Who should reward in a business? | Incentive&Motivation

Employee Incentives News: Who should reward in a business?

In the 2015 Gallup workplace survey, employees were asked to recall their most meaningful and memorable recognition. Employees reported that the most memorable recognition came from. The results may surprise you!

Their immediate Manager   28%

CEO or other high-level leader    24%

“Other”   17%

One level up (the Manager’s Manager)  12%

A customer  10%

Peers   9%

The culture of companies that best attract, retain and engage employees are recognition-rich environments that include individualized recognition from all of these sources. We’re not talking about an “everybody gets a trophy” climate or reward programs based on “showing up”. The most effective reward and recognition programs for employees are defined, intentionally structured, performance based and objective.

Employee recognition and incentive programs are one of a very few strategies that deliver measurable benefits including employee retention, increased productivity, increased engagement, increased goal achievement and higher revenue. Here are 7 factors that contribute to an effective program:

  1. Support from the Top (It’s imperative that company leaders support & participate in the program, and that it’s obvious to employees)
  2. Don’t “recognize” in a vacuum (Make sure that your program is aligned with the whole organization; don’t run separate and potentially redundant programs)
  3. Make it simple! (consolidate programs to simplify and align them with overall business objectives)
  4. Communication (clearly communicate the rules and guidelines, what is expected of the employee, what will be measured and what the employees need to do to earn the rewards)
  5. Administer & Measure (Dedicate resources to run and administer the program. Measure results & adjust where necessary for the future.)
  6. Appropriate to your audience (adapt elements so that the program appeals to all age groups and demographics in your participant audience)
  7. Hire a Professional! (if you do not have an experienced internal contact to design the program, partner with an experienced firm to ensure success and avoid unintended consequences)

Incentive and Motivation offers the latest news in employee benefits, rewards, incentive programmes and recognition. Discover the best employee engagement platform, learn about communicating your incentives or the latest tech in the HR space. Popular posts: