It’s a difficult time right now to be running a business. With quiet quitting proving a hot topic and the ‘war on talent’ rumbling on, business leaders have plenty on their plate. Meanwhile employees are struggling with the cost of living crisis and the OECD predicting the UK will face the worst downturn of all the major economies in 2023. All of these factors mean that creating a workforce which is happy, loyal and motivated is tougher than ever.
Many businesses will be looking at what they can do to boost morale and support their employees at this time. Rewards programmes are one of the best ways to do that, providing employees with affirmation that their work is seen and appreciated. However, there is a knack to creating a rewards programme that doesn’t feel tired and cliched, so here are five top tips for building a successful rewards programme in tough times.
Personalisation is key
It is important for employees to feel valued as individuals, and a one reward fits all approach isn’t going to do that. While monetary bonuses are often appreciated, they don’t send a message that the employees are personally valued and seen. Certainly not in the same way that a gift that incorporates an emotional connection does. To make this happen, ensure gifts for employees are tailored to their individual needs and interests. If they work remotely, you could send a customised video to add that personal touch, thanking them for their hard work and suggesting they take their family or friends out for dinner on the company. This gives employees a sense that their hard work is noticed and appreciated.
Offer cost of living support, but not as rewards
We are living in very difficult times, and employees may be struggling with basic amenities such as heating their homes, being able to feed themselves and their families and having a decent quality of life. While businesses may want to show support by offering a one off lump sum or regular cost of living support packages, this shouldn’t be confused with a reward. Rewards should be there to recognise good work, not to supplement wages.
Don’t reward over-working
Reward programmes shouldn’t be used to make employees work harder or longer hours, especially during these times of financial uncertainty. Work-life balance is crucial for personal wellbeing and is becoming increasingly important to employees. You can reward hard work, achievement and positive qualities without burning-out employees and risking them looking elsewhere.
Foster a culture of appreciation before launching a rewards programme
Employee appreciation shouldn’t be a once a year or sporadic event. It is important to build a culture of thanks and appreciation into your business, so that employees feel motivated and have their achievements shouted about daily. Without this, loyalty schemes and rewards programmes can feel hollow and uninspiring. Simple schemes can be the most effective. For example, we have a ‘Happiness channel’ on Slack where colleagues celebrate each other by sending taco emojis, which can be transferred to a Prezzee reward. Such initiatives are a great way to encourage employees to celebrate and motivate each other, while setting the groundwork for a great rewards programme.
Reward different types of workers
There are many different personalities in a workplace, and all of them are necessary and valuable. It is important not to reward just one type of worker, perhaps for a stand out piece of work, while ignoring their diligent and consistent colleague. Your rewards scheme should recognise the value of the differing personalities, working styles and individual contributions.
A final thought…
Essentially, in order to recession-proof your business and ensure productivity and employee retention, it is imperative that you show your employees that they are valued. Rather than rolling out the repetitive, impersonal rewards and loyalty schemes we’re all familiar with, switch things up and provide your employees with tailored and thought-out rewards. Show them they are seen, valued and appreciated and you will reap the rewards.
