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:
Employee rewards don’t always make employees happy.
Want to know the number one reason? Because their jobs aren’t their whole life. If their friends, family, and health aren’t intact, chances are no reward or recognition at work is going to turn it around for them. Ensuring that employee rewards are timed correctly to fit an employee’s circumstances is key. According to the latest Employee Happiness Survey from Blackhawk Engagement Solutions, work ranks 8th among the 12 factors that make up employee happiness…not 1st, 2nd, or even 3rd, but 8th…almost the bottom third of employee priorities. So before you reward an employee and think it is going to impact their whole demeanor, make sure you set internal expectations appropriately.
In our recent post, Gift Cards are the Go-To Gift for Summer, we talked about the popularity gift cards were gaining in the gift market throughout the spring and into summer. According to a recent survey from the Retail Gift Card Association, 70% of shoppers planned to buy a gift card for occasions like Father's Day, weddings, graduations, and birthdays.
The GiftCard Partners name and logo, and other trademarks are trademarks of GiftCard Partners Inc. and may not be used without permission. The names of other companies, products and services are the property of their respective owners.