EMPLOYEE REWARD SYSTEM |employee motivation program|corporate incentive program|corporate incentive gifts|employee recognition idea How to implement an effective Employee reward system in your companyRewarding people for good work done isn’t something new and history is replete with stories of people being rewarded for commendable efforts. Things haven’t changed in this regard in companies today and studies have shown that attrition is indeed less in companies that have strong Human Resource policies that have successfully implemented employee reward systems in place. A practical, scalable and result oriented employee reward system would make the process of recognizing and rewarding employees a seamless and effortless activity that falls in line with the entire HR function, company wide. With the advent of technology, it is now easier to implement an enterprise-wide employee reward system. However, there are a few things to be kept in mind for best results: Watch out for technological resources you don’t need for an employee reward system: Investing way too much for an employee reward system is redundant and so is the case for investing much too less. Before implementing any such system, a critical analysis of what is really required must be done so as to arrive at the exact requirements. Metrics like the number of employees; a fully-automated Management Information System and suitable communication protocols must be in place before an employee reward system is put in place. Allow for employee reward systems with other corporate incentive programs: A stand alone employee reward system might not make much sense for a large or even a medium sized company that has say, vendors or other departments which have varied work functions. It makes sense to integrate all other corporate incentive programs like gift card programs, reward and recognition programs You might even want to include your sales incentive program ( if any) or client retention programs too. Enable Customized Employee Reward Systems: There is really no point in providing standard solutions to individual employees. “One size fits all” doesn’t really work here since each individual works in a different way and have different things that motivate them. An effective rewarding systems works in a way that encapsulates the personality characteristics of each employee and formulates an effective rewarding system that is immediately scalable. Follows the Bottom –up approach: The maximum churn in lack of employee satisfaction usually happens at the bottom of the organizational pyramid and decreases in the activity levels as you move up. Employee reward programs must start at the very bottom – from the fresh recruit levels – and then move on upwards skirting through all possible functions within the organization. Provides flexibility and scalability: The employee reward program must be immediately accessible; easy to use; flexible and must be scalable. It must be able to adopt itself to gradual or even abrupt increase in employee numbers or adapt itself to company wide scalability and implementation. It is not the just the senior management or the HR department that must form the crux of such an employee reward system, even the employees must be made aware of these systems that have been put in place and must be encouraged to meet the demands made by the system to as to enhance their performance and meet the company’s goals. |
