Every company needs a strategic reward system for their employees. You might think you have a reward system in place, but there are two problems with many reward systems today: They’re missing recognition and appreciation, or the reward system isn’t in line with the company’s other corporate strategies.
A 5-star reward system should recognize and reward both employee activity-performance and behavior. Rewarding performance tends to be easier to address because it is connected to the initial goals which you set for your team. For instance, you could put an incentive plan in place or recognize your top salespeople for achieving periodic goals.
On the other hand, rewarding behaviors that contribute to your bottom line is a bit more challenging. Try thinking about the things you want to reward your employees for. For example, maybe you have a few employees who are the first to arrive at the office and the last to leave. In that case, you would want to compensate employees who work hard and spend a lot of time in the office.
When business owners think of reward systems, it’s common for compensation to be the first thing that comes to mind. Which is great! Compensation is a very important element when it comes to employee retention. After all, no one is working for free, right?
But if you’re looking for a 5-star reward system, there needs to be something in place in addition to compensation. This means you should have an incentive compensation plan in place that correlates with the goals of your company.
Do you want to reward your employees for their hard work but are unsure of where to start? Here are some ideas to get you going:
Personal Goal and Hobby Support
It’s very important that your employees have goals and hobbies outside of the office. This will help them to achieve a good work-life balance so that they are not constantly overwhelmed with work.
Many companies reward their employees with perks that encourage them to take personal time to achieve whatever they want outside of the office. This could be companies covering exercise classes, gym memberships or covering any expenses that will help employees achieve a goal outside of work.
Shorter Work Week
Who wouldn’t love a three-day weekend every weekend? Companies who have switched to a four-day work week have seen incredible results. Allowing employees to have more free time with their friends and family is a great way to boost company morale.
Random Displays of Appreciation
Everyone loves a good surprise every once in a while, so why not surprise your employees with some perks. From random bonuses, to free lunches and a day at the spa, your team will appreciate the unexpected. Unexpected perks will show your team that they are appreciated, and their hard work does not go unnoticed!
Flexible Work Environments
Sometimes your employees just need a day at home. Maybe they feel as if they are feeling a bit under the weather and would rather work from the comfort of their home. Giving your employees the option to work from home every once in a while is a nice perk that everyone will appreciate. Plus, more work will get done because less employees will need to call out sick or take a PTO day.
Holiday in the Sun, on the Company
A new study from Glassdoor shows that the average U.S worker has only taken 54% of their allotted vacation time. However, more and more companies are offering unlimited vacation time. Vacation time is vital for the well-being of your employees and it will help them to be more productive at work. Forcing your employees to take the time they need to rest shows the rest of your team that it’s expected that they use their vacation time for a good rest!
If you live in a big metropolitan area, chances are your employees will use a rideshare credit. Some employees might even rely on rideshare programs, like Uber or Lyft, to get to work. Consider offering your employees a free month of rides to get them around town.
Almost everyone has an iPad, smartphone, and a laptop. Tech accessories is one of the best gifts you can give someone! Pick an item that can be used as a daily reminder to your star employee that you recognize the hard work they put in.
After a stressful couple of months at work, what better way to say thank you than to treat your employee to a relaxing day at the spa?
Lifestyle Spending Accounts: The Perk Everyone Wants
The hardest part about choosing employee perks is finding the best perks out there that everyone will enjoy. For instance, some employees might love an adventure day that includes kayaking and other outdoor activities, while other would enjoy a spa day or relaxing vacation.
At Work2Live we realize that not everyone enjoys the same perks and lifestyle activities, which is why we came up with the perfect solution.
Our solution is Lifestyle Spending Accounts (LSAs.) LSAs are an employer funded account that can be used to cover various costs. So, if you want to reward your employee for a job well done, all you would have to do is deposit money into their LSA and they are free to choose how they would like to spend their money! Employers have the ability to approve costs.
Not only will your employees enjoy this perk, but HR managers will too! This perk is flexible and easy to use. All you have to do is determine how much money will go into the accounts and when the funds will be distributed. Some companies distribute funds to the LSA accounts quarterly or bi-annually, while others use LSAs on a reward basis. The decision is yours!
If you’re looking for the perfect perk to show your employees you appreciate their hard work, look no further! Get started with LSAs today!