When it comes to employee rewards, one size definitely does not fit all. Recognizing your employees for their achievements is only half the battle. It’s what you reward them for the recognition and hard work that really matters. Many times, cash bonuses are not the only solution.
Organizations world over are beginning to acknowledge the value of rewards and recognitions. Employee recognitions platforms have become the norm and are increasingly being used by companies small and large. Step 1- recognize your employees. Step 2 – reward your employees. But how does your organization reward its employees?
When put simply, if an employee puts in the work and dedication to achieve the given objectives then it’s only fair that you as an employer put in the effort to reward them in the best way for their efforts. While most companies do have bonuses and incentives as part of their overall rewards plan there is more that needs to be done to expand the program to fit the needs of the evolving employee.
In a world where we are spoiled for choice, it is only natural that we expect it in every aspect of our lives. This goes for the workplace as well. According to the American Psychology Association, employees showed an increased amount of creative ideas when they were able to choose their own rewards. Letting employees choose their rewards doesn’t necessarily mean increasing your budget. It means getting creative with the type of rewards you offer.
Cash may always be appreciated, but so is a free Starbucks (everyone loves a coffee….. Most anyway, even if they say they don’t like it; if it’s free they’ll take it!) One thing many have realized, post-Covid lockdown, is their want to travel more. How about travel incentives? Add travel points or a coupon for booking.com. Everyone loves to eat, free meals at the most happening restaurants in the city.
There are so many different ways you can reward your employees for their work, purely based on their psyche, likes, and dislikes. The key is to not get overwhelmed by the vastness of options that can be taken into consideration when shortlisting rewards. While everyone is different, there are many things that people do have in common. The trick is to find those commonalities that fit your employee population, work environment, locality, and industry.
Gift cards are one of the best ways you can reward your employees. Opt for an employee recognition platform like HubEngage that allows you to add gift cards of your liking. We’ve taken it one step further by partnering with Tango Card which basically does all the hard work for you and automates the entire process of rewarding employees. Choose from their list of gift cards from the biggest and most used brands from all over the world. Set a budget and it’s good to go.
Tango card specializes in knowing exactly how employees like to be rewarded and enable organizations to execute their reward plans effortlessly and seamlessly. If you’d like to learn more about how you can reward your employees in the best way and what rewards could potentially work for your organization then check out our webinar on how to reward your employees. We spoke with Tango Card about how to use the customizable built-in rewards to your benefit. We’ve got some exciting webinars planned for the coming months, don’t miss them!