Employee Reward and Recognition Programs for Modern Organizations
Everyone loves being appreciated for the work that they do. From stickers and smiley faces on first-grader´s homework assignments to the Christmas bonus check your company pays you at the end of each year, recognition of work well done is important for people of all ages.
Nowhere is the psychological imperative of receiving appreciation and approval more important than in the workplace. For this reason, thousands of companies offer their employees as diverse array of employee reward and recognition programs. Below, we challenge some of the commonly held assumptions about these recognition programs and awards, and look at what employees really want.
What is the Benefit for the Company?
Every leader from low-profile project managers to the top CEOs know that motivated employees are the key to any company´s success. Unfortunately, one recent study found that nearly half of all workers in the United States feel completely unappreciated at their current job. Consequently, two out of every three workers have considered quitting their jobs because of a perceived lack of appreciation.
A quality employee reward or recognition program is a simple yet important way to keep your employees happy while on the job. These programs can help your company in a number of ways, including:
- Increasing the recurrence of desired behaviors that are in line with your company goals
- More job satisfaction thus leading to lower employee turnover
- Better team spirit and a more agreeable office atmosphere
- Increased productivity and creativity across the company
Furthermore, developing a strong identity as a company that treats your employees with respect and admiration is a great tool that will help you to recruit and retain the best employee talent in the workplace.
Cash Is Not King (When Rewarding Employees)
Contrary to what many employers might think, monetary employee rewards are not always the most important or preferred method of recognizing the success of your workers. While few employees will ever speak up against the cash bonus that comes for meeting a specific job-oriented goal, studies have shown that many employees prefer other methods of reward and recognition.
Culture-centric rewards can be varied and diverse, and will largely depend on your particular employees and what you want to offer outside of cash incentives. One common non-cash employee reward is offering increased training or educational opportunities. Not only will this allow your best employees to continue their own education, it will also allow your company to benefit from the increased skills gained through training.
Fringe benefits such as longer vacations or leave times and improved health care plans can also be important in quality employee recognition programs. For your most motivated employees, offering them a chance to contribute to specific company goals can also help to break the routine of everyday work. Offering the perk of heading up a specific project should increase the impetus of your most driven and ambitious employees.
If you are having a hard time coming up with innovative employee rewards or recognition programs, Online Rewards is a technology and marketing services agency that builds private label incentive and loyalty programs for corporate and government clients in the United States and globally. This company can help you develop programs that motivate and engage employees in a meaningful, consistent and sustainable manner.