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Employee Reward Programs

Employee Rewards

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Reward and recognition programs seem to have been widely accepted in the corporate world and are deemed as the new way of motivating employees, however, many companies are missing out on appropriate gifting opportunities. It is important to recognize that offering cash and other types of rewards to employees only produce temporary changes to their behavior and attitude. Once the reward season is over, employees quickly revert back to their normal behavior and lose interest in enhancing their productivity.  
Do Employee Rewards Work?
The answer to this question depends on the type of reward program implemented in your organization. There needs to be a sincere form of recognition that provides not just a reward but recognition. Does your company’s incentive program work to encourage behavior change or is it simply encouraging employees to work for the sake of the reward? The goal of your employee rewards program should be to develop an engaged workforce.  
Types of Reward and Recognition Programs
Understanding the different types of recognition programs you can implement will help in identifying a program that will be most suitable for your organization. Below are the different types of recognition programs:
  • Individual & Team Based Rewards: Both individual and team based rewards are offered for performance and they tend to produce a positive effect on the performance of the employees. These rewards are in the form of monetary compensation as well as commission plans, profit sharing, bonuses and merit pay. Team based rewards tend to have a more positive effect since they reward team effort as opposed to side lining a group of employees to recognize one team member. That said, there are many situations that warrant individual rewards for outstanding performance. Organizations should strive to ensure that they have a good balance for both types of rewards.
  • Competitive and Non-Competitive Rewards: Competitive programs tend to have limited employee rewards and these are given to the best performers. Competitive programs usually provide awards along with other tangible rewards. Non-competitive rewards on the other hand are availed to employees who meet their set targets. Both rewards programs work to increase performance and motivate employees. A great employee rewards program should be inclusive of both.
 
Identifying the Goals of Your Reward and Recognition Systems
Before you can implement a recognition program for your employees, it is recommended that you first have the goals of the program in mind. A good rewards system needs to be multifaceted. Your goals could be to:
  • Motivate employee performance
  • Enhance employee engagement in the workplace
  • Encourage personal growth and development
  • Increase work satisfaction
  • Retain employees
  • Attracted talent
Each of these goals is important in enhancing productivity in the workplace and promoting the personal growth of employees. Reward both team and individual efforts and also make the program exciting by having some form of competition. Most importantly, make the rewards consistent throughout the year.

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