Embrace the new year with a motivational, productive team and find simple ways to reward your staff with True Rewards.
Not only does rewarding your staff with something they’ll love giving them a reason to work hard, but it will show how much you care about their well being and keep them motivated and productive all year-round. Between digital gift cards, physical gift cards, employee incentives, staff rewards, corporate incentives, B2B rewards, corporate promotions, sales incentives and B2B promotions – the possibilities are endless.
Introducing effective rewards and recognition system is the key to building employee engagement in the new year. Over a quarter of employees rank recognition for their work in the top three reasons for employer retention rates. Furthermore, of those in the study to rank their employer as just “okay”, 44% did so because their employer’s recognition of staff work was not frequent and timely.
But how do you go about choosing the right rewards system for your company? We’ve put together a guide of factors you should consider.
HOW EASY WILL IT BE TO INTEGRATE INTO THE COMPANY?
When you can integrate your new rewards system seamlessly with your existing software, it saves dramatically on admin for both you and your staff. It also ensures that it’s more likely to receive a positive reception when first introduced if it fits straight into existing systems.
You might find that digitised and online reward systems work better, for this reason, however, if you and your staff primarily work in a physical and tangible workspace then you should also keep to this sphere when considering a rewards system.
WHAT’S YOUR BUDGET FOR A REWARD SCHEME?
Before you start considering potential vendors for your rewards system, you should consider what your budget is. SHRM recommends that you budget at least 1% of payroll on a rewards and recognition system.
Also, check what your potential vendors include in their services – some may quote a lower cost on paper while masking a lot of hidden fees. Ensure that the price you’re quoted includes transaction and processing fees as well as extra taxes.
WHAT ARE YOUR DESIRED OUTCOMES OF INTRODUCING A REWARD SCHEME?
It’s crucial to identify the intended outcomes of introducing this new reward system early. To do this, focus on setting quantifiable and realistic expectations that you can measure – this will help you to plan future budgets and calculate the positive impact of the reward system.
You should always be able to track the results of a reward system with sound analytics. If you haven’t produced outcomes that will produce these then you need to revisit them.
SUITING YOUR COMPANY VALUES AND ORGANISATION IDEOLOGIES
Many employers find that reward and recognition systems are the perfect way to spread staff uptake of the company’s core values and ideologies. To ensure that you reap the full benefits of this, you should research the message that each of your vendors and their rewards packages will send, then compare these to find one which will emphasise your unique values.
You can do this by fact-checking their statements. If a vendor’s programme says that it is focused on promoting social recognition then take a virtual tour of the programme and check the relevant features that promote this.
ANY REWARD SCHEME SHOULD BE ENGAGING, ENTICING, AND FUN!
Of course, any reward system relies on the level of staff engagement it achieves. When you’re considering your options, you should try and make sure that your final decision is a programme which will prove fun for your staff. They need to be able to get something out of the system and enjoy it.
The interface itself must be simple to use and user-friendly to ensure retention rates and avoid staff complaining about its use. Mobile-accessible programmes are reliable and incredibly successful.
We recommend programmes that combine gamification elements, such as a leader board or badges.
CONSIDER HOW MUCH YOU CAN CUSTOMISE THE REWARD SYSTEM TO YOUR COMPANY
No two companies are alike. It stands to reason, then, that no two reward systems should be alike.
Top-quality programmes will include easily customisable options to tailor the system to your staff and your company. Common customisable features may include award titles, point allocation, social features, and staff capacity.
Your staff should feel at home in the programme. They shouldn’t have to learn a new system.
HOW ADAPTABLE IS THE REWARD SCHEME? CAN YOU SCALE IT FOR COMPANY GROWTH?
Of course, you should also consider how scalable a programme is. Will you be able to adjust it for company growth? Any programme you choose should have a threshold band of staff numbers which will allow you to grow your company without the need for a reward system replacement each time.
Here at True Rewards we offer the full suite of solutions from our plug-and-play platform to API and Widget integrations that you need to introduce an effective staff rewards system. If you have any questions or want to find more information about the kinds of services we have available, don’t hesitate to sign up for free or book a demo.