While it’s important for mangers to submit praise and appreciation to their workforce, it’s equally as important for companies to allow their employees to recognize each other. Including a peer-to-peer recognition solution into an employee rewards program, distributes the ability to extend gratitude across all levels within the organization. Most managers have such heavy workloads as it is, with large teams to lead; it becomes difficult to stay on top of recognition. Allowing peers to nominate each other, and extend ‘thank you’s’ to one another is an effective solution to daily appreciation.
Peer employee recognition may come in a variety of ways. Through a carefully executive rewards program, employees may nominate each other through an interactive portal. When an employee nominates another employee, recognition may be delivered to the recipient either through email communications or printable certificates. Peer recognition may also be tied to a reward, allowing the recipient to earn points redeemable in an online catalog.
What is critical to come away with is that including a peer recognition element into your overall employee rewards program will enhance workforce morale through daily appreciation employee-to-employee.
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As the marketplace gets tighter, and the world becomes smaller, companies are looking for creative and innovative solutions to meet new challenges. Even with the current economy, there has been a shift in focus and resources and investing more into an incentives culture, recognizing and rewarding individuals for performance, achievements, and loyalty. The incentive industry continues to be a multi-billion-dollar business that plays a critical role in companies’ response to remain competitive and increase their market-share.
The challenge becomes, however, of what is the best rewards program design to meet the needs of the company’s goals and objectives. You should keep the following points in mind before implementing an employee incentives program into your organization:
- Think About Your Corporate Culture – it’s important to consider the ‘personality’ of your workforce in its entirety as well as individually. Strategize how leveraging incentives might engage your employees, and what would motivate the best.
- Program Objectives – what do want to get out of an employee rewards program? Is it instilling a culture around your corporate values, engage your employees, decrease employee turnover, or all of the above?
- Clearly Defined Criteria – make sure that how employees are to participate in the program and what they are being incentivized with is clearly and consistently communication across all levels with your organization.
- Power of Choice – when incentivizing your employees, allow them the ability to choose their own reward. Perhaps they would like to choose something for themselves, or perhaps they would rather select an item for a family member. Opening up the ability of choice will go a long way to stronger employer-to-employee relationships.
- Allow for Feedback – ask your employees how they would like to be incentivized. By listening to what they have to say, you will not only be able to implement a rewards program that they will be on board with, but they will have a sense of ownership in the program’s design and purpose.
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Employee recognition may not necessarily be a new concept. What is new is that more and more companies are seeing employee recognition-based programs to be very beneficial to the happiness of their employees and the future of their business. Informally, most employee recognition takes place ‘on the spot’ and usually only when an outgoing individual triggers it. While many organizations are still learning to embrace recognition programs more formally, it can become a strong leadership tool. Simply put, a more formal, structured employee recognition program in place can be a tremendous asset to the overall growth of the organization, which positively affects the bottom line. Employee recognition programs can start off as simple as a co-worker nominating a peer for recognition with a certificate printed and an email notification sent to the recipient and their direct-report manager. More complex programs may include managers awarding bonus points to the award recipient to which they may redeem for merchandise, corporate logoed items, gift cards, or travel from a wide array of choices from an online catalog. To continue to benefit from increased productivity and performance, Human Resource leadership must find ways to continue to motivate and engage their employees. Smart companies are finding ways to keep valued employees engaged while maintaining payroll and spending levels through a properly designed rewards program.
Popularity: 21% [?]
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Of the many issues facing America today, perhaps one of the larger issues is the ever-rising cost of health care. While it seems to be an exponential number of reasons for the rise in health care coverage in America, corporations have discovered that when their employees are healthier, the organization pays less in premiums. Simply put, it saves your company money to have a healthy workforce.
Implementing a properly designed health and wellness program provides significant opportunities for savings both in the short term and long term, but only if the employees participate. In response to this, corporations have increasingly been offering employee incentives to encourage wellness program participation.
To further emphasize the point, the National Business Group on Health (NBGH) and Fidelity Investments release their findings on a study on how offering employee incentives significantly increases participation in corporate health and wellness programs. If those companies who participated in the study, 56% agreed that by offering incentives to their employees had a better than expected success rate at increasing overall participation in their health and wellness programs.
It is important to note that offering the right type of rewards program into your existing health and wellness initiatives will create a tighter employer-to-employee bond, empowering the employee to want to live a healthier lifestyle.
Not only will offering incentives with wellness initiatives increase overall participation and help reduce health costs, but there is also a direct correlation with employee retention. MetLife reported in 2008, “employers that offer wellness programs are more likely to see benefits as a very important tools for employee retention (70% of employers that offer wellness programs contracts to 50% of employers that do not)”.
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As the economy starts to gain greater stability, many corporations are beginning to discover an interesting paradox. Over the past 3 years, corporate America has been thrust into a survival mentality, trimming resources in an effort to creating a learner and more efficient organization. Now, with their ’sails trimmed’ and headed on the right course, strategies have become operate ‘more with less’.
The paradox, however, is that a company’s most valuable asset is their human workforce. Corporations must walk a fine line between decisions based on efficiency versus the dangers of an under appreciated and disengaged workforce, which yields de-motivation and high turnover rates.
Today, more companies are looking to employee recognition and incentive programs to provide a way of developing a positive culture to their workforce, increasing engagement through meaningful rewards.
Fundamentally, offering employee rewards creates a stronger employer-to-employee relationship, allowing the employee to feel value in the overall success of the organization.
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