In a world where employee satisfaction and business success are interconnected, investing in a rewards platform is one of the best moves you can make for your business. Rewards platforms can make all the difference when it comes to how appreciated employees feel. But before you invest in recognition software, it helps to understand what employee recognition platforms do and how they work.
You can think of the best employee recognition platforms as tools that engage employees, show appreciation to them, and encourage employees all at once. Not only do recognition programs align with a company's culture and develop a positive work culture but they also reward employees who contribute to the workplace. But that's only the beginning!
The workplace culture that you create will impact how your employees feel, so why not cultivate an environment that enables organizations and team members to thrive? Employee recognition programs can help because the people who work for you will benefit from development incentives, performance reviews, communication tools, and personalized rewards. So, if you've been thinking about onboarding a rewards platform for your organization, you're in luck because this guide is designed to help you find the right employee recognition platform based on your company's culture!
An employee rewards program is a digital tool that lets companies recognize and reward employees for their efforts. It’s a structured way of acknowledging a team member every time he or she achieves a goal. By consistently rewarding employees, business owners can ensure that the work environment is a place where everyone feels appreciated for all that they do.
Think about it — when someone encourages you and applauds you for the time you spend working on tasks, how does it make you feel? For most people, this type of dynamic is motivating. Within businesses, motivated employees are engaged, focused, and determined to produce tangible results.
In turn, these employees yield high scores on performance reviews, increased employee engagement levels, and greater workplace satisfaction. All of these factors are beneficial for company leaders, management teams, and the business as a whole. Rewards software is designed to boost morale, increase employee engagement, and retain top talent, but how do they make this possible? Let's talk about it!
Employee recognition platforms often come with features like peer-to-peer recognition, customizable rewards, and real-time feedback via employee surveys. With the right employee recognition platform, your recognition tool can cover different facets of employee appreciation to ensure that all employees feel valued. However, before exploring the top employee recognition platforms in 2024, let's first take a look at some of the best employee reward ideas that you can consider implementing within your organization!
The best platforms for rewarding employees also double as customizable recognition programs. From gift cards for local restaurants to experiential rewards for once-in-a-lifetime events, custom service awards are a personalized way of rewarding individual employees in ways that matter to them the most. With custom rewards, the awards you hand out will be more meaningful, allowing you to enhance the workplace's organizational culture.
Another option is peer to peer recognition, which is a way for employees to recognize one another’s efforts and build meaningful relationships. By encouraging peer to peer recognition in the workplace, each team member will contribute to camaraderie among employees. The best employee recognition platform should include key features that let you publicly praise those who perform well at work.
Instant feedback and recognition can make a big difference to employee morale. Collecting employee feedback through these platforms often includes tools for managers and peers to give feedback.
The best employee recognition tools should make it easy to understand how well your rewards program is performing. After all, if you don't know what the impact of your rewards program is, then you can't make improvements toward meaningful recognition. So, look for rewards software that includes employee recognition software with analytics and reporting tools to track engagement. That way, you'll have no problem measuring the employee recognition program's effectiveness.
It's no wonder why so many companies implement recognition programs in the workplace. When properly utilized, employee recognition software can be incredibly beneficial! At the same time, before you introduce your company to one of the best employee recognition platforms, it's important to be educated about the pros and cons of employee recognition platforms.
In addition to increasing the motivation of workers, employee recognition efforts should also focus on engagement, retention, and productivity within organizations. An effective employee recognition platform can streamline all three of these priorities with the help of gamification, customizable programs, and diverse reward options. By implementing employee recognition platforms, your company can significantly improve company culture by making employees feel valued without neglecting employee performance or motivation.
Can you imagine what recognition software can do for your business when you recognize and reward your employees in a timely fashion? By allowing employees to understand that they will receive tangible rewards or verbal praise soon after they perform well, companies can increase engagement through the power of positive reinforcement. While your business' social recognition messages should align with employer branding and your company's core values, a time-sensitive recognition process makes for more productive and motivated employees.
There's no denying that employees who feel valued are far less likely to leave the companies that employ them. But how do you ensure that this is how your employees feel? It all comes down to successfully implementing an employee recognition platform within your organization! When utilized effectively, employee recognition platforms can reduce turnover rates, which not only means you can retain employees for longer periods of time but you'll also be able to save your business from constantly paying the cost of recruitment and training.
An organizational culture rooted in employee recognition and appreciation is top-tier. That's why your employee recognition platforms should align with your company values, and you should double-check that your recognition program will contribute to a positive work environment. Recognition software that prioritizes employee engagement, a positive company culture, employee rewards, recognition efforts, employee feedback, and employee data will also establish a foundation of trust in the workplace.
Now that you've heard about the advantages of employee recognition platforms, let's analyze some of the disadvantages of a recognition platform. Even the best employee recognition platforms have drawbacks, but when you know what could happen, you'll be prepared for the reality of a recognition program before implementing it. So, without further ado, here are three cons of employee recognition software!
As with many business tools, employee recognition platforms often come with an initial fee, and you might even find that a social recognition platform has a subscription fee, too. This means a new platform can cost a lot of money upfront. While this can seem like a deterrent at face value, employee recognition programs can help businesses make more money over time, so the long-term perks of a rewards platform usually outweigh these costs. Analyze your company's budget and make a purchasing decision from there.
