What Is an Incentive Program?

The employee reward plan is a set of planning systems designed to improve employee retention and employee loyalty, including incentive principles, reward rules, reward processes, and effect evaluation. The company implements the employee reward plan to guide employees to advance together for the company's goals and realize the common value of the company and employees in the process.

Employee Reward Program

This entry lacks an overview map . Supplementing related content makes the entry more complete and can be upgraded quickly. Come on!

Employee

Employee loyalty refers to a sense of psychological belonging that employees have from the heart of the enterprises and institutions they serve, and are willing to provide continuous services.

Why are companies today so concerned about employee loyalty? Because valuable employees are important assets of the company, employees have higher satisfaction and loyalty to the company, which can reduce the probability of employees leaving. According to a survey by professional HR agencies, if a company's employee turnover rate is controlled below 10%, then this company's sales turnover is 50-80% higher than that of a company with an employee turnover rate of 20% or more. The loss of an employee not only means a vacancy in a post, but also the accumulation of time (from interviews to training, familiarity with the business, and mastery), and lack of experience. These unmeasurable factors directly lead to differences in corporate performance. At the same time, a low-loyalty company culture will generate huge negative energy for the company as a whole.

Since employee loyalty is so important, how can companies improve and improve employee satisfaction and loyalty? Just as many industries have adopted a series of measures to retain their customers and increase customer loyalty-banks have credit card loyalty points programs for cardholders and airlines have mileage reward programs for passengers. What should a company's employee loyalty program look like?

Employee

First, enterprises and institutions should establish a portal for employee recognition and reward. Let employees feel that companies are seriously considering employee loyalty. At the same time, employees can also see the rewards for any reason on this website portal at any time.

Second, according to the development direction of the organization's desired behavior, set various reward items, such as "full attendance award", "excellent employee award", "best newcomer", "birthday award", etc. Every action in the work has a goal and direction of struggle.

Third, for any goal achieved by employees, regardless of size, there will be recognition points and corresponding reward points. Employees accumulate reward points just like they earn airline miles.

Fourth, after the points are accumulated to a certain degree, employees can use the points to redeem what they have always wanted. A digital camera, a travel package, a high-profile training course, and a concert ticket. After the exchange is completed, employees continue to complete the performance of the organization and work for the next goal.

When modern enterprises implement employee loyalty reward programs, they don't have to work hard to build their own set of reward IT systems. There are mature reward tools on the market such as IRewards employee loyalty reward platform ^[1], etc., which can provide all Saas services , To help enterprises and institutions to provide reward points, rule setting, reward management and other services.

Employee loyalty rewards are an old topic, but if it really becomes a quantifiable and executable mechanism, those companies that use talent as their first asset need more time and wisdom to establish and implement.