Offering Virtual Rewards for Employees: Strategies and Ideas

In the ever-evolving landscape of work, where hybrid and remote setups have become the new norm, offering virtual rewards for employees has emerged as a vital practice. With the hybrid work model expected to grow from 42% in 2021 to 81% by 2024, the need to appreciate and motivate employees virtually, is becoming increasingly imperative to cultivate a connected and engaged remote work environment. In this blog post, we will delve into the significance of virtual rewards for employees, explore their impact on employee engagement and satisfaction in the workplace, and provide you with actionable strategies and ideas to effectively implement a virtual rewards programs.

Why Offer Virtual Rewards for Employees? 

In a hybrid or remote work setting, where face-to-face interactions may be limited, virtual rewards play a crucial role in bridging the physical gap and creating a sense of connection and appreciation among employees. In fact, 38% of employees want to be rewarded for their good work, making it more important than ever for organizations to implement programs that consistently reward and recognize great work. By utilizing virtual rewards, organizations can ensure that their recognition efforts reach every team member, regardless of their location. This inclusivity fosters a strong sense of belonging and motivates employees to perform at their best, even in remote or hybrid work environments. Recognizing employees with rewards also has significant impacts on productivity of employees as it has been reported that even a simple thank you from someone in authority can lead people to be 50% more productive.

Working remotely or in a hybrid setup can sometimes lead to feelings of isolation or detachment from the larger organizational culture, in fact, full-time remote work was found to increase loneliness by 67% when compared to in-office work. Virtual rewards help counteract these challenges by providing meaningful recognition and appreciation, which in turn boosts employee morale, feelings of belonging and engagement. When employees feel valued and recognized for their contributions, they are more likely to remain motivated and committed to their work. Programs like Bucketlist Rewards can help you engage your team with a huge selection of personalized rewards, once-in-a-lifetime experiences, gift cards, branded swag and more. To learn more, meet with a professional and discover how Bucketlist can help you!

The Benefits of Offering Virtual Rewards for Employees

Here are some key reasons why offering employee rewards is crucial:

Motivation and Engagement: 

Rewards act as a catalyst for motivation and have a positive and significant impact on employee motivation and drive employees to perform at their best. When employees know that their efforts will be acknowledged and rewarded, they become more engaged and committed to their work. The sense of achievement and recognition fuels their enthusiasm, leading to increased productivity and a stronger work ethic.

Retention of Top Talent: 

In a competitive job market, talented employees are in high demand. By implementing a robust rewards program, organizations can create a workplace culture that values and appreciates its employees. Recognizing their contributions not only makes employees feel valued and respected but also enhances their loyalty towards the company. This, in turn, reduces turnover rates and helps retain top performers.

Enhanced Morale and Satisfaction: 

Employee rewards contribute significantly to a positive work environment and boost overall morale, which is extremely beneficial given the digital divide that often arises in hybrid or remote work environments. When employees receive recognition and rewards for their hard work, it creates a sense of satisfaction, pride, fulfillment and connection to their workplace and colleagues. This positive reinforcement fosters a supportive and collaborative atmosphere where employees feel appreciated and motivated to excel.

Improved Team Dynamics: 

Rewards not only recognize individual achievements but can also promote teamwork and collaboration. By incorporating team-based rewards or peer recognition programs, employees are encouraged to support and appreciate each other's contributions. This strengthens team dynamics, promotes a sense of camaraderie, and fosters a collaborative work culture.

Increased Productivity and Performance: 

When employees feel valued and recognized, they are more likely to go above and beyond in their roles. Employee rewards serve as a powerful incentive for employees to consistently perform at their best, leading to increased productivity and improved overall performance. In fact, studies emphasize that 78% of workers work harder and with more drive when their efforts are being rewarded. Recognized and motivated employees take ownership of their work, set higher goals, and strive for excellence.

Positive Employer Branding: 

A company that values and rewards its employees creates a positive employer brand. Word-of-mouth travels fast, and when employees feel appreciated and recognized, they become advocates for the organization. This positive reputation attracts top talent, making it easier for the company to recruit skilled individuals who are seeking a supportive and rewarding work environment.

