Being rewarded 🏆is a proven tool for positivity ➕. It can fill you with joy and make your effort feel accounted for. And while HRs and employers often debate employee productivity 🎯 and ways to enhance it, you can achieve it rather effortlessly.
Employee rewards are the fuel that can boost employee productivity, along with a range of other benefits.
With such benefits, companies can enjoy maximum efficiency, better revenues 💷, and higher loyalty, while employees receive recognition, positive reinforcement, and a sense of belonging. It’s a win-win for all!
Let’s walk through the types of employee rewards and how they can help you boost productivity 🆙.
🎗️ Why Is Employee Recognition Important? 🎗️
Employee recognition can help employers and HRs achieve company goals 🥅 more seamlessly. It helps employees feel recognized and valued for their contributions at work. This has also been proven statistically.
As per a study, 37 percent of people stated that being recognized and rewarded encourages them to produce better work more often. Another research case shows that when employees believe that they are recognized, it can lead to 2.7x more engagement.
A great way to recognize employees for their hard work is by offering them rewards in a structured manner. Companies can also evaluate their existing reward mechanisms and upgrade them to include perks that are more in demand or in line with employee expectations.
Let’s go through the types of employee recognition and rewards that can help companies yield the best results.
7️⃣ Top 7 Types Of Employee Rewards 7️⃣
There are different types of rewards for employees that organizations can use. However, based on common consensus, the following employee reward categories have shown to work well across industries.
1. 🥰 Intrinsic rewards
Intrinsic rewards can also be called non-tangible rewards, something employees cannot see but can feel.
Examples of these include a feeling of belonging, a sense of accomplishment, or respect from supervisors. Learning a new skill or being thanked for a task well done are all types of intrinsic rewards for employees.
2. 💰 Extrinsic rewards
Extrinsic rewards, unlike intrinsic ones, you can see and tangibly feel. These often come as salary raises, bonus payouts, gift cards, paid time off, extended offs, and more.
Extrinsic motivators are usually linked to employee performance and are an accepted tool for appreciating team members.
3. 💵 Monetary rewards
As the term suggests, monetary rewards are a form of financial reward 🤑. This is over and above the monthly salary and aims at improving the financial wellbeing of the employees. Typical instances of monetary rewards include bonuses, salary hikes, and more.
4. 🏋️ Non-monetary rewards
Non-monetary rewards are non-financial in nature but can still help you reap great results. These include perks such as gym memberships, wellness subsidies, and health coverage 🏥. Although underrated, these rewards heavily impact employee productivity.
🟢 At Loop, we enable you to offer non-monetary rewards to employees with our comprehensive group health insurance plans. Unlike regular group plans, our schemes entail mental health counseling at zero cost, complimentary, access to wellness events, and a lot more! 🟢
5. 🎯 Performance-based rewards
Performance-based rewards are directly linked to the performance of an employee. This is based on an evaluation of the effort employees make and the skills each team member displays.
Instances of it include paycheck raises given based on performance, etc. These rewards are usually a part of the company’s performance management plan.
6. 🏢 Membership-based rewards
Membership-based rewards, unlike performance-based rewards, are linked to the employee being part of a team or the organization.
They are presented as benefits and services such as the standard annual Christmas 🎄 bonus, company offsites, team lunches 🍕 , ergonomic furniture subsidies, etc. Work anniversary celebrations and awards are also a type of membership-based reward.
7. 🦄 Non-conventional rewards
Employee recognition ideas other than the above include peer-to-peer recognition, public recognition such as the wall of fame mentions 🧱, social media shoutouts 🔊, company-wide announcements, etc.
You can provide these via a one-stop employee recognition system or platform. Additionally, you can also provide less traditional types of reward systems for employees, such as flexible work arrangements 🏡, professional development opportunities 🪴, etc.
📈 How Can Employee Rewards Boost Productivity? 📈
Providing different types of rewards and recognition for employees can help them feel motivated and develop a better relationship with the organization. It also helps companies boost productivity as explained below:
1. Employee rewards help organizations keep employees engaged. Higher employee engagement can, in turn, contribute to better work productivity 🔝.
2. Employee rewards create a happy 😁 workforce. Employees perform better when they’re happy, and so play a part in the overall company productivity.
3. Employee rewards create an atmosphere 🌤️ of healthy competition amongst team members. This incentivizes them to do better and improve the quality of their work 📚.
4. Employee rewards are a marker of good company culture. They assist organizations up their reputation and 🧲 attract better talent, thus increasing productivity in the long run.
5. Employee rewards such as wellness subsidies and health coverage ❤️🩹 enable employees to stay fit and financially secure in times of contingencies. This helps reduce absenteeism and thereby enhances productivity.
➰ Health Reward For Employees With Loop ➰
Organizations must recognize employees and adequately reward them for their efforts. This can enable them to earn the above-mentioned advantages, such as enhanced work productivity, better revenues, and improved company reputation.
From a health perspective, 🟢 Loop can be your partner when it comes to rewarding employees.
Our holistic group health insurance plans ➕ come with a host of added rewards and benefits for employees. These include unlimited doctor consults 🩺 for both mental and physical ailments, access to complementary wellness sessions that are conducted by industry experts, quick aid in case of hospitalization 🏥, and a lot more.
To enroll in our comprehensive group health insurance plans, our experts can help. Contact us today!