As a manager, your job is to ensure that your employees are motivated and productive. Easier said than done, right? That’s where employee rewards programs come in. Offering incentives for high performance can create a culture of positivity and engagement that encourages employees to take initiative, be creative, and reach new heights.
In this post, we’ll explore the top benefits of an employee reward program and how you can easily implement one.
Benefits of Implementing an Employee Rewards and Recognition Program
Boost Employee Morale and Retention
When employees feel appreciated and valued, they’re more likely to be happy and productive at work. A rewards program provides that appreciation in a tangible way. Recognizing and rewarding good work also boosts employee retention. According to Aon Hewitt, companies with a strong employee recognition culture found that turnover was 31% lower than companies with weaker recognition programs.
Encourage Healthy Competition
A rewards program creates a playful, competitive environment that inspires employees to want to do better. Publicizing reward programs can not only enhance employee participation but also improve motivation and performance. Employees see tasks as a win-win situation, which becomes more of a game than a job, and employees feel more engaged.
Empower Employees
Rewards programs are an excellent way to instil a sense of ownership and responsibility in your team. By offering incentives, you’re encouraging employees to take initiative and come up with innovative ideas to drive the company forward, increasing individual productivity and the company’s bottom line. These programs result in less time spent micromanaging by the manager and more time spent with employees improving their own performance.
Improve Company Culture
A rewards program can positively impact company culture by creating a shared goal and enhancing team spirit. This, in turn, leads to a trend of transparency and continuous positive feedback. A rewards program can showcase what achievements are being recognized, and employees become more aware of the company’s values and priorities.
Cost-Effective Strategy
You don’t need a massive budget to implement an employee rewards program. Simple, reliable, and low-cost rewards can include gift cards, lunch or dinner parties, an extra day off, and social activities, such as bowling nights. By offering sincere appreciation and active listening, you’re building long-lasting relationships with employees and driving success to your organization.
5 Employee Rewards & Recognition Programs That We Love
Worktango
workhuman*
Achievers
nectar
Bonusly
Guusto
Worktango
Worktango offers a robust platform that intertwines Employee Rewards & Recognition with Employee Surveys and Feedback. With a vast array of offerings from popular brands, the flexibility to utilize points for personal experiences or charitable causes, and a focus on fostering healthy workplaces, Worktango is redefining the way businesses approach employee rewards and recognition.
Worktango shines in offering a diverse range of rewards to cater to various employee preferences. The platform allows employees to choose from thousands of products and gift cards from popular brands, providing a personalized recognition experience. Furthermore, it gives employees the freedom to redeem their points for personal travel, hotels, ticketed events, or contribute towards charities – a feature that stands out for its novelty and thoughtfulness.
In a post-pandemic world where hybrid and remote work models are increasingly prevalent, Worktango’s platform ensures these workers are not left behind. The platform provides a seamless experience for all employees, regardless of their work location, enabling them to participate in surveys, provide feedback, and easily access their rewards.
Worktango is a comprehensive solution for companies looking to improve their employee rewards and recognition programs. Its extensive reward options, support for hybrid and remote workers, leadership enabling features, commitment to DE&I, and focus on professional development make it a standout choice.
Their impressive client list includes household names such as Pizza Pizza, DOORDASH, and Rexall™.
Information about Worktango and its clients was obtained from the Worktango website
Workhuman*
With a focus on social recognition, performance development, and celebrating life events, Workhuman offers a suite of tools designed to foster a more human-centered workplace.
Workhuman leads with its Social Recognition® tool. This feature encourages peer-to-peer recognition, fostering a positive work culture and promoting collaboration.
The Conversations® tool promotes continuous feedback and open dialogue between managers and their teams, enabling employees to take control of their own development.
Workhuman’s Life Events® tool is a unique offering that recognizes and celebrates employees’ meaningful moments outside of work. By acknowledging these personal milestones, companies can forge stronger connections with their employees, contributing to increased engagement and retention.
Workhuman® iQ, the platform’s new AI-powered social analytics feature, provides valuable insights into employee sentiment and engagement. This data-driven approach enables companies to make informed decisions and strategically improve their workplace culture.
Workhuman’s client list speaks volumes about its credibility. Trusted by leading brands such as CISCO, Moderna®, and LinkedIn, the platform has proven its ability to enhance employee experience and drive business outcomes.
Information about Workhuman and its clients was obtained from the Workhuman website
Achievers
Achievers Employee Experience Platform™ presents a comprehensive solution for reshaping people strategy. With an array of tools designed to enhance employee recognition, capture employee feedback, celebrate milestones, and provide a superior marketplace.
