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How to run a successful reward and recognition programme

How to run a successful reward and recognition programme

By Kuljit Kaur, head of business development, The Voucher Shop

Research shows that the more motivated and engaged staff a company has, the better the levels of work performance. Working conditions, pay and benefits all influence staff motivation but communication, recognition and rewards can play a huge part in making staff feel valued and appreciated.

Employee motivation schemes are most effective when the process of earning the reward and the reward itself are aligned with the employee’s lifestyle rather than have to be grafted on to it.

One way of doing this is to offer a variety of flexible benefits on top of any fixed package. A popular option with employers and employees are schemes where employees can set aside a certain proportion of their monthly wages to buy discounted retail vouchers.

This results in substantial savings for them over the course of a year on their regular supermarket and household shopping plus gives them the flexibility to save for bigger annual events such as a family holiday.

And, with year-end fast approaching now is a good an opportunity as ever to boost performance within the company, especially with the current credit crunch. Christmas is an expensive time for everyone so any opportunity to boost income will be welcomed with open arms by staff.

By following a few simple pointers to implement a successful reward and recognition programme, employees will appreciate a well thought out incentive campaign as a chance to earn immediate rewards.

A is for ensuring that the programme is APPROPRIATE for the target audience
B is for finalising the BUDGET prior to starting up the programme
C is for CHOICE… what is suitable for a 20-year-old male is not necessarily ideal for a woman in her fifties
D is the fact that flexible rewards not only DRIVE performance, but also improve motivation and aid retention
E is for EMPLOYEE ENGAGEMENT – an engaged employee will perform better at the workplace
F is for FLEXIBLE benefits that allow the participant flexibility in how they spend their reward
G is for choosing a GIFT voucher as a means of reward, which gives the recipient the power of choice
H is for vouchers that can be redeemed at a number of HIGH street stores not just a simple retail chain
I is to take the INITIATIVE and call in the experts to set up a reward and recognition programme
J is for a JOB well done – reward and recognition are the cornerstones of a successful business
K is to KEEP close contact with the client so that the programme can be tweaked to improve performance
L is for the LONG-term benefits of running a reward and recognition programme
M is for MOTIVATION – research shows that the more motivated and engaged staff a company has, the better the levels of work performance
N is for keeping the campaign NEW and exciting
O is for OUTSTANDING achievement – vouchers can be used for simple sales incentives, as well as wider recognition for schemes or awards for outstanding achievement
P is to PROVIDE regular management information and updates
Q is for Quick and easy – vouchers are a quick and easy way for employees to make their salaries stretch further
R is for measuring the RESULTS at the end of the programme to determine the successes
S is for designing SEASONAL campaigns that tie in with events, such as Valentine's Day, Easter and Christmas
T is for a TARGETED programme ensuring that the objectives and rewards are appropriate to the audience
U is to fully UNDERSTAND the client’s business, their goals and objectives
V is for VOUCHERS and making sure that the choice of vouchers matches the needs and aspirations of the target
W is for running a WELL-planned campaign – for incentives and motivations to be truly effective.
X is for XMAS, which is a good an opportunity as ever to boost performance within the company, especially with the current credit crunch
Y is for the end of YEAR – employees appreciate a well thought out incentive campaign as a chance to earn immediate rewards at the end of the year
Z is for a programme with ZING to create excitement and enthusiasm

AJR
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