The pandemic has revealed that almost every issue related to human management needs to be reconsidered. Let’s not forget: none of the trends that emerged during the pandemic period seem to disappear when the pandemic is over. This change is extremely deep-rooted and has permanently entrenched in our lives. One of the issues related to the change is employee reward systems. As a very important parameter of employee engagement, reward systems have also received their share of the change with the pandemic.
Employers should be ready for a historic shift in rewarding employees as the demands and needs have changed almost completely.
Nearly 70 per cent of professionals who transitioned to remote work because of the pandemic say they now work on the weekends, and 45 per cent say they regularly work more hours during the week than they did before, according to a survey of 2,800 workers by Los Angeles-based staffing firm Robert Half.
Research data from different parts of the world confirm these findings. So, if the employees have to work more even though they work remotely, what precautions do you intend to take so that they do not leave you?
At the beginning of the pandemic, “supporting employees” meant providing them with technological (hardware and software) facilities that would allow them to be productive from home. Because we believed that one day we would return to our normal lives! As time progressed, the variety of support has also increased. Leave policies have changed, flexible hours have been introduced, and benefits such as childcare and mental health services have emerged, and these have tangibly improved the lives of employees. Some companies go even further. However, for the most part, the support provided was not enough. If it was so, millions of people wouldn’t be at the point of quitting their jobs.
We’ve put together 4 important points for you to consider when setting up your reward system
1. Yes, salary payment is not the first condition of employee engagement, but if you have a bad remuneration policy, you will not be able to achieve the desired improvement in engagement. Review your remuneration policies. After all, salary payment is the most tangible reward for a month’s work!
2. Believe in the power of personalization! You should be changing the rewards system while customizing the employee experience! Analyze supports that will be valuable on a per-person basis. This may be an MBA program fee for some, or a gym support for others. Remember to be fair!
3. Provide employees with options that allow them to decide what is best for them. Let them know that their contributions are important.
4. Review your recognition and reward culture and train your operational leaders. This point is really important. You may be the decision maker about compensation and remuneration, but day-to-day recognition and rewarding attitudes of operational leaders can change the whole picture.