29 June, 2022
How to Design the Perfect Employee Rewards Catalog
Over the years, employee rewards have substantially evolved to include more than just work anniversaries, annual recognition awards, or employee-of-the-month perks. Today, a holistic rewards and recognition strategy is considered indispensable to the overall employee experience, as organizations are focused on attracting, engaging, and retaining their workforce in this talent-led market. Ergo, rewards can no longer work in silos; they need to function in congruence with employee recognition, engagement, and performance.
Irrespective of the approach you follow while delivering an R&R strategy, a few fundamental factors that need to be crystallized including: Is your rewards strategy aligned with organizational goals? Are your employees responding in a positive way? What is the Return on Investment (RoI) of your rewards framework? Decoding these characteristics may not be a walk in the park, but with a strategic, data-driven approach to total rewards, sky is the limit! Read on for some pivotal insights into designing the perfect employee rewards catalog tailored to your organizational needs.
Checklist for Designing an Impactful Employee Rewards Catalog
A key differentiator that can set your rewards program apart from the rest is the cultural fit and the personalization of the products featured in your catalog. Keep in mind- Your product catalog should be diverse enough to cater to the individualistic preferences of your people, while being cohesive with and relevant to your organizational culture. Browse through the reward options listed below and design an integrated catalog curated to enhance the employee experience at your organization!
1. Assortment of Physical Products
Physical products, the most conventional type of rewards, are still extremely relevant and impactful. Consider expanding your product range with a variety of options, and if your organization has a gamified R&R platform in place, employees can redeem their reward points for items of their choice! Items can include home appliances, gadgets, fashion accessories and so on.
2. Custom Merchandize
When designing your rewards catalog, consider offering custom merchandize with branded packaging that is available exclusively for your employees. This product range can include simple items such as t-shirts, mugs, keychains, pens, or badges. Such tangible symbols can serve as lasting, memorable keepsakes, thereby fostering brand loyalty.
3. Experiential Rewards
In essence, an experiential reward is an event that an employee earns, rather than goods or services. Studies have affirmed the growing popularity of experiences as rewards, as such perks offer people the opportunity to try something they might not have considered before- for free. Moreover, estimates highlight that millennials will make up 75% of the workforce by 2025, and Forbes states that experiences and relationships are more important than possessions for millennials. This generational shift makes it crucial to include experiential rewards in your catalog.
Whether it is a chance to go on a cruise, tickets to a theme park, a fine dining voucher for two, or a spa visit- gifting experiences is a sure-fire way to create a long-term impact on an employee’s motivation and happiness.
4. Wellness Rewards
Employee wellness has gained immense traction in recent years, so why not synergize your rewards program with the overall wellbeing of your people? You can include gym memberships, subscriptions to virtual meditation or yoga classes, a free counseling session, and even include health-based equipment in your physical catalog! Read more about employee wellness here.
5. Gift Cards or E-Vouchers
More often than not, the most impactful reward is the one employees choose for themselves. The advent of e-vouchers and gift cards is a phenomenal upgrade to the traditional one-size-fits-all rewards strategy, so consider including gift cards to a wide array of retail stores and e-commerce sites, made available across a vast price range.
Incorporating charitable donations in your catalog is another great opportunity that can be leveraged to appeal to the inner purpose of your employees and give them a chance to give back to the community. They can choose to donate their reward value to a cause that is aligned with their personal values, so consider including wide-ranging philanthropic options such as environmental concerns, medical research, or rural upliftment, for example.
Leverage R&R Technology to Design a Rewards Catalog that Works!
We hope this article gave you some helpful insights into how you can create an impactful, modern employee R&R program. It is worth mentioning that a digital R&R platform driven by free-flowing appreciation and a robust data-driven approach can help make rewards contextual, relevant, and desirable for all. Gratifi’s cutting-edge R&R technology and a diverse range of products, accompanied by easy redemption, delivery, and fulfilment is your one-stop solution for designing the perfect, tailor-made employee rewards catalog.
Connect with us now to explore our myriad rewards offerings, and experience the platform in action!