23 September, 2019
How to measure the impact of your employee rewards and recognition program?
Employee Reward and Recognition programs help you make data-driven decisions for your engagement strategy. However, you must define and measure your employee engagement program.
Do you consider the total number of handshakes between employees on your R&R platform and is it important? What about participation in company events and CSR activities?
An efficient R&R platform should produce analytics and data that will help you define the following:
1. Amount of Logins
Logins are the basic yet vital metrics, it helps you understand the success of your employee engagement strategy. The number of logins done by employees of the company and even the total number of users for the R&R platform speak a lot about the effectiveness of the platform itself. However, it is important to create a buzz around a newly introduced platform and send regular reminder notifications to the staff to encourage its usage.
2. Points Spent
Points Spent is the most crucial metric for the budget of your employee engagement program. If you have a points-based recognition system, you should be able to track the points spent at the Admin Level (HR Department), Manager level as well as at the employee level. Within the point-based system, both receiving points and distributing points speak a lot about whether team leaders are encouraging positive behavior in their team, and if peer-to-peer recognition is active. Also, points should be distributed evenly among a large number of employees to build a healthy environment.
3. Recognition Trend
There are three types of recognition in the workplace: organization-to-employee, manager-to-employee, and employee-to-employee. Recognition Trends for all these categories can be measured at the location, department and team level with an R&R platform. The program helps the HR department to understand where recognition is lacking and take measures accordingly. It’s important to note here that the R&R platform needs to have relevant recognition categories as per the organization’s key performance indicators. For example, encouraging late-night shifts may not be relevant to a banking firm but extremely important for a BPO. It also helps to keep refreshing categories from time-to-time and communicate the same to the workforce.
Leaderboards display top recognized employees at various levels in the organization. It gives management visibility to the best performer, thus boosting their morale and setting an example for others to follow. Leaderboards are a good way to measure and perpetuate the success of your R&R program. They also form a significant part of a sales engagement platform, wherein sales professionals deal with high work pressure, a healthy competition boosts their performance.
5. Orders Received
A basic metric to measure reward redemption among employees, be it redeeming points or gift vouchers earned during birthdays, anniversaries or work milestones. An integrated reward redemption platform can help you get the data you need to understand which reward items are most ordered and liked and which ones are moving slow.
The truth is that rewards and recognition program needs a strategic plan. No matter how large or small your organization is, having a fully developed process in place will ensure every employee in every department is aligned with your organization’s goals and culture. A goal-based recognition can ensure that managers are recognizing those who accomplish their tasks and go above and beyond.