How to Approach Rewards and Incentives for Employees
If any of the questions above left you unsure or scratching your head for answers, you’ve come to the right place.
At QIC, we start by asking, “What are you doing today?” and then we synchronize your current employee recognition efforts under one umbrella. Once we get a clearer picture of your overall strategy and business objectives, we round out your recognition operations by incorporating additional, custom employee recognition program solutions that work in tandem with what is already in place in order to achieve your goals.
The key? Don’t overthink it! Many businesses aren’t even aware that holiday parties or occasional gift card awards already count as recognition, and we are not in the business of trying to overhaul award strategies that work or that employees have come to expect. Instead, we identify strategic opportunities in your current recognition matrix that will synchronize these efforts with your unique goals.
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Questions
Are you struggling to find ways to boost employee productivity, increase employee retention, improve financial performance, identify success metrics, or measure employee recognition success?
Can you identify why, specifically, you are recognizing employees?
How up to date are your current employee reward programs and tactics?
Are you aware of current/ongoing employee recognition efforts or how much you currently spend on employee recognition? Do you know how your current recognition efforts tie into your overall strategy?
Do you understand the tax ramifications of your current recognition program(s)?
Points to Consider
350%
Employees cite “no appreciation” as their top reason for quitting, outpacing “unfair compensation” by 350%.
74%
Nearly half of employees are currently searching for a new job, and 74% of them say they are “actively disengaged” in the workplace.
The Benefits of Our Custom Employee Rewards and Recognition Programs
Quality Incentive Company provides a 100% custom employee rewards program approach. This means that we can tailor a point-based system to fit your company’s specific needs.
Your custom rewards and incentives for employees will not only boost employee productivity but will also improve employee satisfaction. Other benefits you’ll see when working with us include:
- Increasing employee retention
- Retaining high-quality talent
- Saving time and resources
These advantages will not only create a better workplace for your employees, but they will also help you to achieve your internal business objectives.
Employee Recognition and Reward Programs Should Align with Company Culture
When developing employee reward programs for your company, it is important to take into consideration the day-to-day personality of your company and its employees. Below are some corporate characteristics and some suggestions on how to tailor your recognition program to fit these specific values.
- Social – Social offices are generally home to employees who love to acknowledge and interact with each other. Incorporating peer-to-peer elements into your program will give them the tools to enhance their already strong culture of recognition.
- Metrics-Driven – If your company is constantly setting and achieving goals it would be beneficial to work those same indicators into your program. Giving special point bonuses for achievement of those hard-to-reach annual goals is a great way to motivate your team and keep those goals on the radar all year long.
- Competitive – We all enjoy a little friendly competition now and again. If this is something your company values, consider placing a leaderboard on your recognition site. This board will let all the participants know where they rank with points earned during a specific period.
- Communicators – If your employees value “being in the know” regarding recognition program and company information, consider sending out regular emails to your participant base. These emails could include point balances as well as monthly corporate communication or program updates. Another suggestion would be including a monthly newsletter on your recognition site.
Remember, when it comes to employee recognition programs, make sure to customize it to meet your company’s cultural needs. Work with your program manager to add new features and indicators that engage and inspire your employees.
FAQs About Employee Recognition Programs, Increasing Employee Retention, and More
What kinds of information do you need from me to create a successful employee rewards program?
At Quality Incentive Company, we strive to create reliable programs that improve employee satisfaction. To do this, we will need to understand more about your business, including information pertaining to:
- Operations
- Goals
- Culture
- Values
This will help ensure that the employee rewards and recognition program we develop will integrate well within your organization and boost employee productivity and morale.
Have businesses that have used your programs seen an increase in employee retention?
Yes! To learn about how businesses have benefitted greatly from our custom employee recognition programs, be sure to check out our many client success stories.
How can the employee recognition program be implemented smoothly into my business practices?
QIC will collaborate with your team to ensure that implementing your custom program is a seamless process. We’ll create a solution that matches your budget and objectives and design a timeline that is manageable for you. This will ensure a smooth transition when incorporating a new employee recognition program into your business.
Learn More on Boosting Employee Productivity
If you’re interested in implementing custom rewards and incentives for employees, be sure to contact us today. Our team is ready to assess your needs and develop the right program for you.
