Today, no organization can afford not to invest in an employee rewards program. Such programs have become an integral part of the HR strategy of almost all organizations. They can derive considerable benefits from their employee rewards programs.
What are the Key Benefits of Employee Rewards Programs?
While the importance of employee rewards programs might be well understood, it might be good to do a quick recap of the key benefits offered by such programs. Here are the top 5:
1. Employee Engagement
Rewards and recognition can help drive up the level of employee satisfaction and engagement with the workplace. Employees feel more committed towards their work when they perceive that their work and contribution is being valued by the organization.
2. Employee Productivity
Employee rewards programs can help enhance the motivation levels of employees by giving them added incentives to over-achieve their goals. This can drive employees to work faster, better and smarter, pushing up their productivity levels.
3. Organizational Culture
Being rewarded by their managers or recognized by their peers for their achievements increases the sense of self-worth and confidence of the employees. This helps create more positivity in the work environment, slowly building a better organizational culture. Such a culture promotes good work and appreciation for good work. Rewards and recognition programs can also help reinforce specific cultural values in the workforce.
4. Employee Retention
An employee rewards program can help in building employee motivation, engagement and positive relationships with managers and peers in the organization. Studies have shown that these ‘softer’ factors can play a critical role in making employees stay back with their organizations and not seek opportunities elsewhere.
5. Employer Branding
Employee rewards programs can also help in creating a positive brand image about the organization in the job market. When potential candidates get to know that the organization values and acknowledges the contribution of their employees, they are more likely to seek employment there. Hence, rewards and recognition program can help organizations attract top talent from the industry.
Given the benefits of employee rewards programs, organizations should look at designing and developing such programs. They should look at leveraging rewards and recognition platforms such as HiFives to implement such programs. These platforms can help them digitize, streamline and automate their programs easily. They can also incorporate industry best practices by investing in a rewards platform. This can help them to take their employee rewards programs to the next level.
