Employees who feel engaged at work are 87% less likely to leave their company in search of a new job. Companies with highly-engaged employees also see twice as much revenue.
If you’re in management, that should grab your attention. For you, engaged employees mean less time spent on hiring and more time spent impressing your own boss.
The question is, how can you boost engagement without costing the company too much money?
Enter the employee rewards program. Read on to learn how to create an employee recognition program so you can hold on to your best talent.
1. Think About Your Staff’s Values
Before you can start an employee recognition program, you need to know what motivates your staff members. While each person is unique, you’ll probably find some similarities. After all, company culture and values are part of what drew them to the company in the first place.
Do they value work-life balance? Are they passionate about helping the community? Are they looking for advancement opportunities?
Once you know what’s important to your staff, you can design a program with goals and rewards.
2. Choose a Reward
Your rewards programs can be based around things like tenure, peer reviews, and performance success. You can even do a special birthday reward. This isn’t performance based, but it shows your staff you care.
When choosing a reward, the most important thing is to match it with the achievement. For example, a $5 gift card is great for a birthday but not for hitting a major sales record. You can also provideĀ phone allowance for employeesĀ who have excellent work performance.
3. Track Employee Success
Once you’ve chosen an appropriate reward, you need to decide who to award it to. That means you’ll need to track employee success.
The best way to track this is to create a deadline. For example, you could set a goal of increasing sales goals for the month. At the end of the month, decide who won and give the reward.
It’s much easier to keep track of performance when you’re focusing on a narrow window of time. It also gives the rest of your staff a set goal to work towards if they didn’t get the award in a given month.
4. Reward the Achievement
The next key step is to present the reward. It may seem obvious but without quick follow through, your staff might lose motivation. Show them you appreciate their work by delivering on your promise in a timely fashion.
Whether the reward is an extra vacation day, a special parking spot, or a handwritten card, make sure to dole out the reward the same day you present it.
If your reward is company swag, that can be a logistical headache. Luckily, something like the Axomo Rewards Platform makes life easier. You can set the store credit amount and the platform handles the rest for you.
Start an Employee Rewards Program Today
An employee rewards program is a great way to show employee appreciation and boost engagement. It’s a good idea to create different programs for different goals and milestones so your staff always has something to look forward to.
To learn even more information about managing employees, check out our articles on business.
