Using Rewards and Recognition to Boost Business

Sep 30, 2020

Using Rewards and Recognition to Boost Business

Rewards vs Recognition

Rewards and Recognition are used to motivate employees to improve or change work habits so that they align with their employers objectives and values. Before we go any further – yes – there is a difference between Rewards and Recognition.
Rewards are a tangible or intangible benefit an employer will give to an employee to acknowledge good behaviour. This is great because it reinforces and encourages a repeat. Rewards are also commonly referred to as employee benefits, which include anything from movie tickets to Gift Cards. And, yes, Rewards are one way to provide Recognition to employees, but, there’s far more to Recognition than that.
Recognition is the act of recognising an employee. Whilst Rewards are used to reinforce a specific behaviour, Recognition can be and should be used to acknowledge an employee on any given day, at any given time, for ANY good reason. If you’re wanting to find a reason to recognise an employee, then do it when they engages with your business in a way that aligns with your values, and/or objectives.

How you can use Rewards and Recognition

Companies have, and always will, Reward an recognise their workers for outstanding behaviour or achievements. Everybody knows that in order for your business to succeed you have to invest in your people by encouraging and supporting them. Employees are the backbone of your business. Without them, achieving stable growth and excellent ROI is impossible.
Most employers choose more traditional methods of Reward and Recognition for their workers such as, “Worker of the month” Awards, commission bonuses for exceeding sales targets, pizza and bowling nights are some normal examples. And they’re nice. Everyone likes them.
But, what if you could not only offer Rewards and Recognition, BUT, create your own Rewards and Recognition Program? This will take rewarding your staff to the next level by turning your workplace into a gamified experience. This has the power to leave lasting benefits because Rewards and Recognition work towards actively engaging your staff, and it makes your business the kind of place they’d like to be, even on their days off.
Not only will a dedicated Reward and Recognition Program empower your workers by letting them choose from Rewards that are relevant to them (Jenny from Sales might love a Cashback offer while Mark from IT would love a Gift Card from JB Hi-Fi), but you will be able to view their progress as well. The promise of Rewards and Recognition will encourage them to continually improve themselves in order to unlock their next Reward.
Employees who know they can grasp tangible (or intangible) Rewards for their work performance don’t just look forward to turning up, but they are more eager to do their best in every shift.

The benefits of Rewards and Recognition

In a world of rapidly-morphing job markets, using Rewards and Recognition ensures your business has a steady and reliable pool of skilled employees. Whilst each company is unique, the one thing that everyone should have in common, is using Rewards and Recognition to retain talent.
Long gone are the days where loyal workers would keep clocking in and out for 5, 10, 20 or more years at the same store, office, or company. Millennials love flexibility and tend to be idealistic, which means, in real terms, that if they’re not happy where they are, or don’t agree with a company’s values or culture, they won’t stick around for long.
In fact, an article written by Jeanne Meister for Forbes, describes just how much “job-hopping” the modern day workforce gets up to: a staggering “15-20 jobs over the course of their working lives!”. Now that’s a lot of wasted training time (not to mention money – or patience).
BUT – there is something you can do that will increase worker satisfaction and boost your retention rates, ensuring that your company’s workforce stays strong, stays together, and doesn’t wander.
The answer? Reward and Recognition.
Here are 4 ways in which a Reward and Recognition Program directly benefits your business:

1. Encourages a positive work culture

If each and every one of your employees is happy from the moment they walk in your door in the morning, your workplace’s mood will be that much brighter and more energetic.
Happy people smile naturally and smile more frequently, thus creating a welcoming and warm business environment that customers love. They’re also generally more patient and attentive in comparison to their more subdued counterparts. This means that your customer service systems will run far more smoothly – resulting in happier customers and boosted sales.

2. Lowers employee turnover

If your workers are leaving as quickly as they’re being hired, your business is potentially wasting thousands of dollars (as well as hundreds of working hours and truckloads of effort) in HR, recruitment, and training.
Employees that know their hard work will be recognised – and Rewarded frequently – are more likely to stay put.

3. Increases job satisfaction

As your employees have the ability to earn Rewards that are relevant to their specific interests and hobbies, they’re more likely to be satisfied by their work. After all, some people don’t like pizza, or bowling – or a combination of the two.
So aside from their salaries, knowing that they can choose from their favourite types of gift vouchers, coupons, Cashback and Card-Linked Offers is incredibly empowering. This makes workers feel far more satisfied in their respective positions.
In addition to this, a Reward and Recognition Program taps into promotional mechanics. Participants will feel as if they are being “promoted” every time they claim a Reward – which hugely increases their job satisfaction.

4. Builds strong teams

Building viable teams within your workplace is crucial to the success of your business. Each employee is another piece of your company’s puzzle. If they don’t feel like they get along with their coworkers, then running teams, office branches, or storefronts smoothly becomes a near impossible task.
But with a Rewards and Recognition Program, you can unite employees into teams and help foster camaraderie and harmony as they work together to achieve specific goals and earn their favourite Rewards for their efforts.
Weekly sales goals, customer satisfaction targets, and monthly quotas suddenly become challenges that unite, not divide, workplace teams. Everyone hops on board to push towards achieving a common goal. And even those workers who may feel more ‘on the outside’ suddenly find themselves encouraged and cheered on by others members as they close in on their joint achievements. All of this helps to create much more deeply connected teams.
And these deeply connected teams will become a wellspring of strength and energy for your business, helping drive growth and achieving you an excellent ROI. One of the key indicators of a great business is the strong teams that are behind it (such as at Google, Inc.)
To learn more about how a Reward and Recognition Program can benefit your business, get in touch with us today.

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