Innovation and Creativity: 

Employee rewards can also fuel innovation and creativity within an organization. When employees feel recognized and appreciated, they are more likely to take risks, think outside the box, and contribute innovative ideas. Rewards can act as a catalyst for employees to explore new approaches, drive innovation, and contribute to the company's growth and success.

By offering employee rewards, organizations can create a positive work culture that motivates, engages, and retains top talent. Offering an array of meaningful virtual rewards for employees and implementing a virtual employee rewards program enables companies to better adapt to remote work environments while still providing meaningful recognition and appreciation to their employees.

10 Ideas of Virtual Rewards for Employees

1. Virtual Gift Cards:

Provide employees with virtual gift cards that can be redeemed online for their favourite stores, restaurants, or entertainment platforms. This allows employees to choose rewards that suit their preferences and enjoy a personalized virtual reward experience.

2. Virtual Experiences:

Offer virtual experiences as rewards, such as online cooking classes, virtual museum tours, or interactive workshops. These experiences provide employees with opportunities for personal growth and enrichment, all from the comfort of their own homes. 

3. Virtual Wellness Subscriptions:

Provide employees with virtual wellness subscriptions, such as access to meditation apps, fitness programs, or virtual yoga classes. These subscriptions promote employee well-being, reduce stress, and support a healthy work-life balance.

4. Virtual Team-Building Activities:

Organize engaging virtual team-building activities, such as virtual escape rooms, online scavenger hunts, or virtual trivia games. These activities foster teamwork, collaboration, and strengthen relationships among remote employees.

5. Virtual Coffee or Lunch Breaks:

Surprise employees with virtual coffee or lunch breaks by providing them with e-gift cards or vouchers for popular food delivery services. This allows them to enjoy a treat of their choice while fostering a sense of connection and relaxation during virtual breaks.

6. Virtual Recognition and Appreciation Events:

Host virtual recognition and appreciation events where employees are publicly acknowledged for their outstanding contributions. This can include virtual award ceremonies, shout-outs during team meetings, or dedicated virtual recognition channels. 

7. Remote Work Equipment:

Recognize the unique needs of remote employees by offering a remote work equipment reimbursement program. Employees can submit expenses for essential home office equipment such as ergonomic chairs, standing desks, monitors, or noise-canceling headphones. By providing financial support for creating a comfortable and productive remote work environment, this reward promotes employee well-being and enhances productivity in a remote work setting.

8. Virtual Professional Development Opportunities:

Offer employees virtual professional development opportunities, such as access to webinars, online conferences, or industry-specific virtual events. These opportunities allow employees to stay updated on industry trends, network with professionals, and expand their knowledge base.

9. Virtual Family Engagement Package:

Recognize the importance of work-life balance by offering a virtual family engagement package. Provide employees with subscriptions to virtual family activities, such as online game nights, virtual storytime sessions, or interactive family-friendly workshops. This allows employees to create lasting memories with their loved ones and promotes a supportive and inclusive work environment that values the well-being of employees and their families.

10. Custom Company Swag:

Show appreciation to your employees by offering them company swag packages. Create a selection of high-quality, branded merchandise that reflects your company's values and culture. Include items like t-shirts, hoodies, water bottles, notebooks, laptop stickers, or tote bags featuring your company logo or motivational quotes. Allow employees to choose their preferred items from the swag catalog to ensure they get an item they truly want and to foster a sense of pride and belonging to the company. When employees proudly wear or use company swag, it becomes a conversation starter and can help promote your brand both inside and outside the workplace.

By implementing these virtual employee rewards, organizations can effectively boost morale, engagement, and motivation among their remote workforce. These rewards not only provide employees with meaningful incentives but also demonstrate the organization's commitment to supporting their well-being and professional growth in a virtual work setting.

Virtual rewards for employees play a crucial role in building a thriving work culture and enhancing employee engagement, regardless of physical proximity. By implementing a well-designed virtual employee rewards program and utilizing innovative ideas, organizations can effectively boost morale, foster collaboration, and recognize outstanding performance. Embrace the power of virtual rewards and create a workplace where employees feel valued, motivated, and inspired to achieve their best.