Having an effective rewards programme is key to promoting a positive workplace with a workforce that is productive, motivated and loyal. However, it’s important that these programmes offer rewards employees actually want to receive for their hard work and outstanding efforts. A cash bonus is the most popular choice for companies, but rewards should be unexpected, personal and meaningful -- qualities that a cash bonus might not meet.
Here are 4 examples of rewards that employees will appreciate:
1. Gift cards
Gift cards are more memorable and more personal than cash. By purchasing a gift card and choosing a specific design, it shows more thought than simply writing a cheque or handing an employee an envelope full of cash. Gift cards can be used in a number of rewards programmes, from performance-based incentives to points-based incentives, employee of the month, and suggestions of improvement.
2. Opportunities to attend conferences
Upskilling and career development are top motivators for employees and conferences offer them great opportunities to learn more about their industry from top leaders. Create a platform where employees can share the conferences they’d be interested in attending and arrange the tickets as a reward for them achieving targets, meeting goals, and going above and beyond in their roles.
3. Training courses to upskill
Regular training is essential for employees as it helps them stay up-to-date on developments in their industry, allows them to upskill in other areas, and provides opportunities to climb the career ladder. Similar to the conferences, create a place where employees can list certain skills they’d like to learn or areas in the company they would be interested in progressing in. As a reward for outstanding efforts, arrange a meeting with an employee to discuss their career path and offer training courses they can do to accomplish their career goals.
4. Introduce a points system
Employees want ongoing recognition and a points-based system is an ideal way to offer this. Employees can receive points for reaching targets or goals, but this type of rewards programme also allows more flexibility so they could also earn points for punctuality, empowering their peers, practising safety or helping others with tasks. Points can be redeemed for a variety of ‘prizes’ such as an extra day of annual leave, a half day, gift cards, restaurant vouchers, concert tickets, etc.