Just like anything you try for the first time, recognition programs tend to involve a learning curve. Don't give up if you have a hard time understanding how a platform can help you increase employee engagement at first! Give it time, and remember to provide everyone with plenty of training so that all team members understand how to use the platform properly.
Biases are human nature, so it's no surprise that you might run into bias-related issues if you don't correctly implement or properly manage your recognition and rewards system. The best way to go about this is by establishing clear criteria and fine-tuned rewards program guidelines to ensure fairness and transparency. As long as you pay attention to this facet of employee recognition programs, you will minimize the chances that your employees will feel like unfair treatment is at play.
Looking to implement an employee recognition program through a rewards platform? You're in the right place! Here are some of the best options to consider in your search for the right employee recognition platform for your business.
Matter is all about real-time recognition and peer feedback. Great for building a positive and collaborative work environment, the platform can be used with Slack and Microsoft Teams!
Nectar has rewards and recognition features that you can customize for each employee. It's web first experience is user-friendly but and has several reward options that could meet your business needs.
Kudoboard is ideal for companies that employ remote teams. Due to the way you can create virtual thank-you cards and plan group celebrations, it's also an amazing platform for special occasions.
Bonusly integrates with a wide array of HRIS platforms and has a rich web experience. This program makes the recognition and reward process work for companies of all sizes.
Workvivo combines social networking and employee recognition all in one place. Since it’s designed to improve engagement among employees, you won't have to worry about a lack of motivation ever again.
Achievers is all about continuous recognition and reward programs. It has robust analytics that you can use to measure the impact of your recognition efforts.
Empuls has a full suite of employee engagement tools. Some examples of the platform's features include rewards, engagement surveys, and communication widgets.
Witt Vantage Rewards, you'll have access to a global rewards catalog. Perfect for multi-national companies, you won't have any trouble finding rewards for any of your employees.
Workhuman is all about peer-to-peer recognition. It has a seemingly endless amount of reward options, including real-life experiences and charitable donations.
Cooleaf is all about employee engagement, but it also prioritizes the well-being of team members. With this rewards platform, you can send out service awards for employees who achieve their well-being goals and participate in company initiatives.
Guusto focuses on instant recognition and rewards. It's one of the most user-friendly options on the market, and the best part is that Guusto integrates seamlessly with other HR systems.
Motivosity has a four-pronged approach to employee engagement. This platform makes use of peer recognition, manager feedback, and custom rewards.
Awardco partners with Amazon Business to offer business owners a massive rewards catalog that they can look through. This makes it easy to find a reward for every employee, no matter their preferences.
Before you go, make sure you read through the following information because this is where you'll learn about everything they don't tell you about employee recognition programs. While the benefits of rewarding employees are well known, the drawbacks are often overlooked, and this can be misleading. So, to ensure you have a thorough understanding of what employee engagement programs can offer, here are three industry tips!
In order for the platform to increase employee engagement and improve the culture of the workplace, you must use it consistently. Sporadic recognition of your employees' efforts will not be anywhere near as effective as a program that you incorporate on a daily basis. Inconsistency will dilute the impact of your recognition efforts, and you will not end up creating the culture of appreciation that you're after.
Contrary to popular belief, one size does not fit all in the context of an rewards program. In fact, the opposite is true! You'll need to customize the platform according to your company’s values and your employees' needs in order to render your desired results.
Asking for input from your employees is one of the smartest things you could do. Let everyone know that you're open to employee feedback, and make sure they feel like they are a part of the decision-making process for your business' employee recognition program. Their input will give you valuable insight that you can't see on your own, and when you apply their advice to the program, your recognition platform is sure to meet their needs.
Selecting a recognition program is just the beginning. Once you decide which rewards platform to incorporate in the workplace, there's still more work to do because it's time to strategize. Here are three reward system strategies that you can apply to get the most out of your rewards program!
Start by defining what you want to achieve with your rewards program. Is boosting morale and building meaningful relationships a top priority, or would you rather focus on increasing productivity at first? Are turnover rates a major concern, or is there something else that takes precedence? Once you clearly identify what your goals are, you can figure out how to guide your own efforts more effectively.
Let employees recognize one another’s efforts. In other words, incentivize peer recognition among colleagues. This will teach everyone to cheer for each other and build meaningful relationships. Plus, when people are in the habit of motivating one another, you'll inevitably establish stronger team dynamics all around.
Last but certainly not least, make it a point to regularly monitor your rewards program. Rely on analytics to see what needs to be improved, and when you notice inconsistencies or opportunities for growth, make the changes to get better. If you don't stay on top of analytical reviews, you'll run the risk of becoming stagnant, and that can end up derailing your rewards system efforts!
Employee rewards platforms are a great way to engage, retain, encourage, and motivate your employees. Plus, now you know what an employee recognition program can do for your business and how to use a rewards platform effectively, you can work towards developing a company culture filled with inspired employees who build meaningful relationships and feel important. All you have to do is decide which employee recognition software aligns with your company values the most.
If your workplace is missing an effective employee rewards platform, acknowledging and rewarding outstanding team members has never been easier with recognition software like Matter. Plus, you can easily integrate Matter into your workspace because it's available for Slack and Microsoft Teams! Get started today to see how employee recognition software can make all the difference.
