How Philippine SMEs Can Innovate Their Employee Rewards Program
In a 2013 survey by Aberdeen Group entitled “The Power of Employee Recognition,” researchers found that 60 percent of top organizations said that employee recognition is “extremely valuable” in improving individual performance. There is an art to recognition, and companies have long used this strategy to keep their employees not only engaged but loyal as well.
At present, employee recognition is not limited to the big leagues who can clearly afford streamlined and massive recognition programs for their employees. Small- and medium-sized organization most definitely have what it takes to keep their employees engaged, and one of the tactics is improving their loyalty programs.
Go beyond the usual gift certificates and free dinners. Here are some tips to supercharge your team and instill best-in-class loyalty.
Offer big rewards for achieving new, important goals.
Each organization has its own indicators of success, but the most challenging and important goals should be the ones attached to higher rewards.
For example, the MVP of the sales team often reaches the most number of sales. However, if your company is currently rolling out a new service or product, the sales rep who manages to close the most deals for this should be greatly rewarded.
Go beyond the quantity and focus on quality when you are trying to induce change. Moreover, tie your incentive program with your business goals.
Offer incentives for mentoring and training.
In the highly competitive world of sales, professionals are always going after the numbers. While numbers-based perks are good ways to motivate the team, offering rewards for mentoring and training do well when it comes to building not just company loyalty, but also camaraderie.
Empower your MVPs to do more than just hitting the jackpot. Use your incentive program to train them for a higher position and bigger responsibilities to boost both individual and team performance.
Focus on quality not just quantity.
A common scenario is one wherein only the best of the best are rewarded regardless of how hard the rest of the team worked. Instead of empowering the whole team, the majority are demotivated and end up giving up because they can’t compete with the MVPs.
Focusing on quality-based rewards program is a good way to keep the morale up. Devise your mechanics in such a way that individuals are competing against their own performance and not other’s.
For example, instead of just awarding the top 5 sales reps, why not give rewards to everyone who managed to increase their own sales numbers by 20 percent at the end of a period?
Roll out a web-based rewards program.
A little goes a long way. Setting up an online rewards program can encourage your employees to routinely check what they can get if they improve their performance by this much or reach this particular target.
Web-based rewards programs are specifically curated to suit your teams’ needs and desires. Its 24/7 availability also helps motivate your team members regardless of location.
Reward the Right Way
A study by MetLife found that employees satisfied with their benefits are most loyal. Companies can even empower their own staff to recognize their colleagues.
In a 2012 survey by Society For Human Resource Management (SHRM) and Globoforce, researchers found that 41 percent of organizations with peer-to-peer recognition programs enjoyed increased customer satisfaction.
There are more numerous ways to reward people for the great work that they do. Forget the gift certificates and discount coupons. If you want dramatic improvements in our loyalty programs, dig deeper and empower from within.
