Companies implement policies to define the rules of an organization and shape future decisions with a thought-out framework. They help employees make day-to-day decisions that lead to overall cohesion and success. These policies guide many aspects of running a business, from how employees are expected to behave to ways they should be rewarded.
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A successful business thrives on a culture that values workers and treats them fairly. That’s why companies are choosing to implement rewards and recognition programs designed to help employees feel valued and make the most of their lives.
If you’re interested in developing an effective employee reward and recognition policy, follow the steps below.
Your company may not have a rewards policy, but you should still have a general understanding of employee attitude toward recognition in the workplace. This can be gained through anonymous surveys or focus groups. Sometimes, the best approach is to be direct and outline what you hope to accomplish.
These questions get to the root of any problems and gather helpful data. Using this information, you can identify and outline what you want the rewards and recognition policy to address. Be sure to get input from all roles and departments, as mind-set can shift from group to group.
Now that you know the problem, you can address it with a well-constructed policy. The most effective ones use SMART goals, objectives that are specific, measurable, attainable, relevant, and time-bound.
Your current situation will determine the type of rewards policy you implement. It’s up to you to decide which program will best meet the needs of your employees.
Once you’ve talked to employees, pinpointed the problem, developed a goal, and researched the best rewards and recognition practices, it’s time to draft and implement your policy companywide. Make information clear and concise, outlining what the plan is and what it means for employees. If the incentive is exciting enough, workers will want to know right away how they can become eligible or get involved. Don’t hold out on them.
Success is determined by your SMART goal. For example, say your aim is to increase employee satisfaction through the implementation of a food and beverage station, leading to a decline in callouts by 5%. Give yourself a designated time period, whether it be 3 months, 6 months, or a year, and then compare callout rates. If they have not decreased after implementing free food, perhaps a bigger issue is at play. If rates have dropped, you know the policy has worked.
Remember: An effective policy is all about optimization. Very few get it perfect on the first try. After making changes and implementing a new plan, gain feedback from employees, and study the numbers. Pinpoint areas that are strong and those that need to improve. Keep lines of communication open, and let workers know the road to success is an ongoing one.
Unhappy employees can be the bane of any business. In fact, 66% of employees say they would quit their current positions if they didn’t feel appreciated enough. If you don’t already have a rewards and recognition policy in place, now is the time to create one. Luckily, the process is easy—start by opening a dialogue with employees on their thoughts and feelings. Don’t be afraid to be direct, asking employees what they’d like to see in terms of perks and rewards.
Once you know how employees feel and what they want, you can develop SMART goals and research the types of rewards programs that will offer your company the most value. From perks like free food and beverages to the ability to work remotely, the benefits happy employees are looking for don’t always include the highest pay. They simply want to feel valued and appreciated by the people above them.
Kayla Matthews, a technology journalist and human resources writer, has written for TalentCulture, The Muse, HR Technologist, Inc.com, and more. For more by Matthews, follow @KaylaEMatthews on Twitter or visit her blog, Productivity Bytes.
