As the corporate world evolves, employee reward and recognition programs are constantly changing to become better attuned to the individual needs of employees. Gone are the days when a bonus check was all that companies would worry about in the name of recognition now to Improve Employee Experience
Today, there are far more valuable things at play when designing a rewards and recognition program. Employee experience, for example, is one of the growing reward areas that garner positive attention.
If you are a company that is looking to create or upgrade your recognition and rewards program, then understanding employee experience may be pivotal to its future.
What does Employee Experience mean?
In essence, employee experience is a parameter of how employees feel about the various organizational factors: leadership, respect, trust, workplace culture, relationships, and opportunities for growth and development.
The Society of Human Resource and Management suggests that employee experience demands a total restructuring of outdated workplace culture. Employee experience puts employees at the center, much like customers.
It reiterates that happiness and workplace satisfaction make loyal employees.
How do Total Rewards help you further that goal?
When you have an attractive total rewards package, you have an advantage over your competitors to attract and retain your employees to stay with the company. These types of rewards and recognition programs are effective when they comprise monetary and non-monetary rewards that meet the expectations and needs of employees.
It is essential to improve employee experience in a workplace. It also helps employees choose your company during the recruitment phase owing to better rewards and recognition program.
Now let’s look at some of the rewards that comprise a total rewards package:
Variable pay and incentives
All employees are offered base pay for the job they are expected to do. However, to keep employees motivated further, and go the extra mile for their organization, you can also introduce variable pay and incentives as part of your rewards package.
When employees show exceptional effort or contribution to help the company succeed, these rewards can help them feel recognized, improve employee experience and eventually enjoy their labor’s fruits.
The most common types of variable pay are incentives, profit sharing, sales commissions, and bonuses.
Employee benefits form another crucial part of rewards and their overall organizational experience. Benefits may include paid holidays, health insurance, retirement plans, and employee wellness programs.
You can build a benefits package to create an ecosystem of rewards and recognition within the company while keeping governmental mandates in mind.
As far as non-monetary rewards go, growth and upskilling options for employees stand high on the list. Everyone wants to further their career in their respective fields, and when the company provides the opportunity to learn more and become an expert, it makes for an attractive proposition.
Many companies are team-up with schools or host informative webinars and seminars to help their employees learn new skills and become more efficient.
Growth options also exhibit an essential quality on the employer’s part – that the company cares about the upward movement of their employees beyond its own goals.
Flexible work schedules
In the post-pandemic world, where remote working has increased exponentially, the importance of flexible work schedules has snowballed. This culture of allowing the employee to work according to their timing will enable them to balance their personal life better.
Almost 88% of employees are expected to work from home by organizations.
Flexible work hours play a significant role in employees’ lives because most employers also think they will work for longer hours.
Flexible work hours add to the positive experience of employees, making it an integral part of a total rewards program.
Recognition is the final piece of the puzzle for a total rewards experience. Peer-to-peer recognition or recognition from management can significantly boost productivity for employees.
Once employees feel more recognized for their contributions from their team, they are likely to put in more effort and make it count.
Also, recognition should be as frequent as possible. This means it is best to have it on a bi-weekly or monthly basis. Many organizations make the mistake of having it half-yearly or annually, which often leaves out many small but significant contributions by employees.
With the implementation of a total rewards package, you can improve employee experience significantly. If you are looking for help to design your rewards and recognition program, get in touch with Ovation today, and we can help you create a holistic reward and recognition program that will make a difference!