Corporations, large and small, continue to look for best practices that can redefine the employee experience. In 2022, an unprecedented 50.5 million people quit their jobs because of expanded competition that boasted higher wages and flexible work schedules. Imagine how many of these employees felt unsatisfied with not being recognized or rewarded for their hard work.
Without positive feedback from management, there is no way for workers to know they are appreciated for their efforts and are valued members of the firm. One of the more tangible ways to improve employee retention and increase worker engagement and productivity is to create an effective employee reward system with clearly defined program objectives and a variety of reward models.
What is an Employee Rewards System?
An organization puts an employee rewards system in place to provide a tangible form of employee appreciation for their work quality, attendance, a specific task completed, or other valued input into an organization. Other recognition systems may have a robust point-based program that scores employees on multiple achievements over time in the workplace.
The first goal of any employee recognition and reward program is to show gratitude and appreciation to those employees that stay motivated and continually contribute to the corporate vision. It is important not to minimize or trivialize the tasks or behaviors to be rewarded. This can result in the program incentivizing those responsibilities that are typical and expected of all workers.
Other goals are to keep employees motivated and engaged to continue performing quality work with an employee rewards system that is consistent and personalized.
How Can Employee Reward Systems Increase Productivity
Research studies have proven that organizations will better achieve targeted production and financial goals when employees are motivated to work to their full potential while on the job. Motivational incentives like an employee reward program can not only act to increase productivity, they can also make employees feel more valued and appreciated.
These programs have resulted in not just higher levels of productivity, but employees who feel as if they are an intricate part of the company's success. Motivated and valued employees feel free to offer feedback that improves workplace processes and increases their own or others' efficiency in their roles.
Improve Employee Retention With Reward Systems
Both intrinsic motivation (the inherent satisfaction of doing a job well) and employees (the incentive to complete tasks for some external reward or to avoid punishment) are important drivers for optimizing human resources. One of the main reasons employees leave companies is the feeling that their contributions and hard work have gone unrecognized.
When employees are pointed out and rewarded for doing a job well or achieving some corporate milestone, both the reward and the recognition make employees feel secure in their positions and valued for their efforts.
Employee retention increases when workers believe their efforts will be recognized and rewarded, increasing their job satisfaction and overall sense of belonging.
Employee Reward Systems Help Build a Positive Company Culture
It's natural human behavior to feel demotivated when no one seems to recognize when an employee has gone above and beyond to be a positive contributing member of the workplace. In today's workplace, it's not enough to depend on the expected salary increases to fulfill the need for recognition. And when some are recognized while others are left out, the sense of unfairness can be the start of a toxic workplace culture.
An employee reward system that is fair, transparent, and equitable creates a positive workplace where employees are not only rooting for each other, but are driven to achieve their own levels of success. Instead of a cut-throat work environment, employees relate to each other on more ethical and moral principles, as guided by upper management.
Create an Employee Reward System with Konverse
Konverse makes it easy for companies to reward staff for their hard work, retain those good employees, and build a company culture based on transparency and fairness. Consider recognition badges which display the training employees have completed or the goals they have achieved.
Our all-in-one solutions make it easy for employees to track their progress and skillset growth and share their accomplishments with everyone on the team. Konverse has thought of everything needed to keep employees engaged, including event management, social networking, along with admin tools and analytics.
