The latest innovation in employee rewards is linking the rewards with company values to create “Value-Based Employee Rewards.” The key to this new reward theory is to create a mutually beneficial rewards system. When value-based rewards are implemented, employees need to embody company values, which is the initial goal of the HR program in the first place. The company wins by having employees on message, employees win by receiving spot rewards like gift cards, or even an extra few hours off. Here are three tips to implement value-based rewards at your office:
- Identify Traits and Behaviors That Embody Core Values: Identify how you want employees to act, and be clear in communicating those traits and behaviors to your staff. Reward programs of any kind are best administered with an abundance of communication and clarity. Employees need to understand how to act and why it is important to the management team in order to prioritize these core values into their daily office behavior.
- Focus on Process vs. Results: This is one of those times where an “A for Effort” is okay. If a value-based employee rewards program is laid out and employees attempt to participate and adjust their behavior, then it can be considered a success. It takes time to adjust the focus of your rewards program. According to a recent survey by the American Psychological Association only 18% of employers reward results stemming from employer values. However, According to a 2015 SHRM/Globoforce study connecting recognition to company values elongated employee retention for 58% of surveyed HR professionals.
- Lead by Example: Take your core values and incorporate them into everything your organization does. Whether it’s an employee morale event or a review cycle, make sure your core values are embedded in everything you do. And lead from the top down, your executive team should be living and breathing these values and passing them along to more junior employees.
Want to learn more about connecting employer values with employee rewards and recognition? Check out this article from Entrepreneur Magazine.