3 strategies for an effective employee rewards program

“When it comes to running an effective business, one maxim holds true across all industries: happy employees are the best employees.” I read the opening line of this article and was instantly hooked in. What is the secret recipe for creating employee happiness? In an article from the Experience™ Recruiting Insights Blog, “The benefits of rewarding strong employee performance,” the author talks about the advantages of employee rewards programs. While there are several factors that affect employee happiness, employee recognition and rewards is a key component. Employee recognition fulfills employees’ inherent need to be valued and recognized which builds an engaged workforce. A rewards and recognition program is also an effective incentive to increase employee productivity and drive business results.

In the article, the author discusses reward strategies, and we’ve elaborated on three recommended strategies to implement effective rewards programs.  

Reward specific and objective behaviors

Employers need to base their rewards system on objective behaviors and results. This will ensure employees are recognized for clear, measurable results that provide a level playing field for all employees. The most effective way to create an effective rewards program is to reward and recognize employee behaviors that are aligned with the organization’s goals or desired outcomes, which will drive those specific results.

Examples include:

  • Highest monthly sales
  • Highest customer service ratings

Rewards programs help drive the ROI for your business because employees will work to achieve these goals that positively impact your business.

Tap into your employee’s competitive nature

Incorporating healthy competition into your rewards program is a great way to drive behaviors and achieve business results. Who can resist a good challenge? Employees will rise to the occasion and have fun while they’re doing it. One way we promote competition at Achievers is with our leaderboards which show the month’s top recognized and top recognizers that are updated in real-time. Employees can always see who is leading in recognitions and where they stand among their peers if they are vying for the top spot. Sitting near the top of the list is a coveted spot that employees strive to achieve, and they know that driving business results is the best way to earn rewards and recognition to get there.

Celebrate employees publically

Successful Rewards and Recognitions programs are open and transparent where leaders recognize their staff publically. At the Achievers monthly rewards and recognition lunches, we publicly announce the month’s highest achievers including most recognized, top recognizers and employee of the month. Publically recognizing employees is a way to build credibility for the program and motivate employees for their hard work and contributions.

Another way to openly recognize employees is using physical pieces such as recognition cards. Employees can send each other cards that they can publically display at their desk to let everyone know about their accomplishments and well-deserved recognition. The cards offer a sense of pride for employees for the goals they’ve achieved.

What are some other strategies you recommend for effective employee rewards programs?

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