Employee benefits and rewards will provide flexibility and personalization.

Managers have to be more intentional about how and when they recognize their top performers, which has resulted in less frequent acts of recognition and  employees are identifying. That can lead to generalized recognition programs, which will not strengthen the connection between leadership and employees currently absent in our remote world. If the company wants to show to employees that their work is both seen and valued, create recognition programs that consider the personalized needs of employees.

Why personalization is important?


There is a big opportunity for employers who can figure out how to introduce more flexibility and more personalization into the everyday at work to attract and retain top talent.

Employees prefer to have options rather than a common approach imposed by their employer. The same is true with employee achievement rewards, which recognize employees for their successes, help to increase employee motivation and engagement with their organizations.

Customizing Rewards

Employers should arrange conversations with employees about what rewards they would actually prefer .

"The best reward might be making a donation to a nonprofit with a mission that is personally meaningful" (Romsey,2021).Customization rewards "are meaningful because they meet real-life employee needs, and meaningful rewards make employees happy," he added.

"Employees want to feel supported and treated by their employers, and they will be evaluating their loyalty based on how they were respected by the company"(Romsey,2021).

There are two types of rewards:

Intrinsic rewards :- achievement, accomplishment and self-satisfaction etc

Extrinsic rewards :- base salary, promotions and company environment etc

(Arnold and Feldman, 1986)

Increasing Engagement

Research shows that employee appreciation scores increase if a leader personalizes the recognition experience.

Favorite awards for extra effort;

§ A meal out.

§ Gift

§ Experiential gifts

§ Cash or gift vouchers

Using Digital Platforms

Many rewards program vendors use gamification strategies. "Gamifying the rewards process means employees can clearly and quickly see how their behaviors contribute to earning rewards, and they become more motivated to achieve the next level"  (Giffin,2013).

These platforms should prioritize easy to accessibility, so employees know exactly what their rewards are and how they can redeem them. 

References

Romsey,J.(2021) How Flexible Rewards Programs Boost Employee Engagement,SHRM,2-5.

Haag, A. (2016) Managing variants of a personalized product. Intelligent Information Systems, 1–28.

 

 

 

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