Despite the growing significance of employee rewards and recognition, many organizations still do not have such programs. These organizations feel that a good employee rewards program requires a high budget, which they cannot afford. Hence, his brings us to the question – ‘Do successful employee rewards programs need hefty budgets?
The answer to the above question is a clear NO.
The design and implementation of the the rewards program is what ensures its success. In fact, it is important that organizations stop overspending on their employee rewards programs to ensuring proper design and implementation.
A properly designed and implemented program ensures that employees are rewarded for their good work in a timely way. Even a simple and timely “Thank You” can often prove more effective than giving them expensive rewards months later.
Similarly, organizations working on tight budgets need not invest in expensive rewards for their top-performing employees. Rather they can send e-cards or appreciation e-mails thanking them for their efforts and their contribution in a timely manner.
The organization need to set up an efficient and effective employee rewards program, keeping the budget constraints in mind. In fact, the focus should be on enabling timely recognition with minimal effort.
The following are key factors that organizations should keep in mind while designing and implementing employee rewards programs:
Organizations can consider meaningful non-monetary awards such as e-certificates, time-offs, paid leaves, training programs, top management interaction, special assignments, etc.. These can be combined with inexpensive monetary rewards such as gift vouchers, experiences, etc. tailored to the budgets.
The use of technology can greatly help in streamlining employee rewards programs. Organizations should invest in employee rewards and recognition platforms that can be configured as per their specific needs. The software platform should make it easy and simple for employees to receive rewards in a timely manner.
The platform should also ensure immediate sharing of employee achievements on various social media channels – internal and external. Such platforms typically work on a pay-per-use or per-seat pricing making it affordable even for organizations with tight budgets.
Organizations need to promote the concept of peer-to-peer recognition amongst their workforce. Hence, they should encourage coworkers to appreciate and recognize each other’s achievements and contributions informally.
Organizations need to understand that successful employee reward programs do not need hefty budgets; what is required is an efficient and effective reward system that ensures that employees are rewarded in a meaningful way for their good performance without any delay.
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