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How to Increase Employee Engagement with an Effective Reward System

Posted by SurveyMe on Sep 5, 2019 9:30:00 AM
SurveyMe
 
Implementing a reward system that motivates your employees doesn't just mean you're an excellent boss. It means you know the benefits that engaged employees bring to your business. We've listed some of these benefits below, plus tips on implementing an employee engaging reward system.
 
Engaged Employees Bring These Benefits to your Business
  • Engaged employees are 202% more productive than those who are not. Rewards help to engage your staff, which makes them work faster and more efficiently. Production soars when employees are motivated.
  • Companies with engaged employees are 4 times as profitable as those with unengaged employees. It may be as simple as more production equals more profit; or it could be that they care more about a company that treats them well and rewards them handsomely. Whatever the catalyst, get in on it!
  • Engaged employees enjoy better health, resulting in fewer sick days and less employer cost.

 

employee

13% of the workforce is actively UNengaged.

 

Unfortunately, this critical element is neglected by some organizations, which results in 13% of employees being unengaged, and therefore, less productive. If you find yourself in this situation, you are losing money to every day-but there is something that you can do. Implement a strategic employee reward system. In fact, the productivity of any organization would benefit from having a reward system in place.

Engaging Rewards 

Compensation

Compensation can include, but isn’t limited to, an employee’s salary, their health insurance, tuition reimbursement, and so on. It can also include free and discounted goods. Compensation is typically something tangible (or it represents something tangible, as insurance represents future cost savings).

Appreciation & Acknowledgment
Appreciation includes gratitude, recognition, and acknowledgment. It’s generally not tangible. The organization can express appreciation in many different ways and for many different reasons. Employees that are productive and perform well should be recognized. But an employee should also be recognized for their less obvious contributions. Employers can show their gratitude and recognize achievements with compensation. They might also bestow appreciation in a public way, such as during an awards ceremony.
 
Because compensation and appreciation can take so many different forms, it’s wise for employers to take the time to design the rewards system that will best motivate their particular employees, align their strategies, and strengthen their organizational culture. In order to do so, however, they need to have some idea of their employees’ wants and needs.

 

Being unproductive

Being unproductive is only funny on TV

 
Tips on Designing a Rewards Program
  • First, ask the employees for input
Instead of working on assumptions, take action based on actual data. Sometimes it’s difficult to collect data that’s pertinent to overcoming a challenge, but not in this case. Simple employee surveys, like those conducted by SurveyMe, can help employers understand the types of compensation and the expressions of appreciation that will truly motivate their employees. 

 

Download our Employee Reward System Questions PDF

Employee Reward System Questions

 

The best bosses ask for input

The best bosses ask for input

 

  • Leave the door open
Having an open door policy and speaking with employees can give supervisors and managers some idea of what would motivate their employees in terms of compensation and appreciation.
However, employees aren’t always straightforward about their needs or their complaints. Some might keep their thoughts to themselves. A manager might hear what employees want, but misinterpret an employee’s priorities. 

 

  • Implement an Easy-to-Use System

Once you have all of the employee input, design a system that even the busiest manager can easily handle. Grandiose ideas that are not always carried out will only frustrate your employees. 

 

  • Maintain Consistency across the Organization

When designing a reward system, make it consistent across the company. Different levels of workers can be rewarded in different ways, but rewarding peers differently for similar contributions can cause bad feelings and hurt productivity. 

 

Employee reward systems are most effective when they are designed to bring employee goals and organizational goals into alignment. Ask your team for input on a reward system by conducting a survey. Questions are provided for you in the blue box at the top of the page. We encourage you to empower and encourage your company's greatest asset today!

Need help setting up a survey? Click on the image below!

Contact Us
 

Topics: Employee Engagement

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