Employee Rewards – Do you need to reinvent the Wheel?
With the new financial year already here, there is no better time to revamp your employee reward scheme, but how dramatic do the changes need to be? If your employee reward scheme is a little dusty, it can be tempting to change it completely but you do not have to reinvent the wheel in order to be a success. With this in mind, let us discuss the ways in which you can improve your scheme without starting over.
With more and more companies adding weird and wonderful perks into their recognition program in a bid to capture the imagination of their employees and stand out from the crowd, there is now more pressure than ever to keep up with the Joneses. While quirky benefits can attract new employees and reward existing employees, it is important to ensure that these benefits are appropriate for your company. Rather than starting from scratch, take your existing scheme and polish it. Give it a name that reflects your company ethos and review your communication plan. The chances are, many new employees have come on board since you introduced it. Do they know the benefits that come with performing well? Do they know what benefits they could earn and how to achieve them? Sometimes, you simply need to tweak your employee reward scheme and refresh their memories.
Do a Trial Run
Revamping your reward program can be daunting but it is important to remember that these changes do not have to be permanent. Doing a trial run can allow you to try out a few changes without any of the risks. One way to refresh your employee reward scheme is to add a few new rewards. This is the perfect way to get employees talking about the benefit scheme again and create a buzz around it. These rewards do not have to be dramatically different, remember that some of the most effective awards are old favourites such as gift cards and flexible working hours. You should consider using different rewards each month on a trial basis; you can then see which ones get the best response.
Ask for Feedback
A simple way to see how effective your existing rewards scheme is would be to ask your employees for feedback. Email a questionnaire to your employees and ask them to note down what they know about the current employee rewards scheme. It is possible that you will get many different answers back and this will highlight whether or not communication needs to be improved. In order for a scheme to be a success, employees must be aware of what the aim of the employee reward scheme is and how they qualify. In your questionnaire, ask employees what they consider to be good awards and how they think the scheme could be improved. This feedback is invaluable when revamping your employee reward scheme.
Make it More Accessible
Rather than fancy awards and presentations, why not improve the existing scheme by making it easy to use? If there is confusion around the current employee reward scheme, for example employees aren’t sure how to make their achievements known or do not know how to take part in peer-to-peer recognition, it is no surprise that it never got off the ground. Make it easy for employees to recognise achievements by sending round praise cards on a regular basis.
These small changes can make a big difference to the success of your employee reward scheme.
Learn more on how you can improve your employee reward and recognition scheme here.