Do you want a way to set expectations amongst your workforce so that you can drive and recognize exceptional performance? Enter a Total Rewards program.
Companies are utilizing Total Rewards programs to recognize their employees at every touch point, not just once a year at their annual review or service anniversary.
A Total Rewards and Recognition program is an awesome way to set expectations about what type of behaviours and performance will be rewarded in your organization. It is also a great way to motivate and drive your workforce with fun campaigns that relate back to specific business goals and objectives. Additionally, you can use a Total Rewards platform to create healthy competition and challenges among peers.
What is a Total Rewards program?
A total rewards program or solution is designed to encompass all the resources and tools for an employer to attract, retain and motivate their employees under one platform. Total rewards can be used to recognize employees to drive engagement, reward behaviour, and acknowledge exceptional service and performance.
A total rewards program is a great way to set clear expectations about how you recognize and reward performance amongst your employees. It is important not to pollute the winner’s circle with low performers. It is also a great way to ensure you have created a clear link between performance and rewards within your work group and organization.
Ways to Reward Your Employees
There are many ways to recognize and reward your employees, and each Total Rewards program is fully customized and personalized to drive your company’s unique goals and objectives.
Some of the most common ways to reward your employees include:
- Peer-to-peer recognition
- Spot cards
- Badging & gamification
- Birthday awards
- Service anniversary
What are the Benefits of Total Rewards?
Some of the benefits you will have from implementing a Total Rewards program include:
- Lower absenteeism
- Higher productivity
- Lower turnover/longer tenure
- Less shrinkage and fewer quality incidents
- A safer workplace
- Improved customer relationships
- Higher Sales
- Increased Profitability
Overall a Total Rewards program should qualitatively improve your employee engagement, motivation and driven workforce.
You can read more about the results we achieved with First American and their Total Rewards program by “Putting People First” here.
Are you evaluating a Total Rewards program for your organization? If so, get in touch here to request a demo of our solution. Not quite ready yet? We’d be happy to chat more about how a Total Rewards program can help drive your employee engagement goals and objectives.