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6 Key Points to keep in mind when considering a recognition and retention programme

6 Key Points to keep in mind when considering a recognition and retention programme

Employee reward and recognition programmes have become the cornerstone to employee retention, productivity, performance, motivation and output. What started as a ‘nice-to-have’ has become a driving force behind sales, profit generation and overall employee and office moral. The question therefore is how best to choose the ideal rewards programme for you and your company?

There are 6 key points to keep top of mind when assessing reward programme offerings:

  • How many participants do you want to include in the campaign?

You need to decide whether you would like a campaign for the entire company or a specific department. This, as well as the size of your business, will depict the type of reward’s programme you choose.

  • What type of rewards programme are you looking for?

If you are a smaller company looking for a rewards programme across the board then recognition and retention programme is recommended so all staff may participate. If you however want to incentivise your sales staff only, then a sales or performance programme is best suited. If you want to combat staff turnover, a long standing awards programme is key. Your overall objectives for the campaign will depict the type of rewards programme you require.

  • How tight are your budget constraints?

Many companies make the mistake of only budgeting for the rewards they would like to allocate forgetting about the running costs of the rewards programme. Fees are based on the number of participants and the types of services you would like to include (i.e. surveys, reward catalogue, SMS and email communications, etc.). Although this may look like an added expense it would actually cost you more to run the campaign internally as the implementation and management can take twice as long as when outsourced to an industry expert. It is also important to note that by increasing the company’s productivity through an effective campaign, the programme is actually paying for itself.

  • How in-depth would you like the criteria (for which employees receive points/rewards) to be?

Should you require a programme based on KPI’s and ROI then it is best to source a strategy based company (keeping in mind that strategy increases overall campaign costs). If you however want to change behaviour or increase staff retention a specialist in nomination, sales and retention rewards programme is better suited and more cost effective.

 

  • How long would you like to run the rewards programme?

Whether you would like a once off rewards programme, of 3 to 6 months or an ongoing programme, the candidates’ pricing, experience and service offerings will determine which is ideal for your timeline needs.

  • What kind of customer service and relationship do you expect?

Do you expect a company that will not only go above and beyond for you and all your requests but the staff too? Do you want someone that is flexible and willing to tweak items as you go along? Prize Voucher Agency offers a more personal service.

It is important to properly research the type of rewards programme you are looking for. This ensures that you are looking for a solution for reaching your company specific goals. Start with what you are trying to achieve and work your way from there.

At Prize Voucher Agency we specialise in peer-to-peer and manager-to-peer nomination programmes, sales incentives, and long service awards. If you are looking for a programme to change your staff’s behaviour, to minimise staff turnover and to keep up office moral, contact Prize Voucher Agency on This email address is being protected from spambots. You need JavaScript enabled to view it. or 011 022 4348.

Tags: Employee Rewards, Increase Performance, Nomination Programme, Social Recognition Programme, Reward and Recognition , Employee Engagement, Employee Motivation

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