What are the best ways to ensure that reward and recognition programmes benefit employees?
Organisations are being urged to take a DEI approach to their rewards and recognition programmes to ensure that they cater to employees' diverse needs.
A white paper from Strategic Pay said an inclusive and accessible rewards and recognition programme is critical in promoting engagement, motivation, and productivity.
However, designing one can be a major challenge, it noted.
"The key is to strike a balance between personalisation and efficiency," the paper said. "How much customisation is necessary to make the programme effective and how do you determine the degree of customisation that is required?"
To achieve this balance, the paper recommended the following measures:
- Set clear goals and priorities. This includes identifying specific outcomes that can be achieved.
- Conduct a cost-benefit analysis. This includes considering different types of reward and recognition costs against potential benefits in terms of employee engagement and productivity.
- Identify commonalities. Organisations can create a more efficient programme that meets most preferences if you identify what motivates your employees.
- Set parameters. Do this to ensure that the programme is still manageable and cost-effective.
- Utilise technology. Technology is ideal to streamline the reward and recognition process. It can help employees to choose their own rewards within a predetermined set of options.
- Evaluate regularly. This includes identifying and prioritising which indicators will best serve you to ensure an affordable investment of both time and money.
"The programme needs to be accessible, inclusive, transparent, and flexible with regular feedback and alterations when required to ensure it motivates and rewards employees in a mutually beneficial manner," the paper read.
The paper also outlined other factors that can shape an effective rewards and recognition programme. Read more about them here.
