Happy New Year! Here are four employee rewards and recognition resolutions you can make in 2019 to ensure your program is the best it can be.
The New Year has finally arrived and it's the perfect time to start making some resolutions. But they don't just have to be about going to the gym five times a week or eating more veggies - 2019 is also a great opportunity to consider how you might improve your Employee Rewards and Recognition Program.
Here are a few ideas to get you started:
1) Review your employee rewards program more frequently
Employee rewards programs can easily go stale. What might have worked six months ago may no longer be effective if you've had a lot of turnover and now employ a different demographic. Likewise, changing market conditions could mean that sales or KPI targets you set in the past may now be unachievable or too easy to accomplish, making your rewards program redundant.
Make a commitment to review your employee rewards program at least every six months, if not three.
That's why the start of the New Year is an excellent time to promise to review your program more frequently - at least every six months, if not three. This will ensure your program continues to be relevant no matter how business conditions alter.
2) Reward improvement, not just outcomes
While it's natural to want to reward employees for hitting hard sales targets or achieving high productivity goals, not everyone is in a position to reach these objectives. Newer employees in particular may feel they are unable to receive rewards because they don't yet have the required expertise to hit the KPIs set. This may eventually make them feel jaded. To mitigate this, you should also reward tangible progress towards those goals.
Use January as a time to introduce improvement rewards into your program. Consider creating separate levels for different employees. This will enable you to set lower targets for those in different performance or experience bands, and keep the harder-to-reach outcomes for your top performers.
3) Communicate your program more frequently
Another area where Rewards and Recognition Programs often fail is communication. Put simply, if employees aren't aware of the program or how to win rewards you'll never reap the benefits expected.
So it's a good idea to take the time at the beginning of this year to really work out a communication plan for your rewards program. How often do you want to inform people about the scheme and in what way? If your employees mainly work in an office and have internet access, send out a bi-monthly newsletter offering information such as:
Who has won rewards recently?
Which team has won the most rewards?
What have employees won rewards for?
Which new prizes are on offer?
How does the scheme work and how can employees access it?
Combine this with posters and the occasional rewards event such as a prize giving ceremony and you've got yourself an excellent communication plan!
4) Get help from Power2Motivate!
Here at Power2Motivate, we live and breathe rewards. We understand exactly what makes an Employee Rewards and Recognition Program successful, and have applied our expertise to hundreds of companies around the world.
If you're looking to improve your rewards program, an easy New Year's resolution to make is to come and ask us for help! We'll review your business and figure out exactly what you want from your program to create a scheme that's perfectly tailored to your unique needs.
For more information or to request a demo, contact the team today.