You often hear how more and more companies are implementing reward programmes. The truth of the matter is that it is becoming ever more apparent there are real benefits to business in doing so. We give you 4 reasons here why this is so and how you can implement these into your business.
1.SCIENTIFIC RESEARCH
There have been many studies on this in various countries involving almost all industries and there appears to be a common agreement particularly because science has proved it!
There’s been a lot of research into how receiving recognition and praise can affect an individual and their overall work performance.
Appreciation and gratefulness affect certain parts of the brain, including the hypothalamus. The hypothalamus regulates things like our appetite, sleep and dopamine. Research has shown that appreciation and gratefulness heavily affect the hypothalamus
2.BOOSTING STAFF SELF-ESTEEM
When it comes to a person’s needs, one of the most popular theories is Maslow’s hierarchy of needs. These can be met in a number of ways in the workplace.
Physiological – Can be met through offering food and drink options at work, the broader the options the better!
Security – Can involve financial security such as wages and pensions or physical security like suitable, secure working conditions.
Affiliation – Achieved through creating a positive, inclusive team spirit and encouraging social interaction.
Self-Actualization – Involves challenge and encouraging creativity. Another of the needs stated by Maslow is the need for self-esteem. This is where reward comes in. Suitable rewards for employees can help boost their self-esteem and realize their worth to the business.
Whether it’s a simple ‘well done’ or a gift voucher for example, rewarding employees is critical to creating a positive atmosphere and improving the happiness of your workforce!
3.COST EFFECTIVE FOR THE BUSINESS
We’ve said it before, the most effective rewards are those which are non-monetary or at least low-cost. That’s not to say that all monetary rewards are ineffective, they certainly aren’t, but it’s more about the gesture than the actual reward itself. Personal drive, challenge and job enjoyment were also mentioned.
Lack of recognition was also found to be the biggest demotivator at work. There are loads of ways you can reward employees for little cost.
You could use the following tried and tested examples:
• Give staff additional or extra leave or even an extended lunch break.
• Allow employees time to work on their own projects.
• Provide the option for more flexible working if not already offered.
• Allow time to do volunteer work for a day.
• Offer training to help the person improve their skills and advance their career.
4.REWARDING STAFF IS SO SIMPLE
Non-financial rewards are often more effective. However, whether you have a reward budget or not, a little time and imagination can go a long way when it comes to rewarding staff. A reward system can make things a lot easier for managers and employees.
Here are a number of benefits to a reward system if implemented:
1. Managers can reward employees and employees can see their rewards through a reward system from wherever they are.
2. Employees can reward each other (peer-to-peer) and as it’s digital, eCards can be used to show recognition in seconds.
The possibilities are endless!
All employee awards can be kept in one place and viewed by anyone at any time. It’s quick, simple and easy for everyone involved! It takes seconds to show recognition and rewarding employees is quick and easy. Reward and recognition is made much easier too through an effective reward and recognition system.
