H.R. Trend: One size doesn’t fit all.
H.R. Trend: One size doesn’t fit all.
We all want to feel support and appreciated by the company we work so hard for, but one size no longer fits all when it comes to rewards. One of the latest H.R. trends, identified by SHRM, is offering a more flexible reward program that offers more customizable options. According to Jordan Pearce, CEO of Fringe, customizable rewards "…are meaningful because they meet real-life employee needs, and meaningful rewards make people happy. Employees want to feel supported and seen by their employers, and they'll be evaluating their loyalty based on how they were treated and respected."
A good rewards program will not only lead to increased engagement, but it’ll help with strong retention.
Know how your team enjoys being recognized. Some people prefer public recognition while others enjoy one on one. It’s important as manager that you understand what form of recognition your employees feel comfortable with. According to this article, when recognition is personalized employees find it to be 70 percent more meaningful than generalized perks. This could be as simple as taking someone to lunch during your next one-on-one or offering customized contests for your team that result in a gift-card or a unique experience your team would actually find interesting. When all else fails, don’t assume. Instead ask your employees how they enjoy being recognized.
Reward in real-time. "As employers design incentive programs this year, it is critical to select rewards that feel special, can be deployed quickly and have digital redemption capabilities," said Jeff Haughton, Blackhawk Network's Senior Vice President for Incentives, Corporate Development and Strategy. It’s no surprise that employees prefer to be recognized closer to their accomplishment to make the perk more meaningful. Rewards given closer to the behavior will reinforce that positive behavior.
It's all about digital. Consider an employee recognition program/software to enhance your rewards program and your culture. Platforms that use gamification strategies gives employers the opportunity to offers points when certain milestones are reached, to reward great work, etc. As an employee receives points, they’d be eligible to reach new levels and redeem their reward of choice through that platform when ready.
The biggest takeaway here is that employees are more motivated and engaged when their rewards are personalized. As we all work to move forward from the coronavirus pandemic, retaining top talent is a must. Revamping an outdated rewards program could be a great way to reengage your workforce.
Is your company rethinking their rewards program, or seeing a trend internally that you feel you’ll expand on?
