Business

Impacts of Digitisation of Rewards and Incentive Programs on Businesses

Incorporating technology with all operational aspects of business plays a major role in its growth. Rewards and incentives are extremely important to maximise the performance of employees. These programs are managed by human resource department in an organisation. Nowadays, there are many online platforms that allow organisations to manage these programs in a more convenient manner.

What is Incentive and Reward Program?

A majority of organisations use these programs to appreciate the performance of employees. The work performance is evaluated on the basis of different parameters. Online platforms facilitate HR employees to manage data in a more efficient manner. Moreover, the details of incentives are also made easily accessible to employees. They can check the information from anywhere by simply logging in to their online accounts.

These programs also enhance the performance of employees. The more their efforts are recognised, the more motivated they feel and will perform even better in future. It’s an effective motivational strategy that is widely used by organisations around the world. Although a few organisations still find it a waste of money, its long-lasting impacts debunk such claims.

Online Reward Programs:

Online platforms such as www.globalrewardsolutions.com/ offer a catalogue of rewards. It is up to the organisation to customise incentives as per their requirements. They can choose certain rewards that should be accessible to employees. The performance of employees is measured and they can claim rewards as per their performance points.

These programs not only make rewards easily accessible but also improve employee engagement. They allow employees to choose rewards of their own choice. These programs benefit businesses in the following ways:

Improved Employee Performance:

There are many services in the UK such as http://www.power2motivate.co.uk/ providing innovative incentives and reward programs to positively impact the performance of employees. They can increase employee performance and engagement by up to 44%, which in turn enhances the profit and revenue for a business by around 3 times.

Customer Loyalty:

It is extremely important for a business to retain its customers in order to sustain in competitive market. A majority of customers prefer to purchase products or acquire services from an organisation where employees show a positive attitude. Incentive programs are important to promote a positive attitude among employees.

Moreover, online incentive and reward programs can be customised to include rewards for your loyal customers.

Here are some options to reward your employees:

·       Travel Incentives:

Travel incentives provide employees with an experience of a lifetime and allow them to spend some days on vacation away from the hassles of busy work life. They refresh employees and boost their morale to perform their duties more efficiently.

·       Health Incentives:

Health incentive programs assist in improving health conditions and therefore, keep the employees safe from potential health risks. Employees tend to adopt better health and well-being practices after participating in these programs. Organisations can analyse different elements for this purpose such as weight management, eating habits, exercise routine and alcohol education.

·       Safety Incentives:

Employee safety programs educate them to stay safe in working environment. It encourages employees to suggest safety methods for the benefits of others and rewards them for their engagement.

 

Close