Employee rewards programs have the potential to transform your workplace into a hub of positivity and productivity. But for that to happen, you must overhaul a few things including employee performance bonuses. Instead of going for a one-time lump sum payout, you can implement multiple reward options. It is primarily because, like salaries, bonus amounts are supposed to be confidential. Because of the lack of social proof of their success, bonuses do little to improve employee motivation. Companies need to get more creative in engaging employees. As per the WorldatWork report, 76% of companies offered spot rewards to appreciate good employees, and this move has been very favorable since 54% of them reported better employee engagement.
Below we discuss some key tactics that help employers go beyond bonuses in recognizing employee performance.
Employee Rewards Program To Replace Bonuses
Rewards and Recognition Program
Rewards and recognition is one of the oldest and most powerful employee rewards programs that companies employ. However, these strategies have a lot of scope for improvement. For example, a better section of employers conduct employee rewards and recognition programs for the sake of it. But more than recognition, employees want genuine appreciation. You can express this by personalizing the program and adding multiple facets to the program such as-
- Creating spot awards category to socially highlight an individual’s performance.
- Offering personalized gifts that suit the recipient’s expectations and needs.
- Seeking employee feedback to improve the employee rewards program.
Professional or Skill Development Schemes
Employees that turn in top performances always strive to improve their expertise and quality of work. Such individuals will greatly appreciate sponsorships to pursue courses of certification of their choice. Quite a few professional programs are expensive, which discourages a number of employees. But with employers footing the bill, the employees will not only enhance their knowledge but also build gratitude and loyalty with the company.
Profit sharing programs
More than bonuses, employees will work with passion when they realize that a portion of business profits will be distributed with them. Employees that understand that the work they do will directly affect their earnings tend to perform better and work selflessly going over and beyond their abilities. This employee rewards program has been overtaken by stock options offer, but a cut from profits will be immediate and confirmed payout given they work hard.
Health and wellness programs
If the last few years taught us anything, it is that being healthy is of ultimate priority. It is only when your employees are physically and mentally fit, will they add significant contributions to your business. Health and wellness has emerged as one of the most favourable employee rewards program with companies offering plans like yoga class membership, sponsored stay at getaways or meditation camps, etc., As an extension to employee wellbeing and self-care, companies are encouraging employees to cultivate a hobby through discounts or free access to programs like cooking classes, community hikes and so on.
Personalized and Thoughtful Gifts
At the end of the day, employees want to be recognized for their efforts and work through genuine show of appreciation. Companies can do this by giving personalized gifts to celebrate achievements and contributions as a part of employee rewards program. Employees want to be celebrated for the work they do, which helps in better employee engagement and productivity. Personalizing these gifts will tell your team that you put in effort in incentivizing their special occasion like work anniversaries, and other milestones.
Paid Time Off for Relaxation
Interestingly, with increasing technological advancements, the market expectations are only increasing adding to the pressure of employees. To deal with this pressure and avoid burnout, companies can offer paid time off to employees, which they can spend on quiet family time or a vacation to destress. When employees log off from work for sometime, they return with extra energy and motivation.
Right to Choose Projects
One of the new-age approaches that some companies are taking in work allocation is allowing employees to pick a project of their choice. Doing this will give your employees the benefit of choosing their work based on their interest and expertise. Allowing your high-performing employees the right to pick their projects with send a clear message on the kind of freedom and autonomy you are willing to extend to employees. It will empower your achievers, while also encouraging others to improve their performance.
Flexibility of Gift Cards
Instead of offering a gift that they may or may not use, you can present gift cards as a way to extend your appreciation for high-performing team-members. With a gift card, employees will have the flexibility to purchase a gift for themselves. With an option available, employees can get an item from the variety of options available like gadgets, snacks or gourmet food, and other swag with corporate branding..
Employee Benefits Program
Companies can also offer employee flexible benefits like health insurance, stock options, self-care reimbursements. One of the go-to benefits that most employers are relying on is tax-free benefit like allowances on meals, fuel, tuition fee and travel. Although the amount for these allowances is deducted from their salary, it will save them significantly in tax liabilities.
Digitalize Employee Rewards Program for Better Participation
To ensure you maximize the benefit of the employee rewards program, you will need a digitalization platform like Zaggle Propel, an automated rewards and recognition platform to manage rewards programs. Designed specially to mitigate operational hurdles in not only executing employee-centric programs but also improving their desired effect. Zaggle Propel provides a ton of features including:
- Global rewards catalog: You can offer your employees to pick a gift of their choice from a wide range of gifts using redeemable points.
- Peer-to-peer recognition: Propel empowers you to create a positive workplace culture by allowing peer-to-peer nominations and recognition features.
- Effective communication: You will have features to conduct polls, surveys, and announcements to ensure everyone understands the terms of the employee rewards program.
- Real-time analytics & insights: The platform will provide you with real-time visibility into your rewards and recognition program along with deep insights to enable better participation..
Learn more about Zaggle Propel here.
