Posted in:Total Rewards
One area that is often overlooked by business owners and HR teams has to do with employee rewards programs. Yet, it is a very important area to revisit on a regular basis since labour is a substantial cost area and there are many ways to be creative in rewarding your team.
Beyond the usual base pay, bonuses, and benefits; today we want to explore other ways to recognize your employees.
A basic component of a rewards program is to provide recognition when an employee reaches a key milestone, such as a work anniversary. Often at year 1, year 5, year 10, and so on, this program honours employees for their continued service. Some companies choose to go even further, honouring the employee each year on the anniversary of their start date. Gestures and gifts don’t have to be grand – one silicon valley tech company is known for providing helium balloons in the shape of the number corresponding to the employee’s service year. It’s the thought that counts!
Another increasingly popular way of recognizing employees is through experiential rewards. Studies have shown that, broadly speaking, experiences tend to mean more to people than objects – and the opportunity to enjoy experiential rewards can be quite satisfying for employees. This can take the form of special trips, tickets to events, cultural outings and more. The employee feels recognized and also has the opportunity to make memories at a great experience. A win/win for everyone!
Not to be overlooked, simple praise can be quite valuable. Whether from a colleague or one’s manager, acknowledgement of a job well done can hold a lot of weight. To make it even more meaningful, praise the employee’s work and draw attention to the impact the work is having for the business overall. For example, a medical receptionist might be told “Nice work with Mrs. Smith today. I know she was a bit curt with you because she was feeling stressed, but your calm, friendly approach certainly helped to soothe her and make a difficult day that much easier.” Employees sometimes have hard days, so it is nice to recognize the extra effort that deliver to bring every situation and task to a successful conclusion.
With so many components to a successful reward program, it can be hard to know where to start. However, know that creating and implementing such a program can go a long way toward overall employee happiness and organizational success. Our team is here to help you kickoff conversations to determine the right rewards mix for your team.
Here to Help
Need help designing a rewards program? We can help. We can be reached for a free confidential consultation at +1-403-470-5350 or [email protected]
For further details on how Honiva can help you prepare you during your recovery and rebuilding, please view our service offerings. We also welcome business owners to attend our next online seminar to learn how to improve employee management practices and strengthen your company long term. Register for the free HR Education session at EventBrite.