October 16, 2024
Employee Engagement
What worked in the early 2000s in employee recognition and rewards is not just passe, but also inadequate. In a highly charged and competitive world where companies fight to get top talent, outdated employee recognition techniques will cause you more harm. You need innovative solutions to cater to a modern workforce. Modern rewards and recognition platforms like The Reward Store have revolutionized how companies engage with their employees.
In this article, we will discuss how today’s modern rewards and recognition platforms are taking the HR world by storm by increasing efficiency, output, morale, and workplace satisfaction.
Let’s look at how the recognition and rewards platform, The Reward Store, is revolutionizing HR practices with its suite of features and functionality.
The automation of manual processes is one of the biggest advantages of using a rewards platform like The Reward Store. Otherwise, your HR teams would be spending countless hours tracking milestones, birthdays, and anniversaries, and manually sending out rewards.
When you have an integrated system like the one offered by The Reward Store, everything happens seamlessly. Scheduled rewards for work anniversaries and other achievements will go by default. The HR team can concentrate on strategic initiatives instead of sifting through the records of several employees, the milestones they have achieved, and the rewards they are eligible for.
The Reward Store allows HR teams to set up triggers based on specific criteria like work anniversaries, achieving performance goals, project milestones, training program completions, etc. The platform automatically sends rewards to eligible employees without manual intervention.
Employees can access a self-service portal where they can redeem the rewards at their own convenience. HR teams don’t have to manually process reward requests anymore.
Through The Reward Store advanced analytics, it tracks behavior, preferences, and reward redemptions. The HR team can automate rewards based on employee preferences and engagement data. They can send the right rewards to the right person.
It sends automated notifications to employees about upcoming achievements, rewards, and milestones.
The Reward Store integrates with major HR software, such as payroll, CRM, HRIS, and time-tracking systems. Therefore, it is easier to sync employee data, monitor performance, and automate reward distributions based on predefined metrics.
Traditional employee rewards have mostly been a once-in-a-year thing and personalization was rarely involved. Today’s rewards and recognition platforms like The Reward Store offer a wide array of customizable options that allow you to reward employees with timely and personalized recognition.
When real-time recognition is part of the platform, the company’s values will also align with it. It makes the employees feel appreciated when they are immediately rewarded for well-done work. It has a huge impact on the employee’s psyche and loyalty.
The Reward Store also offers personalized reward options. Here, the employees can choose the kind of rewards and incentives they want. The ability to tailor their rewards is even more satisfying because they don’t have to be stuck with an incentive they don’t care for.
The last thing an employer wants is any discrepancy in how the rewards are being distributed. It would completely tarnish the image and reduce the morale of the employees if they discover there has been favoritism in how the rewards are distributed. Traditional methods rely on managers or supervisors to nominate employees for rewards, and it is usually rife with their biases.
The Reward Store ensures that every employee goes through a democratic process, like the peer-to-peer recognition method, which ensures transparency in the process. Such kind of inclusivity ensures that everyone’s efforts are taken into account and no one feels excluded.
The rewards and recognition program also brings transparency because the rules for rewards are set in stone. They cannot be changed for any particular person and is applied indiscriminately for all the stakeholders.
Several studies show that employees who are recognized and rewarded are likely to be more productive and engaged with the organization for a long time. The best part about such a platform is that it makes recognition an everyday experience. Gamification elements offered by platforms like The Reward Store, such as leaderboards, points systems, badges, etc., promote healthy competition and keeps them engaged. It adds more appeal to the already interesting factor of recognition. The peer-to-peer recognition element in such platforms also makes sure that a good sense of community is developed among everyone.
With more and more offices going completely remote, maintaining cohesion among your team members is easier said than done. Thankfully, The Reward Store bridges this gap by ensuring that remote employees receive the same level of recognition as their in-office colleagues.
Gift cards, experience vouchers, instant digital vouchers from shopping brands, virtual recognition, peer shout-outs, etc., help foster a sense of camaraderie among remote workers. By doing so, The Reward Store ensures that recognition is accessible, no matter where employees are located.
Employees these days are not just looking for a fat paycheck. They don’t want to be mollycoddled either but are looking to work in a place where their efforts are encouraged and appreciated. Rewards and recognition platforms make the employees feel appreciated for their work, which is directly tied to higher levels of workplace satisfaction.
Working with a rewards and recognition platform like The Reward Store introduces continuous feedback mechanisms where employees consistently receive recognition and the stage is also set for constructive feedback. Such a frequent feedback loop ensures that employees are aligned with the goals set for them. They will also be in a position to make quick course corrections if needed. Now that employees have a clear understanding of what is expected of them, it reduces the anxiety surrounding annual performance reviews.
Rewards and recognition platforms give you valuable data and insights that can be leveraged by HR teams. The HR leadership can analyze the trends to see how engaged the workforce is, identify the most popular rewards, and the least chosen rewards, uncover gaps in recognition, identify bottlenecks, and so on. This can help them take better decisions about talent management strategies, identify areas where additional support is required, and tweak the recognition programs for the most impact. Such a data-driven approach ensures that the recognition program evolves with the organization’s needs and goals.
A modern-day rewards and recognition platform is more than just handing out rewards to eligible employees. It does much more than that. It revolutionizes HR practices by automating several manual processes, provides real-time analytics, creates a culture of recognition, and drives overall employee engagement.
If you are looking to power your employee recognition traditions with a modern powerhouse like the one offered by The Reward Store, let us help you. Our plug-and-play software can change how you reward your employees and completely modernize your incumbent HR practices.
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