The impact of rewards and recognition on engagement
Nearly 40% of employees report that the best way to improve their engagement is for leaders to recognize their work.
At least 80% of employees say they would work harder at their jobs if they felt better appreciated.
92% of employees say they are more likely to repeat a specific action if they are recognized for it.
The impact of employee engagement on business performance
What is an employee rewards strategy?
Recognition programs
Performance-based compensation
Physical rewards
Professional development
Experience rewards
Why are employee rewards important?
Improve work performance
Increase employee loyalty to the business
Raise employee satisfaction
Boost the company’s revenue
Promote higher retention rates
1 - Evaluate your current rewards strategy.
2 - Assess your company’s needs.
3 - Ask for employee feedback.
How to do this in Motivosity:
Send out an employee survey to get feedback from your workforce on what rewards mean the most to them. By surveying your employees, you can prioritize the reward options that will be the most impactful to employees and the business.
For help with creating, editing, and reviewing a survey, check out this help article.
For help with creating, editing, and reviewing a survey, check out this help article.
4 - Create your employee rewards strategy.
Take Note:
While an employee rewards strategy is a great first start, offering meaningful rewards is even better. And for companies that want to reach a best-in-class status—and see the most impact from their total rewards strategy—your employee rewards strategy should include a more comprehensive approach to a culture focused on engagement where rewards and recognition serve a higher purpose.
Company swag, gift cards, and an extra day of PTO are nice, but they’re not the reason employees stay longer. Rewards must be connected to employee needs, company values, and a culture of appreciation in order to make the most impact.
Company swag, gift cards, and an extra day of PTO are nice, but they’re not the reason employees stay longer. Rewards must be connected to employee needs, company values, and a culture of appreciation in order to make the most impact.
5 - Launch your new total rewards strategy.
6 - Measure your success.
What are the five pillars of total rewards?
Competitive Compensation
Comprehensive Benefits
Work-Life Integration
How to do this in Motivosity:
Managing all of your employee rewards is easier if it’s in one place. With Motivosity, you can offer employee rewards that run the gamut—physical products, swag, gift cards, and even intangible rewards like an extra day of PTO or a day for service. And with Spaces, it’s easy to build community and connection programs for your employees like book club, lunch and learns, wellness programs, and more.
For help with setting up a Space in Motivosity, check out this help article.
For help with setting up a Space in Motivosity, check out this help article.
Career Development and Growth
How it works in Motivosity:
Use Motivosity to build a specific Space for your mentorship programs, manager/leader development initiatives, and professional growth opportunities. Include resources for each group, select specific employees (and manage permission levels), and more.
Learn more about Spaces here.
Learn more about Spaces here.
Recognition and Appreciation
How it works in Motivosity:
Recognition is both easy-to-do and integrated into a robust platform with Motivosity. Integrate peer-to-peer recognition, public or private recognition, global rewards (that include physical, digital, points, or dollar options), and so much more.
Learn how to create an employee recognition program in this article.
Learn how to create an employee recognition program in this article.
Creating an Employee Rewards and Recognition Program for Your Company
What is employee recognition?
Why is employee recognition important?
Employee recognition improves employee satisfaction.
Employee recognition reduces turnover.
Employee recognition directly impacts employee engagement.
Employee recognition improves employee productivity.
Best practices for employee recognition.
1 - Employee recognition should be timely.
2 - Employee recognition should be specific.
3 - Employee recognition should be genuine.
4 - Employee recognition should align with company values.
5 - Employee recognition should be a mix of formal and informal.
Best practices for employee rewards.
1 - Employee rewards should be timely.
2 - Employee rewards should be personalized.
How it works in Motivosity:
Build personalized reward catalogs for every need—onboarding, wellness, service anniversaries, etc. Add items from your inventory, connected stores, Amazon, gift cards, intangible items—like extra PTO days—and more!
3 - Employee rewards should be meaningful.
4 - Employee rewards should be accessible for everyone.
How it works in Motivosity:
Don’t leave anyone out—Motivosity’s global rewards makes it easy to gift rewards across country lines and timezones. Shop at more than 1,000 connected Shopify sites in the Motivosity directory, add your own private site, or use the connector to get access to more than 1 million stores. Products from all over the globe are available with local shipping and fulfillment for intentional employees.
5 - Employee rewards should be flexible.
How it works in Motivosity:
Motivosity makes it easy to give employees flexible rewards. You can gift employees specific items, allow them to choose from a selection you’ve chosen, or give them dollars or points to purchase items of their choice from Amazon, using their ThanksMatters Visa Card, and more. Plus, it’s easy to maintain complete control over expiration, cash options, and gift selections.
Types of Employee Rewards
Custom Gifts
Company Swag
How it works in Motivosity:
Offer branded merch and swag to your employees. Link your existing swag store and display featured items with a Shopify connector or leverage a partner to create a new, turnkey store. Add custom catalogs with custom swag or hire Motivosity to create a custom swag store that fits your unique needs.
Gift Cards
How it works in Motivosity:
Shop digital gift cards and give employees the power to choose the amount they want from their spending balance. Select from hundreds of options from your favorite retailers like Nike, Apple, and more.
Travel Experiences
How it works in Motivosity:
Offer unique, once-in-a-lifetime travel experiences to your team through Motivosity. Allow your employees to book travel directly in the Motivosity Store or gift them a trip from the company to celebrate a major accomplishment!
Dollars/Points
Intangible Rewards
When should I give employee rewards?
Milestones
New Employee Onboarding
Work Achievements
Holidays
Initiative Participation
When it works for your business
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About the Author
Erika Rahman is a Product Marketing and Content Specialist at Motivosity. She studied marketing and business management at Utah Valley University. Erika has a broad background—from optometry to trade school administration—giving her a love and understanding for people across industries. She grew up in Northern California and Colorado, and currently calls the Utah slopes home.
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