THOUGHT LEADERSHIP

How to Provide Employee Rewards that Impacts your Bottom line

Nov 05, 2018
It goes without saying that happy employees make happy customers. The traditional answer is creating a loyalty program to motivate employees. Here’s the kicker though - the problem is not motivation, it’s our inaction to follow-up on what we want to do. This is why 80% of New Year’s Resolutions fail by February. This begs the question - as an employer, how do you close that gap between motivation and action?

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Here are tips to help you create employee rewards with an impact, not just a perfunctory loyalty program.

Know your people.

Employee recognition influence how people see fairness in the workplace. Monetary rewards cause employees to focus less on tasks that don’t pay-off. Non-monetary rewards can exclude groups who are not eligible for them.

The HR department needs to consider the kind of employee they’re targeting. They also need to look at how the reward will affect the workplace. For example, teaching interns instead of ordering them to go on a coffee run is great. But if you give them opportunities that regular employees don't, it looks unfair. Create a loyalty program that recognizes individual and team effort without overlooking employee performance.

Create balance.

So how do you exactly reward employees to drive the right behaviors? People are more likely to adapt a habit when it provides instant gratification - that’s why weight loss is hard. Yet in a workplace setting, employees need more in the long term - all that free pizza can’t slash half of your tasks on Trello.

Companies can hit the sweet spot by balancing short term with long term rewards. Apart from tangible perks, you can provide intangible benefits by driving intrinsic motivation. You can do this by caring about your employees. What are their needs at work that can make them work better? What are their aspirations? What is the kind of reward/recognition they value? What is the most important to them?

Hire leaders.

Any employee knows work can be hard and stressful. Unless you get paid for nothing, you're going to be responsible for something. Companies can reduce stress by having leaders instead of managers.

Hire leaders that help team members make progress in meaningful work. Hire leaders who prevent groupthink. Hire leaders who love cross team collaboration and hate meaningless meetings.

The result is a purpose-driven workplace where your work matters. When people enjoy what they do, it becomes a reward unto itself.

Combine all these three and you have nuanced employee rewards. Best of all, you don’t need to be Google. Asana has Road Map week where employees collectively plan the company’s future. CyberCoders have an Incubator Training Program. And yes, a free team lunch before payday when everyone is running low on cash would be great.

Businesses can create a dynamic loyalty program by using a digital solution that can make employee recognition interactive and meaningful. RUSH is a business solution platform that has built-in analytics that can provide employee insights.

To learn more about RUSH, visit our website and follow us on Facebook and LinkedIn.

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