Employee rewards and recognition programmes have a huge impact on productivity, but only if the rewards platform you're using has the right features.
Employee Rewards and Recognition can have a huge impact on engagement. In fact, a staggering 94 percent of employees who receive positive recognition on a daily basis say they are satisfied or very satisfied with their company, according to research from Bamboo HR.
While recognition programmes can be incredibly successful, you do need to make sure the rewards platform you're using is effective. If employees don't enjoy using it, or you aren't getting the right information from it, it's unlikely you'll see the success or return on investment you had hoped for.
So what should you look for in a rewards platform?
This is the number one factor you have to consider when choosing a rewards platform - it must be accessible to the people who are going to use it. An online rewards platform is normally the best way to offer accessibility to everyone in your network (no matter what country they're located in), but you do have to consider where people might not be on the internet all day. If, for example, you have a lot of employees on the factory floor who may not have laptops or phones with them, you may want to set up computers in the break room to enable them to check their points balance and nominate others for rewards.
Likewise, if you have employees all over the world or who don't have English as their first language, it makes sense to use a rewards platform that's available in multiple languages. At Power2Motivate, we work with many global companies, which is why our rewards platform is available in 17 different languages.
When setting up a rewards programme, you need to ensure you're getting sufficient return on investment. This means choosing a rewards platform that is able to run regular reports on the productivity and sales of your employees. Including this feature also enables you to identify areas where the rewards programme might not be working as well as you had hoped. For example, if there is a particular team that isn't performing as well, the reporting function in your rewards platform should enable you to see this. It will also show the particular KPI that they aren't managing to hit, and you can then diagnose and fix the issue.
Reporting isn't just for employers though! Employees also like to see how they're doing, and many rewards platforms now offer leaderboards. This element of gamification creates great competitive spirit among your employees, enabling them to see how they individually, and as a team, are performing in comparison to others.
Another key element to look for in a rewards platform is anything that gives you reminders of when employees' anniversaries are coming up. A Years of Service Award Programme is an excellent way to increase loyalty and longevity at your organisation, but only if you remember to reward that employee in time!
Finally, the best platforms offer employees an element of choice in their reward. No two employees are the same, and so their rewards shouldn't be the same either. Giving them choice will ensure that they really remember and value their reward, and it will also encourage them to work harder because something they really want to get is at stake.
Rewards and loyalty programmes with Power2Motivate
At Power2Motivate, we offer all the above features and more. If you have any questions regarding our loyalty and recognition programmes, reach out to the team today or request a demo.