A job well done ought to be rewarded. 🎗️ This is the backbone 🦴 on which most employee rewards and recognition programs are based. However, treating employees right ✅ and providing them with perks isn’t in their favor alone.
As an employer, you too can reap several advantages of a robust employee rewards program.
Appreciating your team members and offering them the right rewards leads to higher ⬆️ employee engagement. This, in turn, can contribute to better workplace productivity, lower ⬇️ absenteeism, and higher company revenues. 💴
Let’s understand how you can create an employee rewards program and reap its benefits.
💭 How To Create A Rewards Program For Employees? 💭
Creating an employee rewards program for businesses requires a fair bit of analysis and thinking 🤔 from the HR leaders and employers end.
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Before anything, the first step is to understand the benefits of employee rewards programs will have for both the employers and the company. Based on this, you need to move forward ⏩ strategically and create a program in line with the needs of both parties. 🧑🤝🧑
Here are a few steps on how to create a rewards program for employees.
1. 🎯 Define the program objective
At the starting point 🚩, it is important to deep dive and think 🧠 about employee behaviors or actions that you’d like to inspire with a rewards program.
Further, list down 📄 the behaviors or actions that you’d like to reward, set a timeline or frequency 🗓️ for the rewards, and decide how and who the recognition should come from. Having these details ready will enable you to build a smooth rewards platform.
2. 🗞️ Gather data
Next, roll out surveys 📄 to employees to understand how they’d like to get rewarded, or the kind of fringe benefits they’d like to opt for.
This will enable you to have a peek into the needs and perceptions of your teammates and help create a lineup of rewards that match them. You can do this via regular survey forms or one-to-one feedback/data gathering calls. 📞
3. Launch and implement
After you’ve had an employee rewards program ready, it’s time to get, set, and go! 🏁 Launch the program with the help of effective communication 🗣 and FAQs. Explain the program clearly to the employees and let them know how it works.
Lay out details 📜 of the benefits that are available and when exactly the program will take effect. Creating a forum where employees can reach out for further questions is also extremely beneficial.
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4. 🎯 Check the effectiveness
Rolling out employee rewards programs is only half the work done. It is also important to gauge if it’s running as per the organization’s blueprint 📘 and if it is indeed fetching the results 🔍 that it was created for.
Use surveys, interviews, feedback sessions, and performance 📈 management techniques to check the effectiveness of the program and identify any gaps that you can address or work on.
5. 📆 Revise regularly
Lastly, it is key to understand that an employee rewards program isn’t etched in stone. 🪨 It’s advisable to revisit and revise it regularly, in line with the changing dynamics and preferences of an organization and its people. Do a periodic review of the program and keep upgrading ⤴️ it with newer rewards or process efficiencies.
FOOD FOR THOUGHT: 3 Steps To Build An Employee Recognition Program That Works
Now you know how to set up a rewards program. Let’s understand the different types of rewards & recognition programs for employees that you can implement for your business.
👌 Top 10 Best Employee Rewards Programs For Businesses 👌
While we have pointers for getting started, let’s go through a few employee reward program ideas 💡 that can help you chalk out ✍️ a platform that is best suited for the company as well as the employees.
Find the 10 best employee rewards and recognition programs with examples that you can use for your organization.
1. 💰 Bonus and raises
While not the only goal, each one of your employees works for financial sustenance and wellbeing. In line with this, consider providing employees with bonus payouts and competitive hikes 💹 to keep them motivated and driven so they achieve their 💯%.
READ MORE: 7 Factors That Affect Employee Engagement And Motivation
2. 🏥 Health insurance
It goes without saying, health truly is wealth. Enable your team members to stay financially secure in case of a health emergency with a robust group health insurance policy.
🟢 Loop’s comprehensive group health insurance plans offer 24/7 doctor 👩⚕️ support to employees and enable them to focus on preventive care and overall wellbeing. 💆♀️
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3. 🎁 Gifts and subsidies
Who doesn’t love gifts? Every now and then, reward your employees for their great work 👍 with fun and useful gifts. You can also roll out gift cards 🧧 to the team based on performance.
In addition to these, subsidies for buying smartphones 📱 or ergonomic furniture 💺 for their home office, etc. can also help up your employee engagement.
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4. 🧘 Wellness programs
Besides physical health, it’s also important to focus on the holistic and day-to-day wellbeing of employees. With Loop, you can offer programs that enable your team to tackle workplace stress 🤯 and stay motivated.
