If you’re establishing incentives for your staff at your company, there are a few methods to ensure the program attracts employees striving for better results in the business. Check out these four elements of a successful employee rewards program to help you set up your incentive system.
Make it Objective
Some companies will follow a rewards format where managers will select and reward employees who have shown exemplary work. These objective awards can manifest themselves in various ways, from an Employee of the Month award to monetary incentives. However—even if they’re acting with the best intentions—managers can foster favoritism if they hand-select awards recipients.
So, instead, companies should set non-objective markers for those who receive rewards. This is most typically done by setting statistical goals for employees to reach. Then, you can have clear-cut numbers to back any incentives. Also, to make employee rewards more objective, you could let employees anonymously vote or nominate co-workers for rewards programs.
If you’ve set up an incentive program at your company, it’s typically because it’s essential to the long-term viability of your business. Your employees put forth extra effort in their day-to-day because of it. So, make sure that you have as many employees pushing for the rewards as possible. Not everyone will achieve it, but the more who strive for it, the better.
Internally market the rewards to your employees. Do this constantly. The easiest way is by publicly acknowledging every bonus and incentive that gets given out. This way, you can create a sense of ‘FOMO’ among the staff that isn’t hitting the goals.
Gift cards are an excellent option for rewards programs—but don’t limit the possibilities to one store. If the employee doesn’t like the restaurant or store you’ve chosen, the rewards won’t have quite the gravity that you’d hope for. If you decide to spend company recourse on thanking your staff for the hard work, you at least want them to like the gift. So, give them options. For any non-cash gifts, make sure that they can have the ability to choose something they like.
Between remote workers and a growing business with more than one location, you can’t always be in the same room as your employees. As such, handing them their incentive rewards in person might not be so easy. However, when you use an employee rewards program software, you can digitally send gift cards to the employee with zero hassle. This tech will make it easier to track who is receiving incentives and for what amount—a feature your accounting department will thank you for.
After exploring four elements of a successful employee rewards program, you can build a fair system for showing your appreciation towards the hardest working members of your staff. Also, if you’re looking at software for establishing an incentive program at your business, reach out to the team at TruCentive!