Employee rewards are an important part of any HR strategy. However, monetary bonuses can get a bit stale and employees will look for new ways to be rewarded for a job well done. The more innovative your employee rewards program is, the more effective it can be.
Here are three ways to reward employees in new and innovative ways.
- Peer-to-Peer Rewards- Allowing co-workers to give rewards for behavior that progresses the team to a common goal builds camaraderie and boosts productivity.
- Experiential Rewards- Giving employees memorable experiences often lasts longer than a monetary bonus. If sending employees on vacation isn’t in the cards for your organizations budget, give employees extra vacation time to create their own experiences.
- Failure Rewards- Great ideas don’t always mean success. But they do provide valuable learning and are a great way to promote innovative thinking. Giving small spot rewards like small denomination gift cards to popular retails like AutoZone, Crutchfield or The Limited for those great ideas will keep morale up even with failure. Making sure your team knows it’s okay to fail is an important part of leading an organization towards success.
See how changing your attitudes towards employee rewards can change your employees’ satisfaction and productivity. For more innovative ways to provide rewards to your employees check out this article from Ragan.com.