Employee reward systems have become a normal part of everyday business, employment, and human resource relationships. They have been proven to be some of the best ways to maintain employee productivity as well as cement the brand ethos amongst the workforce. Here are some of the top trending means of reward that are also the most appreciated by employees.
Time given back for employee effort
Everyone appreciates time off in return for time worked or as recognition of effort and commitment. Time for self or family is one of the most treasured employee assets, and every HR practitioner should use it wisely and only in a way that does not adversely affect the effective and efficient running of the business.
Time is thus the one aspect that, although a top trend as an employee benefit or reward, can also be used to drive the business forward. As such, it should only be used in cases where there are no business pressures, looming deadlines, or impending changes.
Technology as a gift or a lesson
We are in a time of incredibly high-speed developments in the tech sector – and business is constantly adopting new tech and software. The best way to ensure that employees are up to speed with such tech and software is to provide similar tech training and access to applications and games as a reward.
It’s a great self-fulfilling gift or reward for any business, in that as employees implement and work with new tech, apps, and software, they are in return rewarded with the same tech, whose use then makes them better at their roles.
Employee training and development have been used in the same vein in the past, where additional training and employee development regarding specific technology are used as a means to encourage, motivate, and reward.
Money, vouchers, or crypto
A direct financial reward for those who work hardest has always been an HR trend used in encouraging and motivating the workforce. It still is a top trend to reward employees with additional monetary payments in the form of performance bonuses. However, distinguishing these payments from normal wages and remuneration for everyday work and expected levels of commitment is always tricky.
The use of vouchers or cryptocurrency is thus a great way to make these ‘financial’ payments separate from normal wages. Use a site such as OKX to understand crypto values and exchange rates as well as to convert into the crypto of choice and the one you have decided to use to reward your staff. It’s a currency that is now incredibly widely used and, as such, makes for a great way to reward as well as educate and inform them while innovating as a business and HR team.
Designing and implementing an employee reward system can be a complex and long-winded process. The trends, as discussed herein, will help provide the initial brainstorming process and aid in simplifying the process. However, your HR department will still have to do thorough research in-house to determine what drives the specific team of employees or staff you are working with.