Impacting the bottom line through Rewards and Recognition
The unprecedented COVID-19 has forced employees and organizations all over the world to get used to the habit of working remotely. While everyone is getting used to the new normal, some employees might not still have the same level of energy and enthusiasm while working from home, whereas others enjoy the ability to put in their work when it best fits their schedule.
Even though this is the case, employees face distractions at home every day and this makes it easy to disengage from their job which impacts employee productivity. A great way to keep remote employees engaged, motivated and productive is through an employee rewards programme which enables employees to follow a specific path with the ultimate goal of getting the reward.
You might say, ‘all employees are motivated by a decent paycheck‘- that’s right but that is NOT the only proverbial reward that drives people to work hard and do well. In fact, Maslow’s Hierarchy of self-esteem states that people have a desire to accomplish things and then have their efforts recognized.
Recognition and rewards will vary from organization to organization, and how you appreciate employees will depend on your unique company needs. Your team could be motivated by a company-sponsored outing, a thoughtful email, or a gift card to their favorite store. It’s up to you to understand how to most meaningfully appreciate your team members and with what rewards.
According to one blog, 79 percent of employees say that recognition makes them work harder, and 78 percent are more productive after being rewarded. When used effectively, a reward and recognition programme can drive employee engagement in several ways, even during a global pandemic. Here’s how:
“79 percent of employees say that recognition makes them work harder, and 78 percent are more productive after being rewarded.”
Increasing productivity - Research has proven that there is a return on investment that's inherent in keeping employees satisfied with their work. Companies with engaged employees have higher revenues than those that don’t, with 21% more profit.
Retention - Employees who stay with you are more likely to grow and develop, thus helping you to reach new heights of operational excellence and customer satisfaction. According to Deloitte, companies with recognition programmes enjoy a 31% reduction in voluntary turnover.
Boosting employee wellbeing - The pandemic has to some degree affected everyone’s mental health and overall wellbeing. Employees that go above and beyond their jobs shouldn’t go unnoticed. By making sure your business is acknowledging your employees’ efforts, you’ll help to maintain and boost their engagement during this pandemic.
Team culture - Peer to peer recognition helps in aligning business goals to employees’ performance goals which plays a big role in increasing employee retention and engagement. When employees realize each other’s strengths and positive attributes, there tends to be a good team spirit within the organisation which makes it easier to solve complex challenges, generate ideas and deliver exceptional customer experiences.
What types of gifts can better connect remote workers and the organization while helping to build the company’s brand? COVID-19 has prompted HR leaders to shift their attention to electronic employee gifts.
Luckily, with Yoyo, you can reward and surprise your colleagues with digital gift cards from their favorite brands. Yoyo’s rewards portal, Wrapped, lets you send gifts to anyone via their mobile number. Nando’s, iStore, Hirsch’s, Dis-Chem, Pick n Pay, Total, NetFlorist, and Old Khaki are only some of South Africa’s most loved brands featured on the Wrapped website. Choose an individual brand or Wrapped multi-branded gift card (redeemable at one of our 30+ nationwide retailers) to issue an instant, safe, and easy digital gift card that you can send to multiple employees in just a few minutes and without any monthly fees.
Interested? Visit: www.wrappedgifts.co.za for more information.