5 things you need to know about rewards in 2020
Top reward trends to help you create the perfect reward strategy for your business.
Meghan Biro, a talent management and HR brand strategist, wrote for Forbes magazine at the end of 2019 outlining why people should be the focus for every business in the new decade.
Meghan said: “No matter the countless predictions on how the world of work will change in 2020, people are the focal point. We need to give people a reason to work for us and a reason to stay.”
Companies such as Innocent, ALDI, and even SalesForce are known for looking after their employees. It’s not rocket science that companies’ who look out for their employees succeed. Stats also prove engaged and happy employees are 20% more productive.
To make sure you’re on top of your reward game this year, our experts have written some invaluable advice. Here it is…
1. Rewards must align with your company goals
Rewards are often a last-minute add-on, bolted onto the back of a campaign or project. Unfortunately, if you reward in this way you’re often too late to reap the right reaction.At this late stage employees can already feel disengaged and disgruntled from working hard with no appreciation shown.
So, what does aligning rewards with your company goals mean?
It’s taking every single one of your business’ objectives in 2020 and working out how you can entwine rewards into them. Reward employees for sales, reward employees for hitting targets, but more importantly reward employees for living and breathing the culture you want for your company.
If you can turn your company into a business that values rewards – from the top down – employees will start feeling more than just a number. They’ve feel valued, appreciated and happy.
There are many ways to execute a rewards programme aligned with your company goals. One way is using a Points Platform. An online platform where employees – managers and peers – can converse, congratulate and celebrate is an effective tool that keeps branding and messaging consistent across the board. And a consistent message is key to ensure rewards are fair and communicated well.
2. Reward employees with your trust
The global workforce in 2020 will be mainly made up of millennials (35%) and generation X (35%). These two demographics grew up with communicating online, therefore will expect remote working arrangements. Businesses that don’t offer the flexibility in 2020 will appear less attractive – and end up disengaging many of its employees.
One of the biggest ways you can reward employees in 2020 is with your trust – your trust that allows them to get on with their work. If you give your workforce space and freedom to complete their tasks, you’ll find they do a much better job (and will be more motivated to do so) rather than a micro-manager hanging over their every move.
3. Wellbeing rewards are a must
Did you know, 1 in every 7 people in the UK was a member of a gym in 2019? That’s an increase of 4.7% compared to 2018. Because of this, thinking about wellbeing and improving lifestyles with rewards is a must. If you don’t weave this type of reward into your strategy this year, your business will get left behind.
So, what does a wellbeing reward look like? You could offer employees personal training services, reflexology treatments, meditation classes or even a weekend away at a wellness retreat. Think outside the box when it comes to your rewards – but also think about rewards that can help and support your employees.
4. Create ‘buzz’ moments with instant rewards
Picture this, your team is working extremely hard on a project that will continue for a few weeks. They all know there’s a good reward at the end once they’ve successfully completed the project. However, on a particularly tricky day, one member of your team goes way beyond their call of duty. They’ve smashed it. They’ve nailed it. We’re all punching the air!
It would be a mistake if you let this moment pass without recognising the extra effort. This is where instant rewards come in. Use adhoc recognition to say thank you and well done. The result is that particular employee – who may be feeling a little overworked – will go home buzzing and pleased they went the extra mile. And, you know what? They’ll be happy – and motivated – to go the extra mile again.
Getting instant rewards however isn’t always easy, which is why we launched buzz (an instant, top-up and go gift voucher) at the end of 2019. It’s a preloaded gift voucher you and message card that you can add your own personal message to. It’s a great instant reward you can immediately arrange without having to leave the comfort of your desk.
5. What rewards employees really want in 2020
Finally, when planning rewards for your employees do your research to find out what they really want. Many businesses don’t ask their staff – they simply guess. While many companies may make a good guess, you can only be sure your rewards programme will work if you truly know what prizes will attract and engage.
That said, satisfying a large workforce that has different demographics and personalities isn’t easy. However, if you opt for a multi-retail gift card (such as Lifestyle) employees can choose a reward that suits them. Most multi-retail gift cards allow employees to spend with brands across retail, restaurants, entertainment, and leisure sectors, which means there’s something for everyone.
If you’d like help with your Rewards Programme get in touch with our Reward Experts here.
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