Customized Rewards: The New HR Mantra To Keep Employees Motivated
HRs today are leveraging creative approaches to achieve greater synergy between their rewards strategy, individual preferences, and organizational goals
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For decades, HR departments in various organizations have been designing reward programs for their top-performing employees wherein most such programs have failed to hit the mark with employees. Why? Because traditional corporate reward programs don’t give employees a lot of choice over what they receive. These ‘gifts’ are impersonal and generic at best, like financial remuneration. At worst, as it is in the case of less appreciated gifting options like ironing machines and kitchen appliances, they give the impression that little thought has been given to select the gift.
This is precisely why companies, from large businesses to new-age start-ups, are now moving beyond standardization to introduce personalization in their corporate gifting strategies with innovative digital gifting options. HRs today are leveraging creative approaches to achieve greater synergy between their rewards strategy, individual preferences, and organizational goals. Employees are given the room to enjoy the freedom of spending on what they choose, instead of being forced to accept standard gifting options. This power of choice had been missing until now, especially in organizations that grew beyond a handful of employees.
Platforms like GyFTR, which provide tailor-made corporate gifting solutions, are becoming increasingly popular as a result. By facilitating seamless and customized gifting through instant digital purchase, such platforms are redefining the one-size-fits-all approach to corporate gifting and enabling rewards to reflect how professionals live and work. These interest-based, holistic rewards systems are aligned more closely with the specific preferences of rewarded individuals, and convey a stronger sense of appreciation for their contribution to the team and the organization.
Rewarding is instant, without the involvement of any third party, and can be done at the push of a button. Employees receive reward points and vouchers via SMS, e-mail, and even paper vouchers, which can be instantly redeemed against any product or service of the given value from leading brands, across multiple categories.
Moreover, a customized corporate rewards strategy enables a multiplier effect that can drastically enhance the end-user experience. Since the rewards are presented in the form of digital vouchers or points, employees – especially those who are regularly recognized as top performers – can accumulate their rewards and redeem them against a bigger purchase at the end of a quarter. The integration of tech into the corporate gifting process also enables organizations to use analytics to determine their employees’ performance, and align rewards with the value that each individual adds to the business.
The millennial workforce demands constant engagement and instant rewards for the work they put in. In fact, during the exit interviews, the lack of engagement and appreciation is the most common reason cited for resignation by professionals, who will comprise 50 percent of the workforce by 2020. Adopting a new-age rewards strategy will satiate this inherent need for professional appreciation, develop a sense of empowerment, boost employee morale, and nurture greater loyalty within the workforce. Companies can build individual relationships with each worker around customized rewards, which will also bolster their brand reputation within the talent market.
If adopted properly, this new approach of rewarding employees can become a huge competitive advantage for organizations. The time and money employers invest in their employees is significant, which is why it makes business sense to ensure that their efforts deliver concomitant gains and drive positive employee engagement.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house