How to Reward Employees with Company Gifts
Set a budget., Do your homework on how to monitor the program., Establish a set of rules.
Step-by-Step Guide
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Step 1: Set a budget.
Employee rewards can range in prices.
First determine an annual budget for employee rewards, then assign a portion of this budget to each reward or program implemented.
When setting a budget, make sure you consider the motivation behind the program.
Do you want to reward excellent customer service, good behavior, or increases in productivity? Make sure you know what your goal is before you start giving rewards or gifts. -
Step 2: Do your homework on how to monitor the program.
It’s crucial to follow up with regard to how employees feel about the remuneration or gifts, how much your company is spending, and even with whether or not the program is consistently and fairly distributing the perks.
One way to keep tabs on the program is to distribute a survey to employees to get their feedback.
The feedback can include how they feel about the types of rewards, the frequency with which they receive the reward, and the difficulty (or ease) of getting a reward.
Make sure you review the financial side of the reward system, which you can do in two ways.
On one hand you’ll want to make sure you aren’t going over budget or burning through the budget too quickly.
On the other hand, keep track of productivity and employee performance (if you aren’t already doing this).
This way you can see if there is a correlation between specific rewards and positive or negative fluctuations in work.
You might find, for example, that productivity rises by a few extra percentage points when specific types of gifts are given. , Having a well-structured reward program can work quite effectively.
Likewise, a poorly planned and executed program could have a negative impact on your business.
You need to be consistent and fair, so establish a universal set of eligibility requirements.
Rewards need to be based on a set of criteria, such as having the highest sales.
This is a great way to ensure complete transparency, eliminating possible favoritism.
There should also be a specific time limit for distributing rewards, as well as a particular time and place for each reward to be used.
For example, it may not be the most optimal to have an employee to utilize a spa day certificate when the VP of Sales is conducting and audit.
Try to get the word out to your staff by promoting the reward program.
Use emails, flyers and meetings to inform the employees of the new program.
Ensure they know the qualifying criteria and how they can earn the reward.
Decide what to give.
There are almost too many reward options to list, so plan ahead and review all of your options in advance. -
Step 3: Establish a set of rules.
Detailed Guide
Employee rewards can range in prices.
First determine an annual budget for employee rewards, then assign a portion of this budget to each reward or program implemented.
When setting a budget, make sure you consider the motivation behind the program.
Do you want to reward excellent customer service, good behavior, or increases in productivity? Make sure you know what your goal is before you start giving rewards or gifts.
It’s crucial to follow up with regard to how employees feel about the remuneration or gifts, how much your company is spending, and even with whether or not the program is consistently and fairly distributing the perks.
One way to keep tabs on the program is to distribute a survey to employees to get their feedback.
The feedback can include how they feel about the types of rewards, the frequency with which they receive the reward, and the difficulty (or ease) of getting a reward.
Make sure you review the financial side of the reward system, which you can do in two ways.
On one hand you’ll want to make sure you aren’t going over budget or burning through the budget too quickly.
On the other hand, keep track of productivity and employee performance (if you aren’t already doing this).
This way you can see if there is a correlation between specific rewards and positive or negative fluctuations in work.
You might find, for example, that productivity rises by a few extra percentage points when specific types of gifts are given. , Having a well-structured reward program can work quite effectively.
Likewise, a poorly planned and executed program could have a negative impact on your business.
You need to be consistent and fair, so establish a universal set of eligibility requirements.
Rewards need to be based on a set of criteria, such as having the highest sales.
This is a great way to ensure complete transparency, eliminating possible favoritism.
There should also be a specific time limit for distributing rewards, as well as a particular time and place for each reward to be used.
For example, it may not be the most optimal to have an employee to utilize a spa day certificate when the VP of Sales is conducting and audit.
Try to get the word out to your staff by promoting the reward program.
Use emails, flyers and meetings to inform the employees of the new program.
Ensure they know the qualifying criteria and how they can earn the reward.
Decide what to give.
There are almost too many reward options to list, so plan ahead and review all of your options in advance.
About the Author
Adam Hamilton
Dedicated to helping readers learn new skills in creative arts and beyond.
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