All the companies want their employees to be most productive & remain encouraged to work with the company. Achieving a total employee engagement has become a new challenge for all the companies in U.S. Now, we have found a way to achieve this and i.e. Rewards & Incentives.
Rewards: Rewards are the gifts that are presented to the good performers like movie tickets, dinner bookings etc.
Incentives: Incentives are also presented to the stellar employees. For e.g. cash prize, hike in the salary etc.
A study (Incentive Federation's 2016 "Incentive Marketplace Estimate Research Study" -- ) has shown that in U.S. alone, companies these days are spending nearly about $90 billion annually on them. So, now when we know that almost every company has started implementing this culture then there should be no reason to not implement this in your organization.
Rewards have proved to be the best practice to be implemented to motivate the employees. There are various factors that are to be followed while rewarding the employees, the main being performance of the employee.
As we all know that in today’s tech savvy world, technology changes every day in every sector. As a result of constant changes and development, every employee wants to remain updated & same is the wish of their respective companies.
To remain updated employees eagerly go for latest technology training courses, various new certifications, attend different expo’s, seminars & conferences, etc. This all is done to upgrade them with the latest technology to prove a successful & valuable employee for the organization he/she works. This, in turn, brings profit to the company.
When employees put so much effort in bringing latest technology within the company then, it’s the duty of company as well to reward those hard- working employees and make them happy and feel important. Here, we are discussing some of the rewards that can be presented to the stellar employees:
- Surprise Holiday: After working so hard, the employees deserve a short break. And, nothing can be more effective, if it is given by the company as a surprise rewarding owing to its hard work & dedication towards the company.
- Dinner with the Boss: A personal dinner with the boss is also a very good way to recognize and reward the stellar employees. This may give a sense of importance and valuable to the company to that employee.
- Appreciating on social media: As we all know that these days social media has become an integral part of everything. Showing appreciation on social media platforms like facebook, twitter, instagram etc. by posting a picture or by tagging in a comment. This way of rewarding the employees is also a good way to make an employee feel important.
- Surprise couple movie tickets or of favorite sports match: Gifting the employee surprise movie tickets, sport tournament, or a theatre show is also a good way of rewarding the employee for his/ her hard work.
These are some of the ways in which the dedicated employees can be rewarded to retain for a good period of time. All such activities of every employee are to be recorded by the Human Resource Management team. There are more chances of human errors while recording such activities of all the employees. This chances even increase in big companies.
To avoid this problem of human error, we at Benefit One USA have come up with “Point-base software”. The benefit of using this software in the company is that records all the activities of all the employees. There are no chances of mistake and it is 100% fair. The winning employees are rewarded with “points” that can be redeemed later and there are 3000+ choices from which the employee can choose.
For more information regarding the software that will help retain the employees, contact us.