We are all motivated by different things. The same is true for your employees. No two employees are the same. Your employees have different lifestyles, different backgrounds, and different ages. All of these differences must be factored into the rewards and recognition you decide to offer in your reward and recognition program.
Though cash may seem like the easy option, cash isn’t a good reward. There are multiple studies to prove cash isn’t effective as a reward or recognition. It doesn’t lead to long-term motivation because your employees don’t find lasting value in the cash reward. Most likely, the cash will be used on everyday purchases, like groceries or gas. When the cash is gone, your employees forget all of the hard work that helped them earn the cash in the first place.
Giving your employees choice in their rewards and recognition is important. Here are a few examples of rewards and recognition that have wide appeal.
eCatalog: Your reward and recognition program participants can earn points throughout the process and then redeem these points from an eCatalog. The catalog offers a variety of prizes at varying levels, which increases the motivation from your team to keep earning points. Plus, the catalog can be customized for your organization, increasing your brand identity and organizational pride among your program participants. Top items include:
- Merchandise, like electronics, technology, appliances and athletic equipment.
- eGift cards for popular retailers like Amazon or Home Depot.
- Event tickets for local attractions.
- Individual travel, such as discounted airfare or hotels.
Prepaid cards: These single load or reloadable cards offer a great opportunity to directly recognize and incentivize your program participants after they meet certain behaviors or reach a specific benchmark.
Group travel: Top performers are motivated to travel with their peers and family to popular destinations and participate in experiences they couldn’t otherwise cultivate on their own.
No two rewards and recognition programs are the same. Learn more about rewards programs here.