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...
Every
company needs a strategic reward system for employees that addresses four
important areas – compensation, benefits, recognition and appreciation.
The major issue with reward systems in many
companies in recent times is this: They are missing one or more of these
elements and the elements that are addressed aren't properly aligned
with the company's other corporate strategies.
An effective reward system among the bunch of various
employee reward products should recognise and reward two types of employee
activity – performance and behaviour.
Performance is the simplest to address because of the direct link between the initial goals you set for your employees and the outcomes that result.
For identifying the performance as a business owner, you
can easily implement an incentive plan or recognise your top sales people for
attaining periodic goals.
On the other hand, rewarding employees for specific
behaviour that makes a real difference to your company is more challenging than
rewarding performance.
You can overcome that obstacle by asking two necessary
questions. "What am I compensating my employees for?" and "What
are the behaviours I want to reward?"
When business owners think of employee reward systems,
they typically put compensation at the top of the list. There is nothing wrong
with that since there are a few people who are willing or able to work for
free.
However, the proper strategy should also include an
incentive compensation plan that is directly linked to the goals of your
company for that period. You might want to include some type of longer-term
rewards for key individuals in your organisation.
Benefits are another type of reward that work well in a well thought out reward system, and your employees are going to notice the
types of benefits you provide.
Appreciation and recognition are types of rewards which
are always underrated and receive the least amount of attention that they
deserve by most of the organisations.
It is extremely critical for employees to know whether
they are doing good, bad or average, thus, it is significant that you tell
them.
The bottom line is to research well and stick with the brand name like Unilever rewards that offers the best global digital reward solutions and have shown commendable
results in the past.
Wonderful blog! Appreciation is a simple gesture or praise that can boost employee morale. Especially, in the remote workplace, the need for recognition grows even more crucial. We bring virtual rewards and recognition ideas to engage remote employees in recognition activities at the workplace.
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