Many Australian businesses now use some form of rewards program to recognise the efforts of their employees. But measuring what you put into the program versus your Return on Investment (ROI) is not as often done. See the four ways Power2Motivate can help you determine what your ROI is worth.
Employee recognition and rewards programs are important for increasing workplace engagement and making staff feel valued. HR today backs this statement, indicating that 75 per cent of employees formally recognised for their effort at least once a month claimed to be very satisfied with their job.
But while it is all very well and good to use a staff rewards program, many businesses are unsure about how much they are willing to spend on it, how to use program data to improve it and how to track their Return on Investment (ROI) from the higher staff retention and engagement.
Seventy five per cent of staff formally recognised for their effort by management monthly claimed to be satisfied with their job.
Power2Motivate Australia are industry leaders in providing online rewards and recognition programs for businesses and we can help you determine your ROI in four simple ways:
1. Simple reporting
Power2Motivate wants you to have easy access to data on employees' engagement with your online program. That's why we developed the three-click reporting system. With these reports, you can view essential data such as:
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How many people logged into the program;
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The number of awards issued, sorted by department or individual receivers;
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The value of the incentives delivered to your staff.
In three simple clicks you can have access to a myriad of data that paints a detailed picture about how your employees are interacting with your online program. You can then use this information to customise an individual's access or to make your platform more engaging.
Virtual trophies and other gamification elements make your employees more engaged with their online rewards.
2. Managing leaderboards and virtual trophies
Gamification is a key element in making your employee rewards program more engaging. Introducing digital trophies and leaderboards makes fulfilling the expectations of their role and achieving for your business seem like a game, which can be helpful in taking the pressure off under-the-pump staff members. But how does this track ROI on an individual employee's input?
How your workers interact with these engagement elements is a good indicator of how motivated they are by the rewards you are offering. If they value this display of digital competition and regularly monitor their progress in fulfilling their goals, they are likely to enjoy the recognition program you have set up and are probably satisfied with your rewards culture.
On the other hand, if you notice an employee who rarely engages with the gamification features or uses the online rewards platform at all, it is a good indication you need to find a recognition strategy that suits them better. Not all employees like to be rewarded in the same way, and tailoring your program to individual preferences is easier when you can access this data.
3. Surveys and employee feedback
There is little better feedback then a direct qualitative survey. Finding out what employees think about your recognition culture and rewards program in their own words is invaluable to making changes that will positively affect the way your staff see your business and how they approach their jobs.
The survey tool of Power2Motivate's online platform is designed for ease-of-use and can be completed quickly to ensure workers aren't put-off supplying this valuable feedback.
Power2Motivate's Budget Manager means you can keep track of your business' spend on rewards.
4. Budget manager
Many businesses are uncertain about the value of a rewards program against the cost of setting one up and managing it. With Power2Motivate Australia's Budget Manager system, you can accurately track all your outgoings - you are in control.
Budgets can be assigned on a team, departmental or managerial level, affording different levels of access to budget data. Tracking your spending offers a clear dollar-value that your recognition scheme can be set against.
If you are unsure about whether your business is getting the right ROI from its rewards program, it is time to partner with an industry expert. Power2Motivate have a truly global presence, with 750 clients in 150 different countries. We know what it takes to deliver on a rewards program that works for both your staff and management. For more information, contact the Australian team today.