Similar to holiday shopping, there’s no one stop shopping in Rewards & Recognition programs. As you read on, think about what’s going to work at your organization. Use your imagination to create a program that will work for you.
As you develop the program, there are a couple of questions you’ll want to answer:
What goals do you want the program to reinforce?
Which employees is the program targeted at?
What are the key measures for reward?
What are appropriate rewards?
How will you communicate the program and recipients?
The most common types of programs to consider are:
Peer reward program – This type of program is designed so that coworkers and colleagues nominate peers for recognition. Typically a person in senior leadership makes the ultimate selection from these nominations, however it can also be designed so that peers also vote on the finalists (akin to American Idol).
Nomination/Selection Committee – This type of program can be designed so that a group of supervisors, coworkers or a combination of both make nominations. It can also be designed so that another group, such as the peers, makes nominations and this committee is the one making the final selection.
Incentive program – Typically designed to drive sales and retain customers, an incentive program is a less objective program where rewards are given designed based on meeting and achieving pre-set goals, quotas or objectives.
Online programs – Online incentive programs are gaining popularity and can be customized to meet the organization’s goals of the program. There are a variety of different programs and many can be customized to meet your goals.
Types of Rewards – The list is endless of what can be considered a reward. Again, be creative. Think about the employees and what would be valued by them.
Cash – Who doesn’t like a little extra money in their pocket? While employees will often state they want cold hard cash, giving money can get buried in with their regular compensation and the R&R program may be less effective in reinforcing behaviors. If you decide to go the cash route, think about how you can separate out the cash reward from regular pay.
Non-cash rewards – Creating opportunities that might not otherwise be available can be desirable to employees such as offering flexible work time, a prime parking space, training or an extra day off. Non-cash rewards can also be as simple as a thank you note from a top executive or recognition at a company meeting.
Gift cards/gift certificates – gift cards are typically the most common type of corporate reward.
Merchandise – Company logo merchandise will further enforce loyalty to the company.
Trophy or award – a visual keepsake of the company’s appreciation can be a reminder for months to come.
Travel – Employees will remember a trip long after the reward is over.
Experiential – These types of rewards can range from hosting a company pizza party to sending people on elaborate experiences such as tickets to a sporting event or day of sailing lessons.
Developing a program that effectively rewards and recognizes employees can be equally powerful for the company and the employee. We’d love to hear about your Reward & Recognition and successes or failures.