It's not as easy as simply introducing an Employee Rewards Program to your business, sitting back and watching your staff become happier and more motivated. Getting the best out of a Rewards Program requires you to re-think the technology you use to manage it.
Introducing an Employee Rewards Program is not as simple as it seems. In fact, 25 per cent of employees are dissatisfied with their employer's rewards scheme, according to an EY report.
Around 65 per cent of employers are satisfied with the Rewards Program they used - but nearly half of employees aren't.
There is also a real schism in how these programs are perceived. EY shows that 65 per cent of employers were satisfied with the Rewards Program they used - and seemingly unaware of their workers' unhappiness. Monitoring your staff engagement and satisfaction is easier when you use an online incentive platform to manage your Rewards Program.
The current flaws of Employee Rewards Programs
The issue with using an offline Staff Rewards Program lies in your inability to truly fulfill what you set out to do - which is rewarding your employees with prizes they choose. This data becomes very difficult to track if you try to manage it without the aid of a fully integratable online platform.
Many workers are unhappy with their company Rewards Program - and many employers don't realise.
This means you are throwing money at a program that is actually demotivating workers - by not maximising their engagement with your program, it seems as if you don't value their feedback or personal desires. DCR Strategies indicate 39 per cent of staff feel unmotivated in their workplace, with 77 per cent claiming they would work harder if they were rewarded in the right way.
It's time to re-think how you manage your Employee Rewards Program - and consider partnering with industry-leading incentive providers like Power2Motivate.
Why use technology to help manage your Incentive Program?
There are four primary ways technology gives you an advantage when running your Rewards Program:
1. The pleasure of a job well-done is felt in the immediate aftermath - rewarding someone weeks later lessens the impact. Using Power2Motivate's online platform, you can reward goal achievement in real-time. Using our points system, you will be sent a notification when one of your staff achieves a pre-set goal. This way, you can instantly be aware of who is succeeding for your business and respond appropriately.
2. Employees want to know that if they achieve a set goal for your business, the reward they receive will be personal to them. Our software allows employees to set a 'Wish List' of prizes they'd like, giving them a firm target to work towards. They can then redeem their points from our massive Global Rewards Gallery - this offers workers access to thousands of options, from luxury goods to travel packages.
Staff can choose from thousands of gifts to reward their successes.
3. An important part of an Employee Rewards Program is being able to track how your staff perform over time. The online points system comes in handy again here. Using our Reporting feature, program managers can keep track of the points employees are earning and the kinds of goals they achieve. You can also monitor their feedback and feelings on your program through the Surveying tool.
4. Using an online incentive platform, you can add a social element to your Rewards Program that you may otherwise lack. Power2Motivate's online system offers users a number of features to increase social engagement with goal achievement, including the Wizard Nomination and Social Recognition tool.
The first allows your staff to nominate users for qualitative prizes not linked to KPIs. The second allows all workers to recognise and share the achievements of their colleagues in a similar way to a social media app. These two features contribute to a happier and more engaged team.
Technology is the future for most workplace activities, so why should running an effective Rewards Program be any different? For more information on maximising the benefits of your employee incentives, contact the Power2Motivate team today.