While most large Enterprises have a formal Reward & Recognition Programme, typically a large business will use informal, ad hoc methods to foster employee engagement.
While a lack of resources are generally the reason for not implementing a Reward & Recognition program, many businesses forgo the opportunity without understanding the key benefits of a formalised program.
Productivity
Engaged staff are significantly more productive, working efficiently and proactively in order to do a good job. If efforts are likely to be praised and rewarded, then it makes sense that a member of staff will work harder to receive such employee recognition.
Job satisfaction
Recognising an employee’s efforts demonstrates that the job they’re doing is valuable to the business. It sends the message that their hard work is worth rewarding and therefore must be important. This, in turn, makes the individual feel that they are making a difference.
Employee happiness
A happy and fulfilled employee can be motivated to perform better because of the positive feeling they have towards the company. If an employer treats its staff with respect and gratitude, then those staff members will want to do a good job in return. This positivity can also be felt across the business, creating a happy working environment that people will want to be a part of.
Retention
A high staff turnover leads to poor morale that can make others want to look elsewhere. The time required to find and train new staff affects utilisation and the fiscal costs are high, so retaining staff has to be a major priority. The provision of rewards gives employees a tangible reason to stay.
Loyalty
If your employees are engaged with your business, they will be able to promote and sell your brand far better than someone who does not believe in or care about it. Rewarding hard work generates loyalty and helps your team to feel an emotional bond with your organisation.
Team culture
Rewards that incorporate peer-to-peer recommendations are great for team spirit, as they encourage staff to see the positive attributes in one another. Teams are well-placed to do this, as they work alongside each other every day. Additionally, allowing colleagues to send rewards to one another is empowering, as it demonstrates that they value each other’s opinion.
Implementing an employee Recognition programme is now much easier with the introduction of the MicroGifts “Product as a Service” Recognition programme.
There are no huge upfront fees nor any IT integration required. Using an off the shelf platform is far more cost efficient and often cheaper than ad hoc programs. MicroGifts allows an enterprise reward and recognition program experience at an affordable cost with minimal commitment.
Some key ideas for the program may include:
- Peer-to-peer recognition – empower your staff to celebrate each other.
- Long-service awards – celebrate milestones to shout about loyal staff.
- Instant recognition – reinforce positive behaviours as they happen.
- Rewards – small rewards are ok – but must be easy to give and redeem.
MicroGifts can be tailored to your organisation, so it reflects your culture and brand, reward and recognition programs can provide the spark you need to energise your business.
We’d love to help you engage, motivate and inspire your team with our innovative MicroGifts service.