Business owners are always looking for ways to make their employees feel more rewarded and recognised as this helps increase productivity, loyalty, and efficiency. Managing your employees, the right way and appreciating their hard work makes them feel happy and satisfied and they will be willing to put in more work which will ultimately increase your return on investment. If you are looking for ways to reward your employees then here are some ways to help you get started.

Why Your Business Should Implement Employee Recognition Programs

With so many different people working together, it can often be challenging to lead a business. However, if you want to retain your talent and boost productivity, you should look beyond monetary rewards. Research has shown that businesses that recognise the achievements of their employees tend to have more productive and engaged employees.

Compared to a few decades ago, several organisations have transformed the way they recognise employees and their achievements. However, there are still many that do not want to move away from traditional methods. This reluctance to change the way they appreciate their employees come from misconceptions. Thankfully, it is now possible to clear those fallacies and ensure decision-makers invest time, effort, and resources to make their employee recognition programs more successful.

‘How can rewards be used to drive effective loyalty programs?’. Answering this question, we once again turn to member psychology in relation to rewarded behaviour.

During the past decade, as loyalty programs have come to terms with analysing Big Member Data, it has been consistently observed that members increase their spending after reward redemption for a short period of time. This is part of the Motivational Cycle. So how can you use this cycle to your advantage?

Cash vs Experiences - Building meaningful and longer-term connections with customers through loyalty programs is an essential strategy for brands to survive in crowded marketplaces with little differentiation and low switching barriers. Rewards offer opportunities for unique relational positioning.

Over the past 10 years we have seen the rise of the pre-paid card (both MasterCard gift and reloadable) as well as the use of online retail vouchers, become the preferred reward medium in our loyalty and incentive programs.