Insights

Types of Rewards in Employee Reward Programs



Employee Rewards and Recognition Programs are making their way into organisations of all sizes and across industries. They are being recognised and adopted as very important tools to keep the employees motivated and acknowledge good work done. These programs can go a long way in creating excitement and driving the performance to the desired levels.

There are many ways in which the rewards in these programs can be structured. In this post we will look at a few popular ways employee rewards are structured.

· Long Service Awards

Any organization would take pride in long serving employees and aspire to have more employees sticking around for longer periods of times. Awards for long service are the most obvious way to do it. Work anniversaries of employees should be celebrated, and the value of rewards should be proportional to length of service

· Achievement Awards

Every employee in an organization is assigned certain KPIs to achieve and extraordinary achievement of KPIs should result in additional rewards beyond the regular incentives that are assigned to KPI achievement. Employees doing the best in specific parameters or during key campaigns should also be rewarded beyond the regular incentive.

· Spot Awards

Striving for excellence in everything an employee does should be a value that is to be ingrained in every organization. One way to do this is to recognise specific instances where employees have gone beyond what was asked for to deliver excellence. Spot Awards, which are given out by people managers whenever they see such instances is a good way to do this as effort is immediately recognised and rewarded. Each people manager should have a quota of awards, depending on the size and importance of the team and managers should be able to reward employees immediately for achieving excellence.

· Nomination Based Awards

Every department or a sales unit should identify their best performers on a regular frequency and such employees should be awarded disproportionately. There should be a process where managers can nominate people along with citations and senior management can review and finalise the awardees.

· Team Awards

In many instances it is not an individual employee who has achieved success but a team acting together that does it. It also becomes very difficult to identify who among the team had the most contribution resulting in no one getting the recognition for good work. Team awards can cover such cases where a group of people together are awarded and acknowledged.

· Peer Awards

Contributing to a positive working culture by mentoring, sharing knowledge and counselling peers in tough times is something that should be promoted in every organization. A good way to do that would be to let peers decide who is to be awarded as they are the best judges of such behaviour. Getting recognised by peers gives a different kind of exaltation to many employees and there should be a platform to do that.

· Cross Functional Awards

Many jobs entail dealing with employees from different departments and it is important for departments to work well together for the organization to succeed. Cross functional awards are ones which are given by one department to employees of another. This would promote good relations and positive working culture between different departments. This would also ensure recognition of support staff who have a huge role to play in organization’s success but tend to go unnoticed as compared to Sales or Operations departments.

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Topics: Channel / Influencer Loyalty