Reward and recognition programs like MyRewards International Ltd. are becoming more and more common, and it's not hard to see why. Employees thrive with the right motivation; in fact, when only 2 out of 10 employees feel that their work is managed in a way that motivates them to exceed, it's clear that there's room for improvement. Employee reward and recognition programs are designed to make it easy for employees to understand why they should want to succeed, but creating such a program can be overwhelming. Read on to find out exactly how to develop such a program for your company in order to motivate your employees to do their best work each and every day.
The first step to developing an employee reward and recognition program is to narrow down the scope and define a specific purpose. This will help make sure your goals are in line with your methods, and can help the program be successful down the line. It also helps to have a clear and defined purpose when seeking approval from upper-level management. Your program's purpose can be as general as rewarding employees who exceed their monthly targets to as specific as a peer-to-peer thank-you note system.
Your next step is to decide your specific strategy for rewarding and recognizing employees. You'll need to hone down answers to specific questions, like how often employees can be rewarded, who exactly will be the ones to recognize them (peer vs manager), what the thresholds are for exceeding targets and goals, the means of reward and recognition, what specific tracking measures you'll use, and more. This is when you'll get into the nitty gritty of your program, and you should expect it to take you the longest to figure out.
This is usually the fun part of developing a reward and recognition program for your employees, and usually a little goes a long way. Sometimes peer-to-peer thank-you notes are enough to give your employees the credit they deserve for a job well done, but the rewards can be as exciting as gold stars that can be exchanged for goods or gift cards. Figuring out your budget is the first step, which will allow you to explore the different options you have for rewards. This will then lead into a list of items that need to be purchased up front (plaques, thank-you cards, gift cards, company merchandise) as well as quotes you need to procure for more intricate rewards like goods.
Another detail you need to hammer out is the longevity of the program. This might be a trial program and so specific review dates should be set ahead of time to keep the program as structured as possible. Otherwise, you can set up a schedule of reviews, such as an annual date to go over the benefits and downsides of this program, as well as a timeframe to implement changes that are the least disruptive to the program. Setting this up ahead of time keeps you as organized as possible so that the program runs smoothly and efficiently.