6 Important Considerations When Creating a Corporate Rewards Program

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Business owners would agree that exceptional employees are the organization’s greatest asset. The big question is then if the employees understand and feel the same sentiment. Do employees and staff members feel appreciated enough to remain motivated? When they know they are appreciated, they will perform well. As your greatest asset, they should feel like their contribution matters. When they feel valued, they may choose to stay even if another company offers them a profitable salary package. However, cash compensation alone doesn’t foster this type of loyalty. Building a corporate reward program is a better alternative since it’s relevant and suitable for your company. Getting started can be the most difficult part, so here are 6 important considerations to make as you get started.

What Goes into a Corporate Rewards Program?

Start with Your Corporate Values

One of the distinct characteristics of creating an effective corporate rewards program is being able to meld both your employees’ and organization’s values into one. Start by considering what it is that your employees value highly. Also, consider what goals you hope to achieve for your company by developing the corporate awards program. The answers to these questions will require a commitment to getting to know your employees. It also communicates clearly to your employees that your organization’s goals are not too far removed from their own.

Focus on Social Recognition

One way to understand the value of social recognition is to think about the Oscars. What is it that draws top-notch actors to put so much effort into snagging an Oscar? Prestige and social recognition. The search for these two things can also help compel your employees to perform well. You can have your employees, staff members, or supervisors nominate and vote for peers to receive specific awards. To make an award prestigious, make sure they are limited. Finally, host an award ceremony to recognize and reward your star employees.

Go Beyond Performance and Reward Behavior

Employees lean more toward performance. Maybe that’s because it’s easier to identify and quantify. One example is giving incentives to employees who make the most sales. However, to create a successful long-term reward program, you’ll also want to reward positive behavior. This can be quite challenging since you’ll need to identify the behaviors that help to propel the goals of your company. Think about the workplace behaviors that propel success as well as the workplace culture you want to develop for the long term. What behaviors contribute to the culture you hope to build? Reward those.

Don’t Miss Team Effort

Today’s society is very individualistic, with less emphasis being placed on team achievements. However, it’s important to recognize the fact that the progress of your company is the result of different teams putting in the effort. Not only will recognizing team effort boost the morale of team members, but it will also foster a culture of cooperation between the team members.

Get More for Your Buck

Mastering a skill provides its own reward. Most millennials tend to agree since research indicates learning and development availability is one of the top draws when applying for jobs. Furthering the training for your employees is a wise investment for any business. Instead of making it all mandatory, repackage it as a reward reserved for a few who deserve it.

Reward Progress

You may have considered providing a big once-a-year reward like an all-expense paid vacation. However, in reality, only one or two employees would be able to earn such a great reward. Most likely, these winners would already be at the top of the corporate ladder. Using an inclusive approach to corporate rewards is more effective since everyone gets a fighting chance to be recognized for their progress.

Let Suburban Custom Awards Help!

You’re creating a stellar corporate rewards program, and it just makes sense to partner with an exceptional supplier of custom awards. You expect your employees to give you their best, and you should reward them with the best! Talk to us as Suburban Custom Awards, and let us put our years of experience into rewarding your brightest and best.