What is your 2023 reward approach?

The studies go on to describe the need for personalized, flexible, and custom reward and recognition systems aligned with individual goals. Read on to learn the three facts you should take to help create and implement a successful reward strategy.

The magical powers of ‘Thank you’

Saying thank you is more than just acknowledging someone for doing their job. It is also showing respect for them. If we think of work in a purely contractual manner, gratitude may seem a bit over the top. Yet, a few words of thanks often imply that the work has been done well, which is satisfying for the person who did it. The most cost-effective reward trend of all time!

The power of data and insights

Employee recognition is the employee engagement power tool. Unlike a pre-determined bonus, spontaneous recognition for great work isn’t something that an employee can anticipate. It reinforces positive behaviors in addition to driving great results. And, recognition connects the people giving and receiving praise.

Investing in employee recognition programs and rewards programs shows an employee their impact on a business over time, contributing to an employee’s sense of meaningful impact. So support recognition with small employee rewards. It only amplifies the power of both rewards and recognition.

Personalization Is Key to Effective Employee Rewards

Personalization shows employees that their business understands that times have changed and that their workforce are all different. It can increase employee satisfaction, attraction and retention throughout multi-generational workforces as employees feel protected, engaged and rewarded as an individual.

Offer options that empower employees to make decisions about what is best for them. Let them know that their contributions matter and that you care about their well-being. Investing in employees by helping them fund the things that matter to them most can lead to happier, more engaged employees and unlock growth potential across your organization.

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