As the benefits of rewards and recognition are multifold, the effects of neglecting rewards and recognition are adverse. With the expectations of employees being brought to light, it is imperative to design and maintain a well-curated rewards and recognition program. Apart from just working on a Rewards & Recognition framework, it is important to understand the likes and needs of your employees.
Here are 6 mistakes to watch out for when planning your rewards and recognition program:
- Don’t focus only on Performance
Rewarding employees solely based on performance is a thing of the past. Employees need to be recognised based on values such as integrity, and teamwork as well. This is the most apt way to ensure the company values are regarded and the company goals are worked towards. You can plan employee rewards which align with the company culture, goals and values making the rewards more valuable and meaningful.
- Avoid Uniform Rewards and Certificates
Do you make your employees feel special about their milestones or achievements? Does every employee get the same reward for different achievements? Where is the differentiating factor? A reward system with uniform rewards for all employees and achievements will cause employees to feel not recognized. It’s time to recognise your employees with customised rewards and certificates based on their achievements and not just generic rewards.
These certificates can have badges, unique names or any other customization a company can think of.
- Don’t make Money the hero of your program
Money may be important for employees but it does not act as a reward or a sign of recognition. It’s time to plan ahead and find a personalized way to recognize and reward your employees. This would play a significant role in helping them feel valued for their contributions towards the goals of the company. Money trivialises work and motivation. Research even shows that 65% of employees prefer non-monetary incentives instead of monetary rewards.
Instead of just adding bonuses to the paycheck of the employee, a company can choose to reward them with thoughtful gifts or even a motivating note to help the employees realize they are being rewarded for their contribution.
- Don’t forget to train your employees on how to use the platform
In this technology driven world, the rewards and recognition plan might revolve around app discounts, or where employees would be needed to log into online portals etc-. Before you roll out rewards like these, you must consider training your employees on how to use the particular platform, preventing it from becoming a bane. A basic training on how to retrieve rewards online would prove best for the ones who are not into tech or the efforts you put into the rewards plan would go down the drain.
- Don’t forget the importance of Communication
Making sure to take feedback and suggestions from every employee in the company will definitely prove beneficial to the organization. If this is not done, there is a high probability that the rewards and recognition plan would suffer gravely if not accepted by employees. Communication is key and effective communication will help plan the best rewards and recognition plan ensuring everybody’s needs and wants are covered.
- Don’t ignore the impact of Peer to Peer Recognition
It is important that the employees at every level are recognised. Many times the communication between the senior employees is quite less with the other employees. Peer recognition will help nominate team members for rewards, which is a great step towards team building and developing a culture of recognition.
A simple incorporation of appreciation can go a long way in aiding the organization and further motivating employees to work towards the goals of the company. Research shows that peer-to-peer recognition ensures retention of talent as well.
It is imperative to understand that your rewards and recognition plan should work for every employee. The best way to deliver this is to take assistance from an expert organization. An expert will be able to custom-design your rewards and recognition plan along with helping you understand common errors and the ways to avoid it.