In the world of competition, everyone wants to stand first. Everybody wants to see him/herself in the top higher positions for earning higher wages to keep maintain their best standard of living. For the sake of this, every person should keep working hard and go for those options which will give them more benefits and rewards in the field of work. Today’s fundamental topic lies under the same category, what sort of employee reward system and benefits should be offered to employees?
Employment scenarios should keep an eye on providing quality services to their employees to uplift their motivational level. Meanwhile, more benefits and rewards to employees can be able to provide better economic status. Most probably the short business set-ups need to focus on the provision of reward and recognition methods for their employees.
“rewards, benefits and recognition are the key leading towards success, for the employees and the owners as well”.
The terms rewards, benefits, and recognition are interlinked with each other but each caption has its significance. Though each term worked for the same principle. Heading towards describing the term Employee Reward System is a concept of launching various programs by a company or an organization to provide the rewards based on the performance of the employees in accordance to keep their moral level high. Genuinely, these rewards are distinct from the salary amount but still considered economical, and the company is responsible to pay these rewards in the form of cash, gifts, or recognition. Some of the studies demonstrated that the employment systems that offer rewards and recognitions are most liable to uplift their economical-structure.
Employment rewards and Recognition:
Both the aspects can be used for the same purpose by the employer but through applying different methods. As rewards are may be offering bonuses, paid specific leave, or gifts (customized pen or cup) to their employees. In the case of recognition among employees, the company provides you with an appraisal certificate or award for your working services. The only thing that keeps both the term separate is, one is rewarding psychologically through the appraisal of employees working service and name in front of others, a way to get fame and another is having cash or any tangible gift in the hands that can be used by the employee reward system at any time.
How to scheme a reward program:
Manipulation of the employee reward system needs strong scheming, planning, and implementation. For designing the reward system, the company should have to concentrate on various aspects.
- Discerning companies’ objectives on which the reward is based.
- Establishing the key dimensions of the working performance of employees through concentrating on their previous attainments.
- If the employees’ performance will meet the goals of the company, then the employees will be offered rewards, benefits, and recognition.
- The company should have to communicate with employees in need of providing them with their desired rewards.
Employment rewards offered by Apple company:
It is the most recognized and well-known company throughout the world. The present company’s success strategy heading their employee’s rewarding systems most significantly. They believed to reward their employees for their independent perceptions.
- Like they compensate their employees by offering them a bonus with three to five percent of wage. As declared by a media report, the company ‘Apple’ gifted limited stock units to its almost one lac employees in the previous year.
- They also provided discounts on their various items to their employees to keep uplifting their moral level to the optimum.
Kinds of Employee Reward Systems:
Employee reward system & services may vary with the working situations. Some are as follows:
It is paid by the company at the end of every year to their employees to pay back the employee’s efforts and hard works during the services they provided the whole year. The amount of bonus paid to the employees is other than the amount of lump sum, genuinely, its extra amount.
Anything tangible rewarded by the company to boost-up the self-esteem of the employees for performing tasks actively and sincerely. This reward works on a short-time basis but concerning very fruitful for optimizing its actual purpose.
It works on long-term effects for the employees as it raises the designation of the employee by giving them a new post among their job title. This reward can be applied to the employees after analyzing their previous work-performance.
This is also viewed as a reward, given by a management team to their employees in form of recognizing their working performance and be appreciated by them verbally in front of others or get a pat on their back from their heads.
Ideas for employment rewarding:
As we already know, the concept of employee reward system is limited to bonuses, profit sharing, offering gifts, or giving appraisal awards and certificates. There is a crucial need to update this achievement concept benefiting the employees. Some of the new ideas are mentioned below to make the company’s employees happier.
Customized apparels or accessories:
In terms of rewarding employees, the company can print their logos on T-shirts or wallets, pens, mugs, and then can gift these accessories to their employees. This features a company more swaged.
Motivational sticky cards:
At the last of every month, every employee should be provided with any motivational statement written on a piece of paper or card, so that they read and boost-up their energy for the next month’s tasks.
Vouchers having cash:
On employee best performance the company should provide him/her with the payment voucher so that they can use it for lunches, dinners, shopping or any specified reason.
The company should plan a trip for their employees to energize their working level. So that, they take a break from their boring practical routine and should come up with new moral in the next morning.
A blog for recognition:
If the company has its newsletter or can publish a blog for the random newsletter, then they should have to write a blog on their employee’s best performance. This keeps the employee’s morale high and makes their personality more recognizable.
Coffee in the combo of snacks:
The company should sometimes provide a cup of tea with the yummiest snacks, such as chocolates, candies, cupcakes, chips, biscuits, and so on.
If the company knows something about their employee’s well-being aspects, then they should help them by sending a care package goodie bag through courier. The package must be having a little bit amount of cash and some packets of snacks like biscuits, fruit cakes, juices, and food items like these.
The company’s management should have to remember every employee’s birthday on fingertips and must keep it in mind, so that, on the day of exact birthdate of any employee, he/she must be get provided with an acute surprise through giving them a great wish or eating a piece of cake.
The company should engage their employees sometimes in extra activities like on the occasion of independence-day, they should allow their employees to paint a wall, or design a specified corner within an office to celebrate this event.
Invitation for annual dinners:
The company should organize annual dinners for their employees to recognize their employee’s efforts and be awarded them with gifts, awards, titles, and certificates. The potent reason for the annual dinner is that the success stories and achievements of these employees boost-up the morals of other new-comers of the office.
The company should organize different workshops for their concerning projects and should deliver a proper course lecture to their employees on that projects. This will be very helpful for the employees.
The company should organize a session with a psychologist for their employees for sake of calming their mental level and providing them a flexible environment for working.
Free entertaining vouchers:
The company should gift a free voucher for a movie, concert, sports and game. Or any festival to their employers so that they enjoy their weekend. And fill their energy to the optimum level.
Pay for sitting leisure:
Sometimes the company should pay their employees for sitting free for one to two hours. As the employee gave the extra hours of working. When the office has the burden of projects to complete in the same way. After completion and submission of the project. The employee must be provided with the free sitting or relaxing time during working hours. This keeps their mind active to face new challenges.
If the employee reward system are having their transports for traveling purposes like car or bike. Then once a month if the company pays the dues for the maintenance of the vehicle using by their employees. So it may considered as a reward for them.
The above reading content . And efforts in such a way but the company shouldn’t only be liable to these rewards. They must keep on exploring some more innovative notions as well.
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