Why Rewards Are Better Incentives Than Money Or Bonus?
By Christina Ng, June 28, 2016
Sometimes employees and channel partners might need a different approach coming from the HR Managers, other than providing them with money, bonus or benefits to stay motivated and engaged at work.
It is key for businesses to offer incentives for employees or channel partners, but are money or bonuses good enough to keep them motivated to hit their targets or to complete their project assigned with success?
HR managers are struggling to find a great solution to employee engagement and retention. HR strategies are becoming more complicated and businesses are looking for an effective reward scheme that would benefit both employees and employers.
Annual bonuses have become less effective:
It is expected as a company’s benefit included with their salary
Employees usually have to wait until the end of the year to receive their bonus
Do not feel valued and appreciated as individual, as most of the employees receive bonuses at the same period of time
It is not tangible and can be easily forgotten
Have you ever thought of a different way of incentivising your staff and channel partners?
A reward scheme that could be more interactive and instant in rewarding a successful project or a solution in a challenge given, rather than waiting for the end of the year to receive bonus.
Tangible rewards such as laptops, tablets, high street vouchers and watches can have a bigger impact on employees and channel partners.
Using a points based software; HR managers can just sit back and wait for the readily prepared report to analyse behaviors and points rewarded to every employee or channel partner each time. Along with the seasonal/monthly newsletters to drive engagement and prepare the recipients to get rewarded with the hottest seasonal products.
It is very important for businesses to get more creative in terms of engaging and motivating their own staff with rewards.
Using a points based rewards programme can be benefited by the following:
Instant points rewarded which can be accessed by individual recipient to more than 4000 products
Great for short term goals and projects
Concierge service available
Feel appreciated, valued and individual
Tangible rewards can demonstrate to other employees on what can be achieved