Reward and recognition is fast becoming embedded in many companies’ cultures, so if you don’t offer reward and recognition, you really should! It’s no longer just a nice thing to do for your employees, it’s a communication tool that rewards positive behaviours and, if used properly, maximises engagement and motivation in the workplace.
In a highly competitive job market, where talented employees are beginning to ask the question, “What’s in it for me?”, prioritising reward and recognition can really help you stand out from the crowd.
So, if you think your company would benefit from a Reward and Recognition programme, or if you already run one we’re here to help.
Make reward and recognition a part of your company culture
It seems logical that most employers would want to recognise their employees for doing a good job but, for many, a Reward and Recognition programme doesn’t form part of their employee engagement strategy and is simply seen as a nice to have – which is an opportunity missed.
It’s not a one-size fits all approach. Any Reward and Recognition programme should have a clear objective, closely aligned with the core values of the business. It doesn’t have to be expensive either, not all rewards are financial or tangible – simply taking the time to say ‘thank you’ can be just as effective. You can take this to the next level with staff engagement events – when it comes to thanking your staff, the sky’s the limit!
You may be reading this and thinking ‘this is all very well and good, but I just haven’t got time to devise and implement a Reward and Recognition programme’. It needn’t be a huge, time consuming undertaking. Just set aside a small amount of time each week, and just achieve as much as you can in that time. You’ll be surprised how much you can get done. Alternatively, just give your employee benefits provider a call – they should be able to pick up any jobs you don’t have the time to do – no matter how small.
3 steps for effective employee recognition
Like any employer tool, implementing an effective Reward and Recognition programme takes work and there will be challenges along the way – mainly to the ‘bottom line’ and trying to keep everyone happy when choosing the right rewards.
If money is a concern, you could start by simply offering ‘recognition’, and once it’s embedded in your company culture, you could look to enhance with rewards – with or without a monetary value.
With that in mind, here are three simple steps to make sure your programme is a success:
1. Create a culture of recognition – Simply put, this means Reward and Recognition is embedded in everything you do, from staff training and brand values, to company culture. A clearly-communicated, easy-to-understand means of recognising your employees will really pay off: you get the actions and behaviours you want to see the most, and your employees see themselves as effective contributors to the success of the business.
2. Stick to it – It’s all very well saying you want to create a culture of reward and recognition but it needs commitment and consistency from everyone to make it work. Build this into your manager training, and get into the habit of celebrating success so that employees can really see the benefit of the programme.
*This is especially important, as it’s vital to have a uniform approach across the business – not different interpretations of what warrants recognition and/or a reward
3. Choose the right rewards – Often employers can be put off by the thought of having to part with money in the form of financial rewards but this doesn’t have to be the case. An extra day’s holiday, a sought-after car parking space or an on-site event could all be given as recognition to a team member for minimum outlay. Things like e-cards - or even a simple ‘thank you’ - can also go a long way to making an employee feel valued. It’s important to remember that the timings of these rewards is also crucial. Recognition should be given as quickly as possible, so as not to seem like an after-thought.
If you use these steps as the foundation for effective employee recognition, you’ll hit the ground running. Find the approach that works best for your employees and make this the year of reward and recognition.
If you’re still unsure how to get started, ask your employee benefit provider to help. They’re experts in Reward and Recognition, and will be able to offer plenty of helpful advice. If you’re a Computershare client, feel free to get in touch at firstname.lastname@example.org