Recognition is not only about employee rewards programs, but it also signifies a human connection between employees and management. It shows that the company notices and values their hard work. When employee efforts are recognized, they tend to be more committed and loyal to the company. It creates a sense of belonging and adds to your workplace culture. As per a Gallup report, 73% of employees are less likely to feel burned out when employee rewards programs are done right. It further stated that employees are four times more engaged with the company.
Employee recognition is considered a way for companies to show gratitude towards their workforce. Further, the employee rewards program constantly adds to the positivity at the office.
Types of employee recognition
Employee rewards programs come in a variety of forms. We listed some of the key ones here.
Monetary recognition
Employee rewards program that involves employers awarding bonuses or cash rewards come under this category. Companies usually have annual or seasonal bonuses besides commissions to show their appreciation for their employees’ efforts.
Letter of Recognition
‘Thank you’ letters, appreciation emails, and personalized notes are some of the ways to show gratitude through written praise. While this is one of the easiest ways to recognize your team’s work, it will have a lasting impact given the tangible gesture of gratitude.
Public commendation
Public affirmation of a good job goes well beyond any other form of employee recognition. It becomes a social proof of your employee’s performance with others recognizing their contributions. Having your team give a round of applause is a potent form of recognition.
Periodic rewards and recognition
Organizing rewards and recognition events is one of the most common employee recognition programs across the corporate world. An employee reward program can be made exciting by defining a clear structure, regulations, and qualification criteria. The success of the program depends on how much your employees aspire to win awards, like Employee of the Month.
Besides rewards and recognition programs for top performers, companies can also come up with a way to appreciate employees on their work anniversaries. Such a move will help further the loyalty towards your organization.
Impromptu gifts
Unplanned lunch outings, picnics, or gifts for employees will be a pleasant surprise that adds to a positive workplace environment. Employers usually choose festive occasions to gift their workforce. While this is a welcome move, you can also plan for informal recognition tactics for exceeding expectations.
Peer-to-peer recognition
Having your employees recognize each other’s work is a tremendous way to foster workplace harmony. It helps your employees bond well and also encourages everyone to be more respectful towards each other.
How to approach employee recognition
Although companies understand the significance of employee rewards programs, they often feel lost when planning one for their employees. Below are some of the key points to consider when planning your recognition strategy.
Ensure an easy-to-use program for better participation
In their pursuit to eliminate bias and make employee recognition transparent, companies often come up with a complex nomination and selection process. More the complexity fewer will be the submissions, which will infuriate your employees. Therefore, you must keep your employee rewards program simple with an easy-to-understand workflow.
You can partner with an employee recognition platform like Zaggle Propel to streamline the steps for the program.
Make the recognition program a reflection of your core values
When evaluating your employees to recognize their contributions, you should also check if their work aligns with your goals, vision, mission, and core values. It is a brilliant way to translate your company values into a driving force for your employees.
Tailor recognition to suit individual preferences
Employee reward and recognition programs are all about making the workforce valued and appreciation memorable. However, if you stick to generic rewards, they lose their significance and fail to achieve the desired effect. Instead, take into account the individual preferences. This will also be a good exercise in getting to know your employees better.
Understand when to recognize employees
The timing of your recognition program is essential. If you reward an employee for a job well done months ago, it will not hold similar weight as against doing it soon after the fact. This is exactly why companies should have multiple recognition programs to suit all the eventualities when recognizing employees.
Measuring the impact of employee recognition
Planning and executing a rewards program is just the half work done. The purpose of the program is to show employees your appreciation. Therefore, you must gauge the impact your employee rewards program had. One simplest way to do that is to conduct an employee survey. Zaggle Propel helps you create and gather all the data points to analyze the effectiveness of the program.
Make technology your partner in employee recognition
Pulling off an employee rewards program from start to end can be a tedious process when done manually. Instead, you can turn to an employee engagement platform like Zaggle Propel that empowers you with all the capabilities to automate your reward process. It is a tremendous tool to foster a culture of peer-to-peer recognition through digital rewards, online gifting, and automated rewards. With Zaggle Propel, you can streamline your reward program and make it more effective.
- Custom badges that can be shared between employees and gamifying rewards program through a points system
- Define approval steps for hierarchical rewards which ensures that your reward process is transparent and accountable.
- AI-driven reports and analytics to measure the impact and ROI of your reward program.
Learn more about Zaggle Propel here.
