BlogTags - employee rewards program

The power of customization in employee rewards

12 January, 2022

The power of customization in employee rewards

The multigenerational workforce today is dynamic, spirited, and cognizant of their merits. Constant engagement and consistent rewards are the key factors that drive motivation and commitment within these employees; ergo, why are rewards still proffered as per traditional norms, when almost every other aspect of HR has undergone transformative change? The time has come to trade the standardized employer-driven R&R programs for a fresh, personalized approach to employee benefits and rewards. A customized corporate rewards strategy enables a multiplier effect that can drastically enhance the employee experience with respect to R&R. Platforms which provide tailor-made corporate rewards solutions are procuring…

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Creating and Managing an R&R budget on a digital platform

29 October, 2021

Creating and Managing an R&R budget on a digital platform

When building a case for digitizing your firm’s R&R initiatives, an important question that always arises is- how do you ensure that your R&R budget is not exceeded? Or maybe, how can you optimize your R&R spend for maximum efficacy? Or- is my rewards budget framework in line with the industry best practices? This blog helps you answer these questions and ensure effective budgeting using your R&R or engagement digital platform. Step 1- Creating a Budget Framework When creating a budget for a digital rewards platform, keep in mind that unlike traditional methods, digital mediums offer the advantage of instant…

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Using Positive Reinforcement to Boost Organizational Values

17 September, 2021

Using Positive Reinforcement to Boost Organizational Values

Positive reinforcement is a time-tested behavior modification technique that has been known to promote desirable behavior, especially among young adults and learners. It is based on the concept of operant conditioning in psychology- which dictates that behavior is influenced by the external consequences to one’s actions. In other words, rewards or punishments determine whether or not one is going to perform an action. This simple concept is the reason why children complete their homework, for example (to prevent a note from the teacher) or perform well in exams (to get a treat of their choice from parents). While the former…

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Why a One-Size-Fits-All Employee Rewards Program Won’t Work

14 September, 2021

Why a One-Size-Fits-All Employee Rewards Program Won’t Work

In today’s times, our workforces are more diverse and distributed while the talent market is more competitive than ever before. An employee rewards program thus needs to be more dynamic and employee-centric if it hopes to meet the firm’s engagement and retention goals. Traditionally, HR and admin teams from businesses have made decisions on benefits packages, corporate gifts, performance incentives and the like. However, this approach is redundant for the following key reasons: Multigenerational Workforce From 2020 onwards, there are officially 5 generations that have been working together in the workplace. This statistic is mind-boggling. Different age groups naturally desire…

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Using Recognition to Anchor Pride in Workplace Diversity

11 June, 2021

Using Recognition to Anchor Pride in Workplace Diversity

The conversation around diversity and inclusion (D&I or Diversity, Equity and Inclusion- DEI) has matured over the years to reflect its’ importance, not just from a humanitarian perspective but also from a business one. For example- Companies with the highest levels of diversity outperform companies with less diversity…

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