As a human resource leader, you realize that company culture and employee job satisfaction are some of the most important things to boost productivity, decrease staff turnover and ensure customer loyalty. Company leaders seek the most up-to-date solutions that correspond to the modern workforce lifestyle and world outlook. The market responds with many tools that claim to be the best at increasing employee engagement – and most of them probably do a great job – however, you need to ensure you’re choosing the right solution for your specific company. Here are three starting questions you should ask yourself before you begin your search.
1. What are your goals and objectives?
Creating the right employee experience that matches the goals of your organization is vital. By gathering a group of professionals together, you can create a unique culture in one form or another. Skilled people work, talk, coexist and share their habits. This all takes effect regardless of your ability to control it. If you do not manage this process, there are high chances that your company’s culture will gain undesirable forms.
As the one tasked with creating an effective employee recognition program, you must identify key objectives for each department to make sure that each employee would be recognized and rewarded for their positive contributions.
There are many essentials to consider when defining objectives for your company. Here are a few factors to consider:
- Make sure your reward really meets the needs of the employees and your recognition program corresponds to all aspects of employee job performance.
- Keep in mind the vision, mission, and core values of your company
- The program must be easily understood to all employees.
- Don’t forget about internal rules and regulations that could be set by other departments or authorities.
What are your company’s goals for setting up an employee recognition program? Is it to boost productivity and increase commitment, or are you trying to build a stronger company culture? It’s important to know exactly what these objectives are. You can then begin to plan rewards based on those plans. It may be a good idea to strategize with both monetary or non-monetary. You can create awards based on a point system where managers have distributable points, or on peer-to-peer recognition, or a combination of the two.
2. What is your budget for rewards and recognition?
In order to calculate your budget for employee recognition, you have to take into account such things as expenses currently focused on recognition activities that may not be unified throughout the organization, and employee turnover costs.
Losing valuable team members may lead to a significant spending, because high turnover requires quite a lot of money.
Employee turnover costs consist of 3 major parts:
- Staffing – costs, associated with recruiting the replacement
- Vacancy – lost productivity while a position is vacant
- Training – mandatory introduction period for a new employee
Turnover replacement costs per voluntary resignation or retirement replaced by new hires.
Finding a cost-efficient high technology solution, such as SaaS platform with integrated rewards catalog could be exactly what your organization needs.
3. How do you roll out recognition technology to your workforce?
The important thing to keep in mind is that you don’t want to remove the human touch! It’s massively important that your organization allows your recognition program be authentic and not forced. When your employees are rewarded, they don’t want to feel like they are being processed through a machine algorithm.
- Maintenance of employee databases
- Social (peer-to-peer and group) recognition
- Collecting information about employee performance
- Keeping an online catalog of rewards items
- Minimizing time spent on manual reporting
Your actions will be more strategic and complex when all your data runs through a centralized database and there are no extra hours spent on administering a manual program.
Online Rewards can help your organization develop a strategy that fits directly with your unique cultural needs. Learn more about our employee recognition capabilities.