A solid incentive and recognition program is a proven, high-impact strategy to boost employee retention and attraction. Whether your firm is actively hiring or seeking to avoid undesirable attrition (or both). But what does it take to create a best-in-class incentive and recognition program that retains top talent loyal to your company?
Getting down to the nitty-gritty of establishing a company-wide employee recognition strategy can be daunting. Especially when you’re under pressure to fulfill both objectives and budget while delivering a consistent, fair, and equal R&R experience for everybody.
The following are the main elements to include in your recognition strategy:
Determine your company’s reward and recognition pulse
Before you begin planning, conduct some reconnaissance to ensure that your decisions are influencing by understanding. A brief employee survey is a fantastic method to get a sense of your employees’ view of recognition if it’s been a while since you’ve done a formal “temperature check” of the condition of reward and recognition in your company.
A survey is a terrific approach to start communicating with your team and encourage buy-in from the beginning. Use this chance to learn about the aspects of your current recognition program that your employees like and wish to preserve. As well as areas where you can improve and change things.
When it’s time to develop your program, you may use the results to spark discussion in focus groups. And as a benchmark to revisit every six months or so after implementation to keep track of your progress!
Create a pyramid of rewards and appreciation
The Recognition and Reward Pyramid’s layers depict various aspects of a strategic recognition program. It’s a simple, easy-to-follow, and easy-to-remember system that ensures that every employee in your company notices, recognizes, and is a reward at least once a year.
We recommend building a program from the bottom up, as with any solid structure: the bottom of the pyramid is the widest. Indicating that that element of your program are design to reach and recognize the greatest number of employees. Peer-to-peer, values-based, and results-based E-Cards, as well as in-person recognition, account for the majority of recognition frequency. These are free, fun, and celebratory. As well as continuous (that is, they can be sent at any time throughout the year), and multi-directional.
Create a peer-to-peer reward and recognition experience that will be remembered
Create a peer-to-peer reward and recognition experience that will be remembered.
Please don’t rush! The goal of a strong recognition program is for it to last for many years and to grow along with your company. Consider including others in the name-making process. And even inviting staff contributions — imagine the expression on someone’s face when they see their name in lights!
Your personnel is the key to creating a long-lasting recognition program. You’re well on your way to developing a centralized center for your company by soliciting employee opinion. Implementing a tiered strategy, and involving employees in naming the platform.
ABOUT THE AUTHOR: ADVANTAGE CLUB
Advantage Club is a global provider of employee benefits. The platform serves to digitize all employee demands under one canopy through numerous employee engagement programs such as incentives, rewards & recognition, flexible and tax-saving modules. It now serves over 300 organizations in 70 countries and has over 10,000 brand partnerships.