It is a misconception that reward programs need to be supported with heft budgets. It is the design and implementation of these programs that matter. For example, even a simple ‘Thank You’ or ‘Congrats’ card could be as effective as giving out a nicely crafted trophy, rewards vouchers or points. The timeliness of the reward is more critical than the rewards value.
Obviously technology can play a big role hear in streamlining the entire process – the line managers should be able to log into a system that allows them to instantly sends an e-card to the employee – no waiting for the procurement team or admin to source the reward. The reward closely follows the achievement – a ‘Thank You’ in time saves nine!
Obviously, nothing can substitute saying ‘Thank You’ or ‘Congrats’ in person but with the time and location differences under which organizations work these days, it might be difficult. Also, the fact that the reward system records each action, which can be pulled out for input to the performance appraisal and other processes. Hence it might be actually possible to run a rewards program at almost zero costs and still keep the employees motivated!