Employee Rewards & Recognition
Demonstrating appreciation & recognition for your employees is pivotal to business success. So how do you plan on recognizing the individuals and teams who are the invaluable building blocks of your company?
Giving meaningful corporate gifts successfully cultivates, sustains and maximizes employee engagement.
Presenting corporate gifts that are significant, entertaining and sophisticated, Xoxoday is the most reliable place to start and finish your search for unique employee recognition ideas. So why not work out some engaging, memorable experiences into your employee recognition program?
Let’s applaud some of your company's greatest achievements. From the smallest and most significant victories, to the biggest and most record-setting successes — commend & reward your employees for their commitment and contributions to the latest leg of the company's journey. And let them celebrate by choosing their own ways with Xoxoday Experiences!
All of us love the kick crossing a milestone gives. Milestones Rewards is a fast and easy solution to recognize and reward your employees for their significant achievements. This service makes it simple and fun to celebrate right alongside your employees by offering them experience or gift vouchers from Xoxoday.
Milestones Rewards programs increase employee engagement and confidence, leading to elevated employee satisfaction scores. Milestone recognition can strengthen relationships between managers and employees, which also enhances communication and productivity.
Milestone Rewards certificates can be given out in a range of denominations, providing your employees with the opportunity to choose a meaningful award for themselves, their family, or friends.
Now your company has the ability to recognize your employees’ milestones for a variety of reasons including:
- Years of Service
- Performance Awards
- Annual Awards
- Sales Performance Incentives
Reward Spends Made By Companies
It's the dream of every organizational leader to keep his/her employees motivated, productive and consistent at work. A properly designed Rewards and Recognition (RnR) program makes for an effective way to boost employees’ morale. Companies go by numbers in reward spends to and segregate these spends across the employee lifecycle. We look at the various types of reward spends made by companies and their importance across the employee lifecycle.
Rewards Across Employee Lifecycle
Talent Acquisition via Employee Referral
Companies acquire talent in the company through various sources such as social media, consultants, hiring portals and employee referrals. Employee referrals are considered as the most efficient source out of these. Employees know the culture of the company and hence the referred people too get a real picture of the culture. Typically, an organization sees 35 new faces in the company out of 100 every year. The usual payout for every successful referral ranges from Rs. 5000 to Rs. 50000. This is calculated as Rs. 5000*0.3x = Rs. 1500x, where x is the number of employees.
In addition to the manager-to-employee recognition, good organizations encourage employees to appreciate, reward or gift their peers who have helped them on multiple occasions or performed well on a consistent basis. Such organizations often own a culture of genuine appreciation, expression of gratitude and instant recognition. Such small but important gestures lead organizations towards building employee engagement and bringing in better business results.
Rewards for personal occasions
Every employee has personal milestones such as Birthday, Marriage, Anniversary and Child Birth. They feel pleasantly surprised when their moments of personal happiness are complemented by congratulatory messages and personalized gifts at their office. Such gifts often involve experiences, activities, gift vouchers and products that not just engage the employees with the organization, but also give their family members reasons to feel happy about. These rewards are calculated as 100x*12 months = 1200x.
Team awards and bonding activities
New and existing employees are often involved in ice-breaking games, experiences and activities with their teammates and other employees. These activities are designed for every employee to mingle with their colleagues and learn about the business and the people. They are acquainted to the key people of the organization and get better oriented around the structure and the culture of the company. Spends on overall team awards and bonding activities are calculated as 200x*12 months = 2400x.
Rewards basis performance
Employees giving good performance attract both rewards and recognition from their leaders. Good performers are recognized in front of the employee group and this can happen on a spot, weekly, monthly or quarterly basis. In case the organization has implemented a rewards point system, these winners are awarded points which they can redeem against rewards such as experiences, activities, products or gift vouchers. These awards boost employees’ confidence and make them perform better and better everyday. Typical average spends are Rs. 300 per employee per month and are calculated as Rs. 300x*12 months = Rs. 3600x.
Employee Wellness Spends
Good organizations extend wellness programs to their employees in a well thought out manner. They let their employees know that their contribution means a lot and that their wellness is valued. These spends could include the setup of a health app for employees as a part of the existing HRMS, or could mean giving the employees incentives to join a wellness or a fitness program with a gym or a fitness center. Spends on overall employee wellness are calculated as 100x*12 months = 1200x.
Delights on Long Service Completion
It's not a small achievement when an employee completes 5 or 10 years with an organization. These years of work reflect employee trust and commitment towards the company. They indicate that he/she understands the company culture well and is an asset for the organization. Organizations therefore recognize long service by rewarding and recognizing their employees. Some of them reward their employees financially while others reward products, experiences, activities and gift vouchers as a token of genuine appreciation. In general, 10% of the employees complete 3+ years in a company. Appreciating them and recognizing them becomes crucial. Typical spends on them is Rs. 10,000 and above and is calculated as 10000x*0.1 = 1000x.
Summing up the reward spends across the stages of employee lifecycle, the total rewards spends come out to be Rs. 10,900x per year. It is visibly clear that companies make reward spends throughout the employee lifecycle. The nature of these spends varies according to the stage at which the employee is, however the intent remains the same – to appreciate and motivate. Well thought out rewards make for a perfect way to communicate this appreciation and engage employees better throughout the lifecycle.