Achievers’ platform excels in fostering a culture of recognition. It encourages employees to acknowledge each other’s accomplishments, building a positive and supportive work environment. Additionally, the platform provides an avenue for employees to voice their thoughts and opinions, promoting open communication and transparency.
Serving over 190 countries and 2,500 brands, Achievers boasts a wide reach and impressive customer base. High customer satisfaction scores attest to the effectiveness of the platform. Notable clients, such as Kellogg, further underscore Achievers’ credibility and prowess in the field.
Achievers Employee Experience Platform™ presents a compelling solution for transforming people strategy. Its focus on recognition, capturing employee voice, celebrating milestones, and providing a superior marketplace makes it a valuable tool for organizations aiming to enhance their employee experience.
Information about Achievers and its clients was obtained from the Achievers website
Nectar
Nectar is a pioneering platform that is challenging traditional business norms and transforming the way companies approach employee recognition. With a focus on peer-to-peer recognition, core values, and meaningful rewards, Nectar is creating a workplace culture that employees are proud to be a part of.
Nectar is leading the charge in promoting peer-to-peer recognition. This feature allows employees to acknowledge each other’s accomplishments, fostering a positive and supportive environment. This approach is a breath of fresh air from the top-down recognition model and encourages collaboration and mutual respect.
Nectar’s integration with popular platforms like Slack, Microsoft Teams, ADP, and Workday also sets it apart from its competitors. This compatibility allows for seamless communication and recognition across various platforms, enhancing its usability and convenience.
With clients such as MLB, Golden State Warriors, and Heineken®, Nectar’s credibility is evident. These brands’ trust in Nectar underscores its effectiveness in enhancing employee experience and fostering a positive work culture.
Nectar presents a compelling approach to employee recognition, focusing on peer recognition, core values, and meaningful rewards. Its integration with popular platforms enhances its usability, making it an easy choice for companies looking to transform their recognition strategy.
Information about Nectar and its clients was obtained from the Nectar website.
Bonusly
Experience the power of Bonusly – the fresh workplace culture platform. Their innovative offer features exciting incentive programs, custom awards, and claimable rewards. Discover a new approach to recognizing and celebrating your team’s hard work.
A key differentiator for Bonusly is its incentive programs. This feature allows employees to create custom awards, bringing attention to achievements that might otherwise go unnoticed. The option for employees to self-nominate for claimable awards adds another layer of engagement, encouraging active participation in the recognition process.
Bonusly Analytics is a powerful tool that provides valuable insights to guide teams. Real-time people analytics help understand and react to employee sentiment.
With over 3,200 organizations, including Headspace, BigCommerce, and 1Password, trusting Bonusly to build their culture of appreciation, the platform’s effectiveness is clear. It has been shown to improve eNPS scores, retention rates, and employee connection, underscoring its impact on employee engagement and satisfaction.
Bonusly offers a comprehensive solution for companies looking to enhance their employee recognition and engagement. Its unique features, such as incentive programs, custom awards, and robust analytics, make it a standout choice for any organization committed to building a culture of appreciation.
Information about Bonusly and its clients was obtained from the Bonusly website.
Guusto
Guusto is an intuitive platform designed to enhance employee recognition and rewards. Offering a free account for instant setup, zero commission fees on gifts, and full refunds for unclaimed gifts, Guusto has created a cost-effective solution for businesses looking to boost employee morale and productivity.
Guusto’s main advantage is its quick and easy setup process. With a free account, businesses can get started immediately, eliminating any hurdles to implementation. Moreover, Guusto’s zero commission fee policy ensures that every dollar spent on gifts goes directly to the employee, maximizing the value of each reward.
One of Guusto’s standout features is the flexibility it offers recipients. Employees can choose their preferred merchant, adding a personal touch to each gift.
Additionally, businesses receive a full refund for any unclaimed gifts *when a redeem-by date is entered, potentially saving them 10-20% of their recognition budgets.
For businesses mindful of their budget, Guusto offers a unique, budget-friendly approach to employee recognition and rewards. Its quick setup, zero commission fees, flexibility for recipients, and refunds on unclaimed gifts make it a compelling choice for businesses.
Information about Guusto was obtained from the Guusto website.
Stay tuned for our upcoming reviews on Kudos, Mo, Motivosity, and Bucketlist employee rewards programs. Remember, the best choice depends on your specific needs in terms of budget, interactions, support, and usability.
Employee rewards programs can help your team achieve amazing results by boosting morale, retention rates, and productivity. By keeping it simple and offering meaningful incentives, you nurture a culture of positivity, fun, and friendliness that ultimately drives the success of your organization. So, why not start your rewards program today? Your employees and your bottom line will thank you.
