VIDEO: How to Create a Workplace Rewards Program

Employee workplace rewards programs are strategic initiatives that acknowledge and reward employees for their contributions and achievements within an organization. When done well, these programs foster a culture of performance recognition and promote employee engagement, retention, and productivity. So let’s take a look at different types of workplace rewards programs and more importantly, how you can implement them in your company. Workplace rewards programs can take various forms.

Social recognition involves public appreciation from peers and supervisors. For example, Motivosity allows users to call out other employees for going above and beyond with visible notes across the company. Monetary or tangible rewards can range from salary increases to gift cards. Many employee recognition solutions, like Awardco, let users pick items from Amazon and other retailers. Letting users hand-pick their awards cuts back on waste and improves satisfaction.

After all, it’s kinda hard to complain about a prize that you picked out yourself, right? Finally, there are experiential rewards, which are centered around experiences such as team outings or office parties. Now that you know the different types of reward programs, how do you create one? To establish an effective workplace rewards program, start by defining clear goals aligned with your company's objectives. Next, select reward criteria that encompass both performance-based achievements and contributions to teamwork and company culture.

Then establish key performance indicators (KPIs) to track performance objectively and determine appropriate rewards. Keep in mind that this is different than planning simple tasks. You’ll want to set specific, measurable, achievable, reasonable, and time-based goals. After that, plan a budget for the program, considering the ROI on productivity and retention rates. Lastly, survey employees to understand their preferences and adjust the program accordingly based on feedback.

I showed a few employee recognition tools in this video that can help you with your workplace rewards programs, including Motivosity, Awardco, and Bonusly. You can see more info about those and others by clicking that first link in the description below. Thanks as always for watching, I’m Kyle, this is TechnologyAdvice, and I’ll see you next time.