Non-cash awards have been proven by market researchers to enhance employee motivation through recognition initiatives that sets attainable goals that every employee can achieve. For example, if an employee does not have the means to purchase a pair of Sennheiser headphones they crave, they have the chance to acquire that desired product through their earned rewards for achieving a task. In order to develop a successful and long term employee recognition and rewards program there are 5 steps to keep in mind:
- Work with an expert in program design: Working with Rymax Marketing Services the leader in recognition and loyalty program design, allows experts in the incentive industry to assist you in developing successful employee rewards and recongition programs. Rymax uses segmented tools to target your employee’s demographic and psychographic desires, so that you are ensuring your goals and objectives are achievable and measurable to drive behavior you are looking to achieve from your employees.
- Keep your employees motivated: Communication is one of the keys to achieving a long term and successful program. Consistent communication reminds your employees of what they are aiming to achieve, as well as what they will be rewarded with for achieving those goals. One form of program communication we’ve seen a huge success rate with is when sending reminders to your employees based on their personal wishlist to push them to keep moving forward towards reaching their ultimate goal and earning that desired reward they selected. Effective program communication strategies range from sharing program goals, highlighting new reward items, announcing achievements, sharing peer to peer wins and more. The more employees hear about successes in the program, the more engaged they will become in achieving goals and earning rewards.
- Make sure your rewards selection is on trend: When employees are looking at a rewards selection it is vital to keep your offerings updated with current seasonal and retail trends. For example, every January fitness trackers, smart TVs and handbags are amongst the most popular redemptions. Organizations should make sure they are keeping their selection inline with current trends on a continual basis to encourage employee engagement all year long.
- Reporting and measuring benchmarks is important: Program measurement is key to making sure you achieve the results you set out for. It is important to make sure your program goals align with your business direction, as corporate goals may change throughout the year. You should be measuring the goals set out at the beginning of the program because if you are only evaluating them once a year, you could be losing out on engagement and the more you evaluate, the more you can adapt and change the program to be a success. For example, track the points that have been rewarded verses the employees who have redeemed. If employees are not redeeming, you want to know why. Solving the problem may be as easy as adding a product they want into your rewards mix. Creating a quarterly or annual outline of the program goals and reinforcing them throughout the company is also good form of communication so employees fully understand the program’s value and continues to drive program reminders and engagement.
- Peer to peer recognition: The interaction between employees with peer to peer recognition promotes the acknowledgement of another individual’s work and enhances collaboration, assistance, coordination and feedback throughout the office. This method produces positive levels of communication companywide and improves employee moral. Peer to peer recognition offers an easy and effective engagement tool that helps to drive high levels of participation in your program.
Use these five steps in developing an employee recognition and rewards program to enhance your company’s ROI and assist in creating a highly motivated and passionate office culture so that 2015 is your most successful year yet.
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