Employee rewards programs are great ways to motivate and retain your workforce. There are many benefits of implementing such a program, including improved employee morale, productivity, and loyalty.
If you are considering implementing an employee rewards program, this article is for you. Read on to learn about the benefits of employee rewards and how you can get started today!
The benefits of employee rewards programs
Employee reward programs provide incentives for employees to work harder and be more committed to their job. They not only motivate employees to stay in their current position but can also be used to reward employees for achieving milestones, delivering above and beyond expectations, or even to reward those who have remained with the company for extended lengths of time.
There are several benefits that come with better employee rewards. Here are just some of the benefits associated with employee rewards:
- Improved Employee Morale: Rewarding employees for a job well done is a great way to show employees that their work is appreciated. This will help to improve morale and make employees feel valued and respected in the workplace.
- Employee Productivity: Employees are more productive when they feel valued and secure in their workplace. Rewards can help to provide the motivation needed for employees to strive for higher levels of productivity.
- Increased Employee Retention: Rewards can help to retain existing employees and keep them from looking for other job opportunities outside the organization.
- Improved Customer Satisfaction: Rewarded employees are more likely to go the extra mile for customers, leading to improved customer satisfaction.
- Increased Referrals: Rewarding employees for referrals can help to drive more qualified candidates to your organization. This can help improve your hiring process in the long run.
Employee rewards can be leveraged to help create a positive work environment and improve employee morale.
How to implement an employee rewards program
Here are some steps you can take to ensure your employee rewards program is implemented correctly:
- Define the Program Goals: First, you need to define the goals of the program. What do you want to accomplish with the rewards? What are the criteria for earning the rewards? What type of rewards should you offer? Setting clear and measurable goals for the program will help you design and implement it properly.
- Establish a Budget: It is important to set a realistic budget for the program. This will help you track expenses for the program and ensure it aligns with your overall budget.
- Train Managers and Supervisors: Managers and supervisors need to be trained on how to implement the program. This training should include information on how the program works and the criteria for earning rewards.
- Communicate with Employees: Employees should be properly informed about the program. This includes information on the criteria for earning rewards, how rewards will be distributed, and any other relevant information.
- Monitor Performance: Finally, you should monitor the program to ensure it is working as intended. This involves tracking employee performance to identify opportunities to improve the program and your overall employee engagement.
Wow Foods, a global restaurant chain, faced significant employee turnover issues. To overcome this, they along with Kringle designed an innovative employee rewards and engagement program.
The program rewarded on their monthly joining anniversaries, birthdays, work milestones and encouraged employees to arrive on time, maintain attendance, and take extra shifts or overtime. Reward points were given to incentivize such positive behaviors.
Wow Foods HR team devised and distributed surveys to employees to help them understand
- Safety/security procedures at workplace
- Employee concern/issues
By participating in surveys, employees earned loyalty points that could be redeemed for rewards later on. Redemption options included rewarding customers with gift cards, discount coupons for various outlets, and branded freebies from popular brands like Amazon, Starbucks, and Nike.
Wow Foods’ rewards program is a comprehensive approach to motivate and engage employees. By introducing a leaderboard, employees are encouraged to participate in and compete for daily, weekly, and monthly point-based achievements, which can boost morale and increase productivity. The program’s focus on on-time arrivals, extra shifts/overtime, work anniversaries, high-value product sales, birthdays, survey participation, and feedback provision is well-rounded and highlights Wow Foods’ commitment to recognizing employees’ hard work and dedication. Such a program can also contribute to employee retention and loyalty, as employees feel valued and appreciated.
Wow Foods’ employee rewards program has significantly improved retention, engagement, and performance. The program includes a leaderboard and rewards for on-time arrivals, extra shifts/overtime, work anniversaries, high-value product sales, birthdays, survey participation, and feedback provision. It has reduced turnover from 15% to 2% and increased engagement by 30%. A comprehensive employee rewards program can boost morale, productivity, and loyalty, benefiting both the company and its employees.
By recognizing and rewarding employees for their hard work, companies can keep their employees motivated and engaged. This can lead to increased productivity, better customer service, and higher job satisfaction. Additionally, when employees feel valued and appreciated, they are more likely to remain with the company long-term, reducing employee turnover and the associated costs of hiring and training new staff. Overall, a comprehensive employee rewards program can be a win-win for both the company and its employees.