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Today, many companies have realized the importance of employee rewards and recognition throughout the globe. A lot has already happened in the field of Employee Motivation.

Therefore, we see many fantastic ideas in execution for a healthier working atmosphere.

What Is The Reward Of Employment?

What Is The Reward Of Employment

The days of “give me all your time and attention and I’ll give you some money” are long gone.

Benefits, incentives, and rewards are becoming as crucial as compensation for good employer-employee relations.

We are currently in the era of incentive management in which “you scratch my back, and I’ll scratch yours” is the norm.

As an employer, you must discover various ways to reward your most exemplary staff.

Not only for successful work, but also for special occasions such as birthdays, anniversaries, and the start of a new year.

There are several reasons why firms should recognize their top staff. To enhance office culture, increase engagement, or minimize staff turnover.

Moreover, the task of recognizing and rewarding your most exemplary employees does not have to be a hassle. It may be a lot of pleasure for both of you.

It might be as simple as a high five, a lovely message, or calling them into the office to congratulate them.

However, something a bit extra, or a combination of ideas, for Easter, Christmas, or New Year’s, could be in order.

What Are The Effects Of Giving Rewards To Employees?

Employee Satisfaction

Rewards come in a variety of shapes and sizes. What is essential, though, is how you manage these rewards.

Employees are happier when incentives are administered effectively and adequately. Plus, they remain loyal to your organization and contribute to the expansion of your talent pipeline.

If we were to list down some of the prime benefits of Employee Rewards, they would be:

  • Delighted employees will attract more talent from the market
  • Satisfied employees will not switch so frequently
  • Employee Rewards will nurture the culture of your organization positively
  • Rewards will enhance employee productivity to a whole new level
  • Your company reputation will boost, and you’ll gain more new customers

What Are Some Examples Of Rewards?

What Are Some Examples Of Rewards

You may provide several forms of awards based on your company’s ethos, and the job is done. You can either provide monetary rewards or non-monetary rewards.

Alternatively, you can also put forth a blend of both kinds.

More so, some of the tried and tested ways of rewarding include:

  • Giving complementary time-offs
  • Employee appreciation weeks
  • The employee of the month
  • Various bonus schemes
  • Educational scholarships, etc.

Top 3 Stories About Employee Rewards in 2019

Moreover, without further ado, let’s have a look at the top 3 employee engagement stories that may leave you wondering.

1. Amazon incentivizing its employees to quit jobs and start their own businesses

The e-commerce giant “Amazon” has announced; a reward of $10,000 and a salary of three months for employees who want to run their own business. According to the offer, anyone with enough savings and desire to be his/her own boss can earn this opportunity.

More so, they are even willing to support the logistics via their Delivery Service Partner program. Read further about in this news here..

2. Employees are being rewarded for switching off their phones at work

Employees are being rewarded for switching off their phones at work

Frank – a company from London has launched an initiative for mental health. In this initiative, they’re rewarding their employees for switching off their phones at the workplace.

Not only that, they’ve turned this initiative into an amazing employee engagement activity via a mobile app that keeps score. This app can detect whether an employee has used his/her phone or not and then grant them points against their time off.

Now, this app doesn’t restrict the use of the phone for attending urgent calls and stuff. However, it just tests the control of an employee over the habitual temptation of checking their phones frequently.

Read more about this wondrous initiative here..

3. A trend of “Peer to Peer Micro-Bonuses” in the UK workers

In recent news, it was found out that there has been a trend going on in the UK’s local firms. This trend includes UK workers tipping some cash rewards to their subordinates as a prize for their good work.

The formal term that they use for it is known as “Peer to Peer Micro Bonuses”. According to a study over this trend, an astonishing 75% increase in the number of customers has been seen in overall UK markets.

Have a look at a detailed view of this report by BBC here..

Conclusion

When you look at these incentives, you can’t help but understand that it takes more than just a salary to make a firm a wonderful place to work.

To keep a company’s most valuable asset: its people, a broad collection of perks, incentives, and business practices are required.

While we acknowledge that most businesses cannot afford some of these incentives, we believe that innovation and passion for rewarding excellent work should be recognized.

Moreover, if you are looking for a super affordable yet effective solution for your employee rewards and recognition needs, BRAVO is exactly what you need.

You can learn about BRAVO here.


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