When creating a reward and recognition scheme for your organisation, or even reviewing what you have already in place, it’s important to look at it from a perspective of what is it you're trying to achieve through its implementation.
By understanding the why, you will be in the best position to work out the how for your business.
so, What do you want to achieve?
A successful reward and recognition programme should motivate, engage and encourage positive behaviour across your company. The best schemes will provide a clear message that your business rewards and acknowledges hard work throughout the year.
To achieve this, you should look to:
- Align your programme with the wants and needs of the business. By being clear about which behaviours and performances should be rewarded and how.
- Reflect the company’s values. Encourage behaviours that exhibit the values that are important to your business.
- Allow for spontaneous recognition. By not limiting the change for reward and recognition to particular times of the year, such as the end of the year or quarterly updates, employees will be recognised at the time of their high performance and be more inclined to keep up their hard work as they feel valued in a timely manner.
- Be fair. Your scheme should be transparent and unbiased so that no one feels they have been treated differently for the same level of work or commitment.
The reward and recognition scheme process
"The best schemes make it quick and easy to nominate colleagues, celebrate achievements and redeem rewards."
Depending on the size of your company, you may be currently handling recognition submissions via email; however, the bigger your organisation gets, the harder this will be to keep on top.
By moving to an online portal that can help manage the incoming submission and make sure the relevant people are notified, can not only help relieve the admin that can come out of running such a scheme, but it can also make sure that those who have been nominated are told in a timely manner so that the high performance is recognised and encouraged to be continued.
The best schemes make it quick and easy to nominate colleagues, celebrate achievements and redeem rewards.
By using a recognition platform rather than emailing a manager or the HR team also makes it much easier for peer recognition to be passed on as there is no need for a chain of communication to get the ‘thank you’ to the individual.
Online portals also make it easy for employees to redeem their rewards, such as allowing the individual the choice of where to redeem their reward through a selection or retailers or restaurants.
Value of the reward
Depending on the performance and the business, there can be many different ways of rewarding your staff. In some businesses, monetary bonuses are the norm. However, there are streams of research that show that we are motivated by more than money.
Some of the simplest forms of recognition can be from the acknowledgement of a job well done. In fact, a study by Glassdoor found that 80% of employees would be willing to work harder for an appreciative boss.
By instilling a culture within your organisation that promotes gestures of thank yous, be it having a recognition section in team meetings, or managers taking the time to personally thank individuals when they have gone above and beyond, can give employees affirmation that they are doing well to keep them satisfied and motivated to continue to perform highly.
When you want to reward individuals with more than a thank you, doing this in the form of a voucher or rewards card can actually be more impactful than adding a bonus to their paycheck.
By giving them something tangible and outside of their usual pay can provide them with much more satisfaction as they will be more conscious of what they use their reward to purchase than when it can be lost in their usual outgoings of fuel, bills or groceries; making it much more of a reward they can treat themselves with because of their hard work.
What does 'good' look like?
When setting out your reward and recognition scheme, you should also look at what will determine its success. What metrics will you measure its success by?
By having a baseline for where your current employee engagement sits and a goal of what you would like to improve, you can use NPS scores or pulse surveys to see how your new scheme is performing and its impact on your employees’ sense of satisfaction.
Ready to get started? Then download your free employee recognition check list via the link below!