“To win the marketplace, you must first win in the workplace.”- Doug Conant, former President and CEO of Cambell Soup Company
Strong employees are the foundation of successful business. Whether your company is just beginning to develop an employee retention strategy, or is seeking ways to enhance it, Incentive Solutions has got your back. We have collected eight of the most effective employee reward ideas for cultivating a powerful, motivated, and collaborative company culture. Let’s take a closer look.
8 Employee Reward Ideas & Best Practices
Research shows that 71% of organizations with a highly engaged workforce consistently recognize employees for their contributions. In order to engage your employees, you need to invest in effective recognition and reward techniques that your workforce deems as valuable. Below are employee reward ideas with proven results.
How do you reward and recognize employees?
With a variety of employee reward ideas to choose from, let’s take a deeper look into the options specified on the infographic:
- Merchandise Rewards: If you’re looking to provide a personalized reward experience that is guaranteed to enhance your employee’s lifestyle, look no further. This reward option takes online rewards to the next level, offering millions of merchandise options alongside airline reservations, hotel accommodations, and event tickets. With the right employee incentive program provider, you can track employee redemption activity to stay up-to-date with employee preferences and evolving trends.
- Debit and Gift Cards: Appealing to the more practical-spending employee, this reward option is one of the most popular when it comes to work incentive ideas. Taking on the versatility of a cash reward while remaining more emotionally impactful than cash, your employees will appreciate this form of recognition.
- Incentive Travel: Whether you’re looking to pamper your employees at an all-inclusive resort or a provide once in a life travel experience, this reward option is one of the highest forms of employee motivation and recognition.
- Remote Workdays: According to an article written by Incentive Solutions’ very own Nichole Gunn on motivating millennial employees, “offering remote workdays and flex schedules give Millennial employees the flexibility they crave without dinging productivity.” This reward promotes a healthy work-life balance, showing a company’s investment in their employee’s well-being.
- Company Events: Corporate meetings provide a breath of fresh air by switching up the environment in which your employees collaborate. Your employees will appreciate the change in pace, and the opportunity to build memories with their co-workers.
- Social Recognition: 72% of employees ranked recognition for high performance as a leading driver of employee investment in a company. Take the power of recognition to the next level by implementing various opportunities and outlets for both managers and peers to recognize, such as an online recognition platform where smaller-scaled accomplishments can be celebrated.
- Career Advancement Training: If an employee does not see an opportunity for advancement in their current role, they are more inclined to leave the company. Make training opportunities available for your employees will help them grow, and your business will also reap those benefits.
- Customer Reward Fulfillment: Open the realm of reward possibilities to your employees and you will stand out in a crowd of employers. When you go above and beyond in creative ways for your employees, you set the tone for a progressive company culture.
From Employee Reward Ideas to an Employee Recognition Program
While there are many creative ways to reward your employees, the effectiveness of your efforts lies in the commitment to and consistency around your recognition strategy. With the help of an experienced employee recognition program provider, you can discover the most effective work-place incentive for your employees to guarantee a desirable work environment.