The Basics Needed For A Successful Rewards Programme
We’ve talked a lot about employee rewards here on the One4all blog, and rightly so; recognising and appreciating employees for their efforts leads to a workforce who are positive, motivated and productive. Looking to implement a rewards strategy in your company? Here’s a guide:
Types of Rewards Programmes:
- Individual rewards: monetary compensation or gifts awarded to individuals above and beyond their salary that is linked to results or accomplishments. For example, bonuses, commission or profit-sharing.
- Team-based rewards: monetary compensation or gifts awarded to teams for collective results.
- Competitive rewards: monetary compensation or gifts awarded to a select number of employees, for example high achievers.
- Non-competitive rewards:monetary compensation or gifts that every employee who meets performance goals will receive.
When to Reward:
- Continuous: rewarding employees for every target behaviour. For example, a bonus or gift card every time an employee reaches a performance target.
- Intermittent: rewarding employees at irregular intervals. In this method, rewards are not linked a schedule or performance, but instead, follow a random schedule. For example, a reward after X number of behaviour positives occur or a reward when an employee reaches X number of units sold.
Benefits of a Good Rewards Programme:
- Increases employee satisfaction with their work: Rewards promote engagement with work, resulting in increased workplace satisfaction and output.
- Motivates employees to perform at their best: Rewards encourages employees to work at their best.
- Keeps talented employees from leaving: Rewards promote job satisfaction and when employees love what they do and the recognition they receive for their efforts, they are less likely to leave the company.
- Attracts top talent to the company: Rewards entice talented employees to a company or position. Research by One4all Rewards revealed that 61% of workers would be likely to apply or accept a job offer from a company which gifts workers an individual cash bonus or gift card once per year.
‘Rewards programmes promote greater motivation, dedication and enthusiasm in the workplace, so they are a perfect fit for businesses looking to get the most out of their workforce,’ says One4all Sales Manager Michael Fennelly. ‘One4all Gift Cards offer managers the flexibility to reward their staff quickly and conveniently with a gift they will truly value.’ Find out more here >