Reward Gateway was awarded as Best HR Software Vendors in Australia and New Zealand. Read the report here.
Festive season 'an especially important time to bring some light into your employees' day to day'
Getting recognition and rewards from managers and peers can help increase employee engagement, wellbeing, and job performance, according to Alex Powell, director of client cultural insights at Reward Gateway.
“Through mutual and shared appreciation, team members feel more inclusion in the group and become more efficient with the work they perform together,” Powell said in a Reward Gateway report.
The report, Your holiday guide to building a culture of appreciation through technology, highlights how technology can improve a reward and recognition strategy. And it mentions that the Christmas holidays “are the perfect time to reflect, recognise and show appreciation for your people.”
“Building a culture of appreciation doesn’t happen overnight, but the festive season is an especially important time to bring some light into your employees’ day to day,” the report said.
According to a survey by Reward Gateway, 90% of employees considered it important to be recognised for their efforts by their managers and peers. And there are several ways this can be done through technology.
One example Reward Gateway suggests is through peer-to-peer eCards.
Employers could group their eCards into categories such as company values, strategies or goals. And send an eCard to employees based on how they have demonstrated them.
“Everyday recognition is the easiest thing you can do to get started in building your own culture of appreciation,” the report said.
Defining your reward and recognition budget for instant wins can vary, whether that is increments of $10 a reward or more, Reward Gateway said.
For example, if an employee went above and beyond their daily actions, they could get a cup of coffee as a reward, the report suggested. Or if they exceeded expectations on a particular project, they could be treated to lunch.
Using technology can help these monetary rewards be distributed and redeemed faster, the report added. Plus, administration teams can also track online recognition budgets to see who is and isn’t using them and make real-time adjustments.
Another suggestion Reward Gateway offered is to consider a monetary bonus for employees.
“Though you might be looking for alternatives to company-wise pay rises, a small monetary boost could be a simple way to bring a smile to your employees’ faces,” the report said. “A recent survey showed that nearly 75% of employees would spend their reward on essentials versus luxuries, so why not give them the choice, rather than gifting a generic box of chocolates?”
Another way employers can develop a culture of appreciation through technology is through employee nominations. It can add variety and long-term life to a reward and recognition program, Reward Gateway said.
“It gives responsibility to everyone in your business to tell the stories of how their peers are going above and beyond,” the report said.
Some advantages of nomination programs are that they are flexible and can be quickly set up online.
“You can control the evaluation process, you can control the reward and recognition budget, you can even control things like who is able to nominate for a specific program at a specific time and if there will be an approval process in place,” the report said.
Find out more in the Reward Gateway report: Your holiday guide to building a culture of appreciation through technology.
Reward Gateway was awarded as Best HR Software Vendors in Australia and New Zealand. Read the report here.
