7 Strategies to a Successful Employee Rewards and Recognition Program
When it comes to an employee rewards program there is massive debate on the value of these type of programs and if they really do play a role in retaining talent. Here is the shocking truth about how employees as most companies are feeling today.
- A study of over 1,700 employees conducted in 2012 by the American Psychological Association (APA) indicated that more than half of all employees intended to search for new jobs because they felt underappreciated and undervalued.
- According to a recent OfficeVibe study, 63% of employees feel like they do not get enough praise.
- According to the U.S. Department of Labor, the number one reason people leave their jobs is because they “do not feel appreciated.”
The need to show your clients and employees that you appreciate and value their hard work is important especially to your company’s culture as a whole. We have to remember, that each individual is different so one person might value gift cards and another might value flexible hours.
Here are 7 strategies I believe need to be in place for a successful employee rewards program.
- Make it personal, unique and memorable.
- It is not just for holidays or special occasions. Give recognition all-year long!
- Customize the presentation, instead of the item itself so they can get more use out of the item.
- Include a personalized and hand-written note, which is more meaningful than a quick email.
- Know your limits. Meaning, know your internal policies as each company is different in terms of the process and amount of money you can spend on each client or employee.
- Know your team and what they like so you can customize a gift accordingly. I recommend creating a form that is part of your onboarding process or that you as a manager create in order to get a sense of what they might like as possible rewards for their great work!
- Get to know their preferences of how they like to receive recognition as some people do not like public praise and prefer that to be private or 1-on-1.
What other things do you need in place at your company to have a successful employee rewards program? Share in the comments below.