Whenever a business talks about its backbone or the biggest supporter, it usually refers to its employees. To ensure these employees are rewarded, motivated, and appreciated companies integrate employee rewards program.
For every company it is essential to implement such employee rewards programs to retain their employees and encourage them to perform better. In a survey conducted it has been found that 85% of employees tend to stay back with a company where they feel valued.
This value usually comes from recognition and motivation which if provided on a regular basis can have a significant impact on the employee’s retention rate. Further in this blog we will be discussing how an employee rewards program impacts the employee performance and helps in retention as well.
Defining Employee Rewards Program
A set of activities being implemented by any company to boost the morale of employees and motivate them to perform better, recognize and reward their hard work is defined as a successful employee rewards program.
In a survey it has been observed that 40% of employees expressed the need of being recognized and rewarded for their achievements and dedication. In addition to this, in a company where employees are rewarded and recognized regularly for their efforts, their working efficiency tends to increase up to 45%.
A motivated employee will feel more enthusiastic to work and perform better in the workplace. This will not only improve employee’s efficiency but will also improve the overall performance and growth of the company as well.
Benefits of Employee Rewards Programs
Having discussed the basics of implementing an employee rewards program, here are some of the major benefits that you can reap off.
1. Increased Productivity
Implementing an employee rewards program motivates the employees which results in increased productivity of the employees. In addition to this, employees tend to take more responsibilities as they feel valued in the company and feel belonged.
2. Enhanced Working Environment
Another benefit is that it enhances the work environment. As all employees feel valued, motivated, and valued there are less disputes among employees and hence creates a more positive work environment for all the employees and management as well.
3. Boost Morale of Employees
Rewarding employees at a regular interval keeps their morale high and pushes them to keep performing better every single day. These rewards and incentives work as a source of motivation for the employees to achieve their targets.
4. Optimize WorkFlow
Next benefit is that it allows employees to come forward and discuss any issues they might be having. This helps to optimize the workflow for increased productivity and efficiency.
5. Increased Retention Rate
Motivated and encouraged employees tend to stay for a longer period of time with the company, hence, increased retention rate and less work for the HRs to retain the employees.
Intrinsic & Extrinsic Motivation
Now that we have talked about motivating employees with different strategies. Broadly there are two types of motivational techniques- Intrinsic and Extrinsic.
As the name suggests Intrinsic motivation comes from within such as personal development, sense of fulfillment, achievements, passion and others. Whereas extrinsic motivation comes from external factors such as bonuses, rewards, incentives, or promotions.
Employee Rewards Programs are a combination of both intrinsic and extrinsic motivation. It uses extrinsic rewards or motivation to ignite intrinsic motivation. This further results in increased productivity, higher efficiency and higher performance as well.
Employee Rewards Programs Examples
Moving forward with the discussion, let’s have a look at some of the most common and successful employee rewards programs that have been implemented by companies.
1. Performance Based Rewards
First and foremost criteria is offering performance based rewards to employees. It includes programs such as ‘Employee of the Month’ or ‘Star of the Year’. For this category of rewards you can integrate different programs from employee rewards programs companies such as RewardPort and offer your employees best rewards.
2. Gift Cards or Incentives
Offering gift cards or incentives for achieving their targets is another form of recognition or reward being offered by companies to their employees. CineRewardz by RewardPort is a perfect example of this which allows employees to have a relaxing time and enjoy a movie show.
3. Weekend Getaways
Next most common example is to offer your employees a weekend getaway which is sponsored by the company. Here you offer your employees or selected employee air travel tickets and can integrate AirPac by RewardPort for the same.
4. Public/Social Recognition
Everyone loves public recognition and getting recognised on company social media profiles. This pushes the employees to perform better and work with enhanced dedication.
5. Peer Recognition
When your peers recognize your efforts and dedication, that recognition feels even better. Hence integration peer recognition is another form of employee rewards program to be integrated in your strategy.
Employee Rewards Programs Companies
When it comes to integrating employee rewards programs in a business strategy, there are various employee rewards programs companies available that can help you with the process. Companies such as RewardPort offer you with these opportunities and services to recognize and reward their employees.
With RewardPort you can easily integrate different programs, customized as per your needs as well. The expert and experienced teams here offer you enhanced services, expert guidance and campaign tracking as well to help you assess the effectiveness.
Furthermore, these services can offer you a simple process to help you keep your employees motivated throughout and recognize their efforts. In addition to this, the expert team is also available round the clock for any support required.
For more information please get in touch with our team today!
Frequently Asked Questions
Why is an employee rewards program important?
An employee rewards program is important as it allows you to keep your employees motivated and push them to perform better, enhancing the overall efficiency of the company as well.
How can I create an effective employee rewards program for my company?
For creating an effective employee rewards program for your company, define a clear criteria, align the goals with your company objective, make a clear communication with your employees, keep the process open and equal for all employees and teams, and add rewards that are meaningful to the employees.
How can I measure the success of our employee rewards program?
To measure the success of an employee rewards program you can use the following criteria: employee productivity, performance, retention rate, and working environment.
