Employees are looking for more flexibility at their workplaces rather than concentrating only on salaries and benefits packages. Because of the disruption due to COVID, people want to retain flexible working hours, health benefits, and a good number of vacation days. Above all of that, workers are more serious about motivation and empathy than ever before. If you treat your employees like a part of your family, they will deliver you stellar performance and don't think of leaving your organization. You have to be flexible and bring changes in the work processes to synchronize with the changing business needs. Flexible rewards for employees help you to unlock true potential and provide a phenomenal total rewards experience. Let’s look into the Total Rewards Components that need to be revamped for a better experience. 1. Pay: Companies are becoming more flexible in providing compensation benefits and hikes in salaries. In today’s scenario, the achievement of team goals and honing...
Workplaces are going through a dynamic
transformation. Moreover, with the changing scenario, HR functions are evolving
massively.
It is critical to creating a more employee-centric
work environment- one where employee engagement takes the centre stage.
However, none can talk about building employee
engagement without having an effective reward and recognition program.
Every organization needs a strategic reward system
for employees that address areas, including compensation, benefits,
recognition and appreciation.
Creating a sound employee rewards system from
scratch is quite a tough and time-consuming process. Fortunately, since the
up-gradation of technology and the massive inundation of cloud-based HR tools,
you will find many employee reward products available in the market that can
serve the purpose.
In a way, this can make the entire employee recognition process simpler, more structured, and effective. Moreover, admin time can be hugely reduced. Hence, employee recognition is more frequent, timely, and meaningful.
If you are wondering how to pick the right global digital reward system that helps you monitor total rewards spend, then to make
the process easier below-listed are some of the effective tips that will help
you pick the right employee reward program.
·
Customization
Every organization is different from the other.
Since you are choosing a reward program and not building one on your own, it
must fit your organization effortlessly.
Customizable features will give you as a business
owner the freedom to tailor-make the program for your employees. It can be in
the form of the number of employees, award titles, allocation of brownie points, and so on. Therefore, it is always better to select an employee reward solution
provider who provides complete customisation.
·
Alignment
with desired outcomes
It is crucial to establish the outcomes that you expect from the reward program. The biggest challenge of building a culture of
employee recognition is a lack of means to determine the ROI.
To tackle this, you need to set
quantifiable outcomes and expectations. And most importantly you need to
capture the outcomes of the program with sound analytics. Make sure the
reward program
comes with an analytics dashboard. All the data you need should be displayed in
a systematic and hassle-free manner and in real-time.
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