As we shared in our most recent blog, an organization’s culture is the driving force behind any successful reward and recognition program. And with employees often spread out across multiple locations, offering a centralized, values-based reward program supports a united culture and shared values system. In turn, reward programs have a real impact on the bottom line.
Need convincing? Organizations with highly effective reward and recognition programs see 31% lower voluntary turnover and 41% of companies that use peer-to-peer recognition as part of their overall strategy see a positive increase in customer satisfaction. In short, your program can bring out the best in your people.
Understanding your culture and what matters most to your employees will help you design a meaningful program. The most successful reward programs address both an employee’s intrinsic and extrinsic motivation. For intrinsic, think Tony Robbins and the way he makes his guests feel during one of his amazing motivational speeches. For extrinsic, think Oprah’s 2018 favorite things list!
But what rewards have the most impact? Are you looking for ideas outside of the usual anniversary mug or spot bonus? Want to offer something that fits your culture? Try weaving some of these awesome rewards into your 2019 strategy:
- Charitable Donations or Volunteering. Do you have an employee who is passionate about helping others? Reward them by helping a charitable cause that is important to them or giving them a paid day off to volunteer at their favorite organization in need.
- Thank You Video. A handwritten note is one of the most personal rewards you can give. Want to take this a step further – and digital? Create a Thank You video! A great way to show your appreciation over and over again.
- Meal Delivery for a Week. A Win-Win! Reward both performance and promote a culture that supports work-life balance. Hiring a service that will bring your employee their favorite foods for the week will be appreciated.
- Let Employees Reward Each Other. Peer-to-peer recognition can be very meaningful – sometimes even more so than when it comes from a superior. Reserving a budget for peer-to-peer micro bonuses will go a long way in increasing teamwork and comradery.
- Personal Growth & Development Opportunities. Does your employee have an area in which they would like to develop? A passion outside of work they would like to explore? Paying for them to attend a conference or event registration that appeals to their personal needs is a great way to say THANK YOU and help them achieve their goals.
There is no one-size-fits-all approach to rewards and recognition. Instead, the stronger the link between your program and your organization’s culture, the better the outcome for everyone. Reach out to us at https://www.successfulculture.com/contact/ to discover how we can help your organization design a top-notch program that motivates your employees. Our SCALE Academy is the perfect place to start! Building cultures where everyone feels valued is what we do best.