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Sep 21'

Corporate Rewards: How to Tailor a Rewards and Recognition Program to a Corporate Setting

Rewards and recognition (R&R) programs go a long way in retaining employees and boosting employee engagement. A well-planned, dynamic R&R program can help create a positive work atmosphere. However, what might work for a smaller organization may not work for a corporate organization. Hence, it’s important to carefully plan and customize your organization’s corporate rewards program so that employees stay motivated to perform better.

Six Steps to Design a Successful Corporate Rewards and Recognition Program

A fair, well-thought-out strategy can make the corporate rewards program fun and exciting with healthy competition amongst employees and teams. Keep employees at the center of your R&R program strategy. You may also leverage automated platforms to recognize and reward employees for milestones, achievements, and a job well done. 

1. Understand How Your Employees Feel

corporate rewards

Employees are the organization’s most valuable assets and you need to know how they feel. Include them in the decision-making process. A survey can help gauge how happy they are working for the organization and how they feel at work. Gather inputs on what can motivate them to do better. This will help you design the employee experience program efficiently and reward them appropriately.

2. Determine the Channels for the Corporate Rewards Program

Now that you know how satisfied your employees are at work and have an idea about how you can make them happier, decide on the different channels you will employ as part of the R&R initiative. 

a. Public announcements: A gratitude post on the organization’s social media page, or a dedicated section in the company’s newsletter to celebrate achievers

b. Personal, private recognition: A thoughtful note of appreciation from your company CEO or key decision-maker to the employees’ email, peer-to-peer recognition, or sharing a client appreciation email and congratulating employees‌

c. Promotion: Adding responsibilities to the employees’ job portfolio or recognizing efforts with an entirely new position

d. Monetary rewards: Gift certificates or hampers, spot bonus, branded merchandise, a lunch treat, local experiences, experiential rewards, sponsored new skill training, paid vacations, or a salary raise.

3. Work Out the Criteria and Frequency for Rewarding and Recognizing Employees

Employee rewards

Brainstorm with your team and jot down the employee skills, criteria, behaviour, events, etc., you plan to reward and recognize. Keep in mind the frequency to build a corporate rewards program.

  • ·  ‌Recognizing and rewarding employees as soon as a milestone is crossed, a project is completed, or an activity worthy of recognition is accomplished can radiate positivity.
  • ·  ‌Rewarding and recognizing employees on their work anniversaries can be a great way to let them know that you appreciate the impact they have made during their tenure in the organization. An automated platform can easily do that job for you, so you never miss a milestone and employees feel special on their special day. 
  • ·  ‌Celebrating even the smaller achievements can encourage employees to outdo themselves the next time.
  • ·  ‌Make a conscious attempt to make the corporate rewards program inclusive. Every individual, team, and work location must have an equal opportunity to participate in the program.

‌4. Plan the Budget for the Corporate Rewards Program

‌Based on the size of your organization and frequency of recognition, decide on the type of rewards you will give out for different types of achievements. The employee survey you conducted in the first step can help you decide on the incentives — ones that will motivate employees to work toward getting rewarded. Allocate a fair amount for the corporate rewards program so that you can run it for a longer-term. You can also plan rewards that are in line with your corporate culture and promote organizational values. As an example, if your organization has a learning culture, you may include a sponsored new skill training as a reward.

5. Communicate about the R&R program

Employee engagement

‌Now that you have planned the program, communicate the rules of the corporate rewards program through emailers, posters, etc., to create awareness among employees. Transparency and clarity in communication, explaining achievements that will be recognized makes the program sincere and desirable to employees. You can also take the help of project managers and team leaders to promote the program.

6. Evaluate the Success of the Program

Once implemented, analyze the program. Understand its effectiveness. Gauge employee happiness once again through feedback surveys. Measure employee performance and progress too to understand if the corporate rewards program is helping employees perform better. Use gathered insights to improve the corporate rewards program.

Do you know what is that one element that the top 10 companies have in common? It’s employee recognition. Do you want to make your company the next best place to work? Contact Bucketlist or request a free demo and get your customized corporate rewards program ready.

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