According to a Deloitte survey, employee productivity, performance, and engagement are 14% higher in organizations that prioritize employee recognition programs. Recognizing employees for their contributions boosts their morale and motivates them to go the extra mile. This recognition must be consistent so that employees look forward to working every day. To make these efforts structured and continuous, you'll need a comprehensive rewards and recognition platform that tracks employee achievements, rewards them in real-time, and helps you build meaningful relationships. If you maintain this practice, you'll find success in strengthening your company culture.
If you're just getting started with your recognition program and want to invest in a rewards and recognition (R&R) platform, here are five factors to consider:
Your rewards and recognition platform should simplify the entire recognition process and follow a people-first approach. Otherwise, neither your employees nor their managers will make use of the platform. For instance, if you're adopting a points-based recognition system, you should be able to purchase the points, set an expiry date for the credited points, and distribute them to your employees seamlessly based on their achievements. Similarly, it should be easy for your employees to redeem the points for their rewards. The R&R vendor should provide employees access to a variety of gift coupons, cash cards, experiences, and health and wellness rewards. Each one of these processes should be uncomplicated and straightforward. Since you'll need employees to take interest in your chosen system, be sure to go for a platform that offers an excellent user experience and is free from complicated interfaces.
Integrations with HRMS
The R&R platform that you select should integrate seamlessly with your existing HRMS. Most importantly, it should function well alongside the performance module, since recognition is often tied to employee performance. Otherwise, you'll have to manually populate the data required for the rewards platform. When your R&R platform integrates with your HRMS, you can recognize and reward your employees as part of your performance appraisal process. That way, rewards will have more impact, as employees will know which qualities and achievements led to recognition.
Zoho People, our HR software, integrates with Xoxoday, a rewards and recognition platform for developing a culture of growth. This integration works closely with Zoho People's Performance Management System can be enabled in just a few steps, and employees can redeem their reward points directly through Zoho People.
The rewards and recognition platform that you choose should be customizable to your organization's culture and requirements. Similarly, it should offer access to a variety of rewards so that you're able to decide which options you wish to offer your employees. Since some of the features may not work exactly according to your recognition needs, the vendor must be able to help you set up tailored workflows. For instance, if your organization has employees from different parts of the world, the system should be able to prevent hassles involved in currency conversion and exchange rate calculation.
Your rewards and recognition platform should be able to provide you with a host of useful reports so that you have a clear idea about what's working and what's not. Otherwise, you'll lose sight of your recognition program goals, and it may not bring the desired impact. For instance, you should be able to track the rewarded points and their redemption status, as well as the transactions you've processed and the status of those transactions. You should also be able to accurately calculate the ROI of the recognition program.
Budget and support
According to research conducted by SHRM, HR teams should spend at least 1% of their entire payroll budget on their employee recognition programs. So, be sure to understand the recognition needs of your organization and set a budget for your R&R solution based on the features you need. Finally, it's essential to make sure that the vendor you choose offers great customer support, both during setup and post-implementation.
Adopting a comprehensive rewards and recognition platform can help your organization weave employee appreciation into its organizational culture and foster an uplifting work environment. We hope this blog gave you a clear idea of how to select the perfect rewards and recognition platform for your organization!