Setting Your 2022 Employee Reward Agenda
The effect of proper recognition in the workplace is astounding. Not only does it impact people’s mental health, but it can provide great improvement to your team’s engagement and advocacy. With this in mind, it is more important than ever to implement a worthy employee reward agenda. While it is all well and good to have the intention of doing so, it can be difficult to know where to start.
From budgets to staff needs, it is vital that every business owner considers the limitations before putting new benefits and rewards in place. This can help create a really positive work environment and motivate people in times of challenge or tough deadlines. It takes plenty of planning and thought to get it right, but we’ve put together this guide to help you do exactly that.
Talk To Your Team
The only way you are going to be able to implement a stand-out employee reward agenda for 2022 is by finding out what your team would like. By running meetings and focus groups, you can gain key insights into the current benefits you are offering and make a note of what works and what doesn’t. Being able to get rid of certain things that no one uses or redeems, for example, could leave you extra wiggle room in the budget for something better.
Moreover, spending time researching different types of recognition schemes and noting down the approaches that you believe will help your team go the extra mile will make the process less daunting. This research can also include finding out what makes your staff tick. How do they communicate? And what motivates them as a team?
After all, getting everyone on board will ensure that they can motivate each other and work collaboratively to hit targets and reach those goals that will get them rewarded. The stand-out employee reward agenda is what’s going to turn you into a desired employer and help you reap the benefits of staff retention and motivation. Encouraging them to play an active role in the planning will ensure you are making all the right decisions.
Clarify Your Vision
Before you start implementing any new benefits, you must ensure everyone is clear about what it involves and how they go about earning them. If motivation or productivity is a problem, make it known that you are beginning to positively tackle it. Moreover, if certain aspects are target based - it is important to be crystal clear as to what is expected. Think about noting down specific numbers in the handbook or having meetings with individuals to discuss the goals that will help them receive new bonuses and rewards.
As well as this, if you have a mixture of target-based and contracted benefits, you must communicate this to your team. It can quickly become confusing as to what is expected from each person. Involve your management team here too as they should be your biggest advocates for the scheme overall. They will be the people encouraging motivation and problem solving to drive targets. Ensuring they completely understand the scheme will also give your other team members people to come to should they have any questions or uncertainties.
If you’re unsure of even how to start, it’s time to get a strategy in place. Our Free Scorecard asks you all the questions to find out where you are in the process. After that, you’ll receive tailored, expert advice on how to go about implementing this clear and structured package.
While your workforce is expanding, keeping the agenda flexible will ensure your costs, expectations and responsibilities can keep up with onboarding. But again, new recruits should be carefully informed about what they can work towards and why it will benefit them. Management can help with this and demonstrate ways the departments have used their employee reward agenda in the past. It’s a great way to show off and stand out from competing businesses that may also be hiring.
Define The Criteria
Once you have decided upon a vision for these new incentives, it is time to think about how you will implement them in order for them to be most meaningful. You want it not only to benefit your team but there is an objective to help develop your company and see it flourish. With this in mind, let’s have a look at some of the considerations.
What actions or behaviours will be rewarded?
The answers to this question will depend on the goals and values you are trying to achieve. For instance, if productivity is lacking throughout the company, you may want to reward people for going above and beyond to get a project completed or making a client particularly happy. Whichever values you seek to encourage - use these to determine when and how to reward your team.
Also, be careful about ensuring each person is able to demonstrate their hard work. Culminating a way to prove extra effort can be misleading. So your incentives should be achievable and clear to each individual. From exceeding a deadline by 2 weeks to completing 3 more bids than was agreed - it must be fair and measurable.
How will people be rewarded?
This includes both what you are using for incentives and the manner in which they will be delivered.
As we mentioned above, you will need to ensure that it is achievable for everyone in the company and that it can be enjoyed by them too. Gift cards and monetary bonuses are popular incentives for individuals. But more costly options include dinners out for the team and fun experiences outside of the office.
If you are presenting to one person for making an impact, it should be just as celebrated as if a department has gone above and beyond. So however you decide to go about this - ensure no one feels underwhelmed at the prospect of receiving a voucher in the post…
Recognition Vs Incentive
This is a key takeaway to consider before implementing your employee reward agenda. Recognition should be used to acknowledge achievements that perhaps weren’t part of someone’s normal duties. Most of the time, these are specific and have benefitted the business or individual in a certain part of their role. It does not always need more than a written or verbal ‘well done’ but lets them feel appreciated and seen. This will help keep your staff motivated and willing to go the extra mile.
When we can see the impact of our input - we are more likely to continue in the same direction. It can be hard to put the effort in for no feedback or recognition and can lead to poor retention. Staff will find other companies that appreciate their experience and expertise, so now is the time to work on this aspect of your agenda before initiating rewards.
Unlike recognition that is presented after the fact and for something that may be out of their way, incentives are put in place before the actual role is carried out. These are positive things to work towards and that is given when an agreed target or agenda is met. The key difference is the manner in which these two things are presented.
Recognition should be a given in any employee-centric business. It keeps teams positive, motivated and engaged in their purpose. It is the acknowledgement of good work and achievement that was not expected in the first place. Whereas, an incentive will be part of your employee reward agenda and sets out to give your team a reason to go that extra mile and reach certain goals. This may be for a monetary reward or other experience-based incentives. Just remember, to properly engage your staff - you will need both!
Promote The Value
A common problem for many business owners is struggling to find employees that actually appreciate the benefits put in place by the company. They may not always come up to you and thank you in person for the £500 bonus they received - but it doesn’t mean they aren’t grateful. However, when you take the time to show them the true value of what’s on offer, it becomes easier to appreciate the package as a whole.
An important aspect of your employee reward agenda should be a complete and unified package. This means highlighting every department and every role within the organisation. Once you can ensure everyone has the same opportunity to cash in these new benefits, you can start working on the inclusivity of the scheme itself. This means finding benefits that will suit many different people with varied hobbies and interests. It can be difficult to please everyone, but the purpose behind it should be communicated to everyone.
As a result, the value of this idea should become clear. You are implementing these new schemes to recognise the hard work of your staff and allowing them to gain something extra back alongside their monthly wage. While it does have to be earned, you are simply asking for continuity and engagement each day in order to benefit. Not only that, but interdepartmental rewards can be highly valuable as it allows for team building and social time to enjoy outside of a work environment. Here, you are actively recognising that there is more to life than work.
Contact Our Team And Set Up Your Employee Reward Agenda
Focussing on your team and staff retention is a great resolution for any business owner in 2022. Not only will it allow you to develop a motivated workforce, but it will give you the opportunity to grow and develop more positively.
It can be difficult to decide on particular incentives as well as how you are going to implement them, so for more advice, resources and an opportunity to work with the experts - head over to our website and click the ‘Contact Us’ button.
Alternatively, take our free scorecard and receive your personal report with expert advice on which areas you should be focussing on for 2022. It’ll give you the industry insights and actionable steps you need to create the most beneficial rewards plan for your team.
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Communicate Your Benefits Package To Your Employees
Get everyone excited about the prospect of hitting targets and obtaining valuable rewards as they progress through the business.
Set clear expectations and get your team on board with creating your 2022 agenda.
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