We help conduct regular sessions on stress management, yoga 🤸♀️, meditation, or by providing them with access to counselors/mental health 🧠 practitioners.
Check out the schedule here.
5. 🌴 Paid time off
If your employees feel overworked with no respite, their productivity levels are bound to suffer. To avoid this, design a system that extends paid time off to them. In addition to this, arrange offsites 🏌️♀️ or paid holidays 🌄 for the team from time to time.
It’s an excellent way to foster a better working environment and collaboration between employees.
LEARN MORE: 15 Best Employee Perks That Increase Employee Satisfaction
6. 🤰 Maternity leave and care
Parenthood is a wonderful period 🪄. Offer paid maternity/paternity leaves to employees along with extended care, including maternity coverage as part of health insurance. 📜 This allows employees to feel supported and encourages them to stay loyal to the organization in the long run.
7. 🎗️ Recognition and appreciation
Being recognized for your efforts feels great.👌 Ensure your top talent receives recognition in line with their hard work. 🖥️
Simple things like sending appreciation notes 📝 or rendering a public recognition 🔊 to them help. Wall-of-fame 🧱 awards, gratitude emails 📧, or social media testimonials 🗣️ are a few other ways to recognize and reward employees.
8. 🪴 Professional development
Another reward and recognition idea that is bound to work wonders is a professional development program.
Provide your employees with a platform to hone their professional skills and enroll in educational courses 📚 at subsidized rates. You can also introduce a mentorship program and offer an impetus to grow in their current roles.
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9. ⌚ Flexible working
One of the biggest employee perks in recent times is a flexible work setup. Don’t obligate your employees to come to the office at fixed times. Instead, give them the liberty to work from home 🏠 or remotely. This will enable them to strike a work-life balance and perform 🎯 better at work.
10. 🏆 Year-end awards
Nothing speaks of recognition like the good old trophies. While work dynamics have evolved, classic methods such as year-end award ceremonies can work great at rewarding employees and motivating them.
You can offer monetary 💵 or non-monetary rewards such as ‘employee of the month’ 📆, ‘highest contributor’ 🔝, ‘performer of the year’ 🎯 and so on.
🎗️ Benefits Of Employee Rewards And Recognition Programs 🎗️
There are several benefits of employee rewards and recognition programs. Implementing incentive programs has a positive impact on the overall working of the company while helping boost the morale of employees. Here’s how you can benefit from an employee reward program.
1. ⬆️ Higher employee engagement
Employees rewarded for their work are bound to feel happier. 😀 Their state of mind can impact their day-to-day productivity and allow them to be more engaged at work.
2. 🎯 Better productivity
An engaged workforce is more productive. A healthy and happy team will invariably have higher energy levels ⚡ and will contribute efficiently to the organization’s goals and bottom line.
3. 📉 Reduced employee turnover
Employee rewards lead to higher engagement and thus lesser absenteeism. This also translates into higher retention rates and allows organizations to save costs related to attrition.
MUST READ: How To Reduce Employee Turnover – 10 Best Strategies
4. 🧲 Attract better talent
When your existing employees are happy and satisfied at work, they will speak 🗣️ in favor of the organization. This will help in attracting top talent and eventually building a diverse workforce.
5. 👍 Enhance company loyalty
Employees who are rewarded will have more motivation and a better sense of belonging. When they feel appreciated and supported, they are more likely to stay loyal to the organization.
6. 🆒 Build a better brand image
By providing employee benefits, and truly supporting your team members, you can create a positive work environment. This will also enable you to provide better customer service and enhance your company’s image.
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7. 📈 Grow revenues
By recognizing and rewarding your best talent, you can positively build their productivity. 🎯 This causes better process efficiencies and allows you to cut down ✂️ costs. All of this can further lead to higher revenues for the company in the long run.
💫 Reward Your Employee With Loop’s Top-In-Class Healthcare Offerings 💫
An employee rewards program works at creating a motivated workforce and a positive ➕ work environment. With the above employee reward ideas, you can provide your employees with well-deserved perks 👍 and reap the benefits of an engaged workforce.
With Loop’s ➰ group insurance plans, you can reward your team with holistic health care. Our policies include a range of benefits over and above hospitalization and medical aid. These include 24/7 doctor support 🩺, access to mental health counseling 🧠, and complimentary wellness sessions. 💆
Are you ready to supercharge ⚡ your team? Get in touch with our experts today! 📞
