The Ultimate Guide to Employee Reward and Recognition Schemes
In a market more competitive than ever, HR leaders face the ongoing challenge of hiring, and retaining their most critical asset to success.
35% of employees are predicted to leave their role this year, rising to 40% for deskless workers. Shifting employee priorities have changed the landscape. There is now growing demand for businesses to champion an inclusive and empowering workplace that prioritises the People experience. And with 44% of employees leaving their last role due to feeling undervalued, the businesses overlooking this are facing the consequences.
Employee reward and recognition schemes have never been more important in creating a competitive experience that stands an EVP out from the crowd.
So, what makes an effective programme that sharpens a brand’s competitive edge?
Firstly, your people are more than their job descriptions. Recognition must not only be delivered ‘in the moment’ but should also celebrate a broad range of performance and behaviours – including those outside of an employee’s role criteria. We explore a go-to checklist of agile recognition examples that stretch from performance, to culture, to collaboration in our Guide below.
Business values need to be placed front and centre of employee reward and recognition schemes. This ensures a brand’s culture remains authentic in delivering its mission, but also enables individuals at all levels of the organisation to contextualise how their role plays a crucial part in achieving overall objectives. Through recognising and rewarding behaviours that embody core values, employers boost motivation and belonging across their teams.
Successful programmes create a sense of togetherness and community, particularly for hybrid, remote or deskless teams. Recognition shouldn’t just be enabled for managers to thank their teams – it’s key to also ensure colleagues are able to celebrate one another through personalised shoutouts.
Importantly, recognition and reward should underpin the basis of the wider employee experience. By providing the framework of an inclusive, empowering workplace culture, recognition and reward formulate internal award schemes and employee incentives to maintain a consistent and authentic People experience.
The golden thread of delivering outstanding employee reward and recognition schemes in a modern world is to leverage the power of technology. This not only enables scalable impact but unleashes the power of automation so key moments are celebrated consistently, for example employee birthdays and service milestones. To find the perfect platform for your business, check out the extensive buying checklist in our Guide below.
Discover the one-stop-shop for creating a scheme that transforms your People experience.
Rippl’s Ultimate Guide to Recognition and Reward is a one-stop-shop to enable HR leaders to design, implement and evidence an employee reward and recognition scheme. Here, we explore all corners of implementing a successful programme, feature handy resources, plus a free template for building a compelling business case for budget holders. Download your free copy here.
Fancy chatting further? Talk to one of our experts.