Rewarding excellent work is essential. It fosters a positive work environment, creates a sense of recognition, and boosts employee confidence. It’s a proven way to improve productivity, retention, and long-term commitment within your organization, which is extra valuable in a tight job market. If these employees become more confident and productive than before, what's stopping you from rewarding them in a targeted way?
Merely handing out random bonuses isn’t sufficient. Use personalized rewards based on performance. This creates a culture where every contribution can be rewarded. Read on to find out.
What are personalized rewards?
Personalized rewards revolve around four aspects: culture, retention, recruitment, and employee engagement. Below, we explain how these four topics relate to personalized rewards and how you can set up spot rewards that make an impact.
Culture is the foundation of any form of employee recognition. It's about the shared values and norms within the company. How employees interact with each other. This culture also needs to be reflected by employers in their communication with employees, how successes are celebrated, and how they involve their employees in the company's operations.
This company culture is also evident in how employees are rewarded. To make the reward's message resonate it's crucial that the appreciation shown is genuine. Rewarding based on performance shows that you recognize and value achievements. It makes employees feel seen. Through personal, performance-based rewards, you ensure every contribution gets the recognition it deserves. This creates a 'we-culture' where the company thrives on employee successes.
Do you want your company culture to have impact on retention? Show appreciation. That’s why retaining staff for longer durations is key. In the long run, you can keep vital team members, which contributes to their long-term career viability. They'll have more reasons to stay with your company than just their paycheck. However, no matter how long they've been with you, if they don't feel recognized or rewarded, their sense of appreciation diminishes. Spot rewards are the perfect way to express this appreciation.
Personal rewards also serve as a potent tool for distinguishing your company from competitors. Possible employees will see that working with your company is worth more than just a monthly transaction and they'll perceive you as an attractive employer. It shows what you prioritize for your company: satisfied, engaged employees. It also showcases your company culture, particularly that successes are celebrated.
Boost Employee Engagement
Foster an involved and motivated team with spot rewards. By consistently recognizing work performances, you can boost employee engagement by up to 60%. Engaged and satisfied employees stay longer with your company, which results in employees with specialized knowledge and it saves HR precious hours in recruiting new talent.
Engaged employees are also more productive. Our reward program ensures your team's efforts are recognized, keeping them motivated to deliver their best.
How do spot rewards work at YourCampus?
Spot Rewards can be added as an extra feature to the YourCampus environment. You can decide how points can be earned and determine the amount of points rewarded yourself in our admin portal. You take the lead, ensuring that rewards align with company objectives and related KPIs. A few examples:
- Worked hours
- Taking over a shift
- Completing a training
- Referring a colleague
Points saved by your employees can be spent in our marketplace, where they find deals from over 60 leading brands. These deals are ready for use, saving you time.
“Rewarding always scored really bad. Of course, everyone feels like they should earn more. But that score has gone up a lot, mainly thanks to transparency about rewarding. That’s partly thanks to the solution of the YourCampus app and making holiday pay available.” Now, after implementing YourCampus the eNPS score has gone up from 34 to 45. The rating specifically for ‘rewards’ has gone up from 6.4 to 6.8, out of 10, as well.
– Marjan Smit, Head of People & Culture, Regional Europe at DEPT
Wondering how our Spot Rewards can improve your team's engagement and performance? Visit this landing page to read more about our Spot Rewards program. Or contact us for a free demo.