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Rewards 101: Types of Rewards and Their Benefits

Posted, by Rachel (Merkin) Welt on 09/19/2019

The benefits of using rewards at work can lead to higher rates of employee engagement and satisfaction, but with all kinds of reward types out there, what's the best choice?

Employee rewards and incentives take on many forms at different organizations. We have compiled 6 common reward types and the benefits that drive the 84% of employers using non-cash rewards to choose them time after time.

Reward Type: Merchandise

Rewards Blog_MerchMain Benefits: Many people like to call this SWAG. Merchandise can be customized with company logos or even departments or team names. These types of rewards create a sense of belonging and allow employees to rep their companies or teams in other areas of their life.

 

 

Reward Type: Time Off

Rewards Blog_Time OffMain Benefits: This reward is simple and straightforward. Giving employees a break after a particularly hectic time of year or project can be a great reprieve. It communicates a job well done without explicitly costing the company any money.

 

 

Reward Type: Fitness Tech

Rewards Blog_Fitness TechMain Benefits: As employee health and wellness programs grow in popularity and prevalence, employers are giving out more and more fitness tech. It helps motivate employees who participate in the program while likely motivating others to join for, if nothing else, the perks.

 

Reward Type: Travel

Rewards Blog_TravelMain Benefits: Travel rewards, like Winner’s Circle or President’s Club trips are typically reserved for top performers. Maintain this level of exclusivity for rewards like this as they tend to drive company loyalty and enthusiasm for both the job function and the organization.

 

 

Reward Type: Cash

Rewards Blog_CashMain Benefits: While many will tell you “cash is king” due to its versatility and the employees’ ability to apply it to their lives any way they choose, cash is also largely viewed as compensation. When extra cash is given as a reward, it is versatile, but it often gets applied in practical ways like paying bills, which can cause it to lose its trophy value and not have the lasting effect the employer intends.

 

Reward Type : Gift Cards

Rewards Blog_Gift Card

Main Benefits: Gift cards are easy to administer, easy to use and are often associated with celebrations. Since gift cards are often also given for birthdays, anniversaries and holidays, employees maintain that positive association when given a gift card by their boss. That positive feeling creates lasting memories for the recipient, long after the reward is given out.

 

Are you looking to learn more about employee reward types and their benefits? Check out this exclusive guide on finding the right rewards for your audience.


Topics: Employee Incentives & Rewards

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