In today’s ultra-competitive work environment, the companies with the winning edge are the ones that have the best-trained and well-skilled staff. However, even the best employees cannot perform well or can even jump ship when they are not motivated enough. That is why an Employee Rewards Program has to be an innate part of any company’s culture.
As we approach the end of the year, employees will be eagerly looking forward to their annual incentives. At a time when the majority of employees are working remotely, it may seem impossible for companies to make their employees feel rewarded. Here is where the role of digital rewards comes into play. A digital solution can make it very easy for employers to reward and appreciate employees. It can make recognition smoother, faster, and easier. Let’s see how:
It is a world of instant gratification. Employees will find little value in waiting for their reward. With a digital employee recognition solution, you can instantly recognize employees for their work. Within seconds, you can send them a digital voucher, and they will receive it in real-time.
With multi-brand digital vouchers, you can give employees the power to choose their rewards. They will have the flexibility to choose from multiple brands across multiple categories. This ensures that all the employees in your organization feel satisfied with your reward program.
With a digital solution, employees can also take part by appreciating peers. It helps build a culture of recognition, motivation, and happiness. Employee recognition platforms can make peer-to-peer recognition fun. Employees can engage and interact with each other by interacting through a real-time social feed.
In today’s world, employees do not work only on their computers and laptops. They also connect through multiple devices like tablets and mobile devices. For recognition programs to succeed, it should be easy for employees use it on the go. Digital vouchers offer this advantage as your employees can access the from anywhere, anytime.
Managing an employee rewards program for a large workforce can be difficult. This is especially true in the case of a manually designed reward system. Digital recognition platforms come with dedicated dashboards, which can help management get a top view of the entire program. Admins get to analyse recognition-based activities across multiple teams in the dashboard.
A tech-based recognition strategy helps measure the impact of recognition with valid data. You can identify the significant contributors in your teams. It also becomes easier to identify gaps in your program.
A manually run employee recognition program has many hidden costs. The costs include time, paperwork, coordinating with a global workforce, ensuring visibility, etc. With a digital recognition solution, budget allocation becomes easy. You can have complete control over how your budget is being used up, and even track it in real-time.
Employee recognition is no longer just a nice thing to have in an organization. It is a critical component of every successful business today. So, companies are going above and beyond to make recognition a natural part of their culture. Digitising your employee rewards through digital vouchers and employee reward platform can significantly impact the success of your program.
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A business with a 60% customer retention rate is losing 3-4 times as many customers a business with 80% retention rates. Besides, increasing customer retention by just 5% boosts profits by 25 to 95%, according to the advisory firm Bain & Co.