When talking about how to make things better for a company, we rarely discuss recognition rewards management. That’s because many people believe that to take a business to the next level, it is important to focus mostly on sales and marketing. While sales and marketing is, indeed, an important aspect of businesses, it is only the tip of the iceberg.
What we should be talking about is recognition rewards management. But what is recognition rewards management anyway? We will talk about that in a few.
What Is Recognition Rewards Management?
This simply pertains to your process or workflow when it comes to managing how you reward employees or make them feel appreciated.
We use the term recognition rewards because instead of simply giving people nice messages or words, we give them something that is of value to them which makes them feel recognized within the company.
When you put up that kind of system, it often requires a lot of brainstorming. You need to do a bit of data analysis and stuff like that. In that sense, getting the right recognition rewards management tool is not the easiest thing to do.
Aside from that, it most certainly is not something that you can do manually. Otherwise, it would be much too strenuous. And you wouldn’t be able to do it as quickly as you would need to. The effort would be for nothing.
What we recommend for you to use for recognition rewards management are rewards tools like Multikrd.
By using Multikrd your employees can gain points as they make valuable contributions or hit certain milestones within the company. These points can then be exchanged for a rewards item of their choice.
There is an app where you and your employees can track the rewards. With that, everything becomes automated.
But enough about that. Let us talk about how a good recognition rewards management tool can truly help transform your company:
You Get To Retain Top Talent
Face it. If not for your best employees, where would your company be? Perhaps, it wouldn’t be as successful as it is now.
If not for your top employees, you probably wouldn’t be able to attract as many customers or clients as you have.
It is not surprising that if just one of your top talents decides to leave the company, the entire operations will certainly be affected negatively.
With that, every company needs to exert a bit of effort in trying to retain top talents.
The best way to do that would be to make sure that your employees feel appreciated and rewarded within the company.
Things have changed. Employees don’t just want high salaries. They want to work for a company that has a bigger mission and they want to be part of that mission.
One way to make them feel this is by changing their life. Companies that love their employees will whatever they can to change the lives of their people for the better.
And by giving your employees unique rewards, that is exactly what you are doing.
Attract Top Talent
Retaining your current top talents is one thing but attracting new candidates that are as effective as your favorites is another thing.
If there is a hint of mediocrity within the company, now would be the best time to kill it. You don’t want an average within the company. If the people working for you are average, you can bet that all the sales coming your way would be pretty average as well.
It is time to take your business a little step further. Scale up your standards. Don’t be afraid that people wouldn‘t want to work for you. Everyone wants to work for a company that has something valuable to offer.
You can be that company. Offering something valuable does not mean that you have to give them a salary package that is so high. Although we recommend that your salary package should at least be capable of giving an employee a comfortable life.
When you have that, you can proceed to little rewards that are meaningful and purposeful. It does not have to be super fancy but it does need to be a bit thoughtful. This is the only way for you to curate rewards that would bring value to the life of your people.
Not all companies can change lives and if this is something you can offer, do not be surprised if the next batch of candidates applying to work for your firm has suddenly possessed talents and skills you’ve never encountered before.
Culture is one of the most important things in a business or company. The culture dictates the direction of your company. If it has a bad culture, your business probably wouldn’t go anywhere desirable.
If your company has a culture of winning at all costs, even at the expense of others, you may benefit from high sales the first time around but your good luck won’t last. You would perhaps find yourself in a situation wherein you would be sued or any other situation where you could lose all your money or even your company.
But if you have a culture of growth and of people doing their best in what they do, that is a good direction to follow.
You may not move as fast as other big-time companies but in this case, slowly but surely is the key.
You are moving slowly but that is only because you are building a solid foundation on where your future success can rest on.
The good thing about a good recognition rewards management system is that rewarding people for good work becomes automated. This means that people will learn to do their best on their own even without their supervisor having to constantly watch what they are doing.
They will also have a sense of self-motivation. If you have a culture like this, you will surely go places. This is most especially true with Multikrd wherein rewards are carefully picked as to provide the most value to your employees.