Business owners are always looking for ways to make their employees feel more rewarded and recognised as this helps increase productivity, loyalty, and efficiency. Managing your employees, the right way and appreciating their hard work makes them feel happy and satisfied and they will be willing to put in more work which will ultimately increase your return on investment. If you are looking for ways to reward your employees then here are some ways to help you get started.

Employers are witnessing the dawn of the hybrid workforce. But firms are now facing challenges around motivating and engaging hybrid workers and how to draw lessons from what just happened to the world of work. 6 ways to reward employees for collaborative hybrid work practices

Why Your Business Should Implement Employee Recognition Programs

With so many different people working together, it can often be challenging to lead a business. However, if you want to retain your talent and boost productivity, you should look beyond monetary rewards. Research has shown that businesses that recognise the achievements of their employees tend to have more productive and engaged employees.

Compared to a few decades ago, several organisations have transformed the way they recognise employees and their achievements. However, there are still many that do not want to move away from traditional methods. This reluctance to change the way they appreciate their employees come from misconceptions. Thankfully, it is now possible to clear those fallacies and ensure decision-makers invest time, effort, and resources to make their employee recognition programs more successful.

‘How can rewards be used to drive effective loyalty programs?’. Answering this question, we once again turn to member psychology in relation to rewarded behaviour.

During the past decade, as loyalty programs have come to terms with analysing Big Member Data, it has been consistently observed that members increase their spending after reward redemption for a short period of time. This is part of the Motivational Cycle. So how can you use this cycle to your advantage?

Cash vs Experiences - Building meaningful and longer-term connections with customers through loyalty programs is an essential strategy for brands to survive in crowded marketplaces with little differentiation and low switching barriers. Rewards offer opportunities for unique relational positioning.

Over the past 10 years we have seen the rise of the pre-paid card (both MasterCard gift and reloadable) as well as the use of online retail vouchers, become the preferred reward medium in our loyalty and incentive programs.

At Motivforce we have been helping clients to deploy Business Partner-driven strategies in order to improve their performance, agility and profitability. Although this is still core to our business, we also work on a growing interest in measuring the impact of employees on the bottom line. Employees are arguably a company’s most valuable resource, as they are sources of innovation and knowledge and allow for competing through service excellence.

Thinking of or running an Employee Recognition Program?

The exponential growth of Big Data now makes it possible to predict the performance of teams on the basis of laws and patterns in social interactions.

The research highlighted the traits of the ideal team player and also successful teams.

Most loyalty marketers focus on rewarding customer or business partner behaviour. Yet, there is another important side to the loyalty coin and that is recognizing the performance of employees. There is a so-called profit chain that links employee motivation and behaviour with customer loyalty. We have witnessed an important shift when it comes to employee recognition programs; the focus is no longer on incentivizing individual employees, but on rewarding the performance of teams. 

In designing employee recognition programs, it is imperative to be very specific about the kind of behaviours that you want your associates to display (and get rewarded for). Many of our clients make the mistake of relating their incentives to broad and generic corporate values. Instead, the specs are important, as they make for easier and more transparent reward criteria. Also, do consider recognizing your operational managers. For many customer-facing employees, their supervisor, team leader or store manager is a role model who they look to for guidance on good practice.