations have seen high staff turnover, and that, in turn, reduces productivity, hurts profits, and requires more time and money to recruit and train replacements. To combat this, it’s important for managers and business leaders to prioritize employee recognition and appreciation efforts. In fact, 65% of employees say that feeling recognized makes them less likely to look for another job. An effective rewards program can also boosts employee performance by 11.1%, according to research by Gartner. With these statistics in mind, it’s clear that an employee rewards program is a must-have for every business.
Every business has its own goals, which can vary significantly. However, whatever those goals may be, it’s possible to tailor a rewards program around them. A rewards program can:
There are various different employee behaviors, activities, and milestones that business leaders can reward in an effort to reach their goals. These include:
In addition, different departments may wish to incorporate role-specific activities into their rewards program. Here are some examples for each team:
These are just some examples of the possible activities and behaviors that companies can reward employees for. When employees receive such recognition, they feel appreciated and are likely to continue to strive for more rewards. That results in better success for everyone, from higher productivity and sales to a better customer experience.
An employee rewards program cannot be successful unless you promote it properly throughout your organization. Fortunately, there are several things you can do to achieve this. You can:
By raising awareness across all of these channels, you can inspire excitement in your team. You also want promotion to come from company executives and team managers, who can create a culture of recognition when they lead by example.
Once you’ve determined the activities to reward, the question is what kind of reward you will give. The best rewards are thoughtful, personalized, flexible, and meaningful.
Rewards programs that offer gift cards and prepaid cards can fulfil all these criteria, and they’re what employees prefer. Eighty-six percent of people surveyed by Blackhawk Network said they would feel valued if they received such a reward. Gift cards and prepaid cards are popular with employees because they easy and quick to redeem and give the recipient a range of options to pick from. You can find a great range of gift cards and prepaid cards on BHN Rewards’ digital rewards management platform. Get in touch to learn more today.