Reward Tips

When budgets are tight, it’s understandable that employers may see reward programmes as an extra cost they can no longer afford. However, this can be a very short sighted approach. Cutting back on such activities can have a negative effect on morale and may result in disloyalty at a time when the business can least afford it. Many employees are still in fear of losing their jobs due to the economy, leading to increased stress and in many cases, an increased workload due to a reduced headcount. People who feel they have been treated poorly have long memories, so looking after your staff and recognising their hard work is the best way to keep a loyal and quality workforce, saving you time and money in the long run. Follow Inconnection’s top 5 tips to ensure you get the most from your reward programme:

1. Align your programme with your business objectives

Every company needs objectives, but these must be realistic and reflect the current business conditions. Objectives based on profit margins achieved two years ago or more will be unachievable now. In addition, other objectives will have become increasingly important, such as retaining existing clients and improving service levels. At Inconnection we create bespoke reward programmes that align with your company objectives and encourage your team to achieve the targets you set. These rewards don’t have to be expensive – even rewards on a small budget can deliver huge motivational benefits. Over the past few years we have seen a significant rise in UK-based events, such as a team meal and concert tickets with overnight accommodation.

2. Communicate

People need to understand what they are rewarded for.  Once your reward programme has been finalised, the framework should be clearly communicated to all personnel. Existing platforms can be used to publish information and inspire your staff – your intranet, social media sites and newsletters are all simple yet interesting and effective ways to communicate your message. Methods of measuring your Return on Investment (ROI) should also be outlined at this stage. This will enable you to track the success of your programme and to make changes where necessary to ensure the desired results.

3. Be flexible

Schemes need to be flexible; the past few years have demonstrated just how quickly a business’ situation can change, and objectives need constantly reviewing to suit your business needs. Similarly, rewards need constantly refreshing to keep staff motivated. The most effective rewards are issued quickly and are relevant to the current workload – the impact is lost if there is a long gap between earning and receiving.

4. Be sensitive

If redundancies have been made in one area of your business, it can create mixed messages if you are simultaneously rewarding staff in other areas. Once big decisions are made and implemented, set new targets for remaining personnel which reflect the current state of the business, and reward achievements with team building events. This will help to strengthen relationships between the remaining personnel.

5. And finally…be smart with your budget

Avoid only rewarding one element of your business e.g. don’t just reward for sales, reward for good service delivery and customer satisfaction as well. This gives everyone the opportunity to shine and be recognised for their hard work, building motivation across the whole team. Remember – if you show loyalty to your employees when conditions are tough, they’re far more likely to return the favour when things improve.