As humans, we love to be recognized and validated for our contribution and hard work. This attribute of ours shows up at our workplace as well. Striving for these can be turned into productivity by undertaking the system of experiential rewards for employees.
Experiential rewards for employees are rewards given to employee(s) in recognition and appreciation of their hard work, dedication, productivity, and improvements. The reward system helps boost morale and increase efficiency in the office environment. Moreover, this can help employees bond and improve team productivity. The experiential reward system allows the company to progress overall.
Are you interested to know more and implementing the reward system at your workplace? Read along!
What are experiential rewards?
The experiential reward is a type of employee recognition reward system. In this system, the employees earn themselves an event- rather than some monetary reward or goods and services. The reward is less about the transaction and more about providing the employees with an enhanced experience. It is also a significant part of the achievers’ recognition program.
Experiential rewards aim to keep your employees motivated, charged, productive, and efficient. For a long while, monetary reward or compensation has been the main gateway of rewards. Rewarding your employees would mean just giving them a bonus. But with these experiential rewards, you can expect to see better morale, productivity, and efficiency in your office all year round. What will be the result? A positive, friendly, progressive work environment!
Why are experiential rewards good for your company?
Your employees play the most significant role in the company’s progress. Keeping them happy, engaged, and dedicated to your company will have them give their best in their work.
- Motivation: Motivate your employees to do their best in the tasks they’re assigned. There is no need to pressure your employees- when they are motivated enough, they do their best efficiently.
- Improve Morale: Improve morale around your office/organization. A morale-boosting activity such as the experiential reward will make your employees cheerful, confident, and increasingly efficient.
- Recognize Dedication & Enhance Loyalty: Lets your employees know that the authority recognizes their hard work, time, and dedication. So, they will be more willing to keep working at their best. You can enhance employee loyalty to the company by undertaking these reward systems.
- Reduce Turnover Rate: Helps reduce employee turnover rate. Money is not all that humans care about- peace and happiness also rank high on the importance list. The experiential reward systems can keep your employees happy and content. If your staffs are motivated and satisfied, they are less likely to quit or leave.
- Increase Productivity: Helps set and reach goals better and enhance productivity. If you have an effective experiential reward system announced, employees are more likely to fulfill their dreams be more productive and time-efficient. This will help your company progress overall.
- Enhances Team-building Experience: If your reward system accommodates a group of employees, it can strengthen their bond. The employees will encourage each other to work better and even help each other out!
What to keep in mind while setting up experiential rewards for employees?
You can’t expect something to provide you with the best output if you don’t do it right. Similarly, you must keep a few things in mind before launching a successful experiential reward system for your workplace.
1. Establish criteria for the eligibility of the reward system
Companies and organizations have a lot of roles, departments, and positions. So, your criteria cannot be one-size-fits-all. For a better choice, you can set a few small goals or standards throughout a period. Take into account how individuals reached those goals. Consider their dedication, effort, time, creativity.
Make sure you know all your employees to some extent and keep up to date with important events. You should not be playing favorites, not even subconsciously. If you notice some of your employees struggling and lagging behind more than the others, look at their recently completed tasks. Recognizing anything small they’ve done and rewarding them for it will boost their confidence and efficiency.
2. Don’t inject unnecessary competition among employees
The rewards systems are great for the workplace, but even the slightest wrong nudge can have adverse effects. For example, make sure the employees know they’ll be judged on their performances and improvements. How much better they have become, and not in comparison to their colleagues? Otherwise, your employees will turn against each other, making the work environment toxic.
3. Don’t be too rewarding
Overdoing almost always spoils things. For example, if you praise and reward every little thing your employees do, the reward and praise will lose their value. Your rewards need to be fitting and proper- something that makes your employees strive for. Make sure your rewards align with your company values.
4. Give everyone a chance
It won’t be fair if the same employees get recognized and rewarded every time. Some employees can be extraordinary and always on top, but we need to make sure everyone feels included. To ensure that everyone gets their chance, you can impose rules such as “a winner will not be able to participate for the next two reward programs.” You can also give your employees the option to transfer the reward to their colleagues or claim them at a more convenient time.
Experiential rewards to consider for your employees
Experiential rewards cannot be one-size-fits-all. Indeed, your employees have tastes and preferences. Keeping your company budget in mind, consider letting your employees choose their reward. If a group of employees is to receive the reward- take everyone’s opinion or vote to decide. Following are a few great examples of experiential rewards:
1. Spa experiences
Your company is more likely to afford a luxury spa treatment reward pretty often. For the luxury experience, book them an appointment at their favorite spa. Ask them about their favorite place and spa treatment and check if it aligns with your budget.
If your budget can accommodate, you can also offer couples massage or spa treatments. With all the work they do at the office and away from their loved ones, we’re sure they’d appreciate the gesture.
2. Staycation
Your employees will appreciate the experience of staycation a lot. Working fixed times every week exhausts all of us (hey, don’t tell MY boss!). They will surely love to relax at the staycation. Again, based on your budget, you can accommodate an individual family. Or, you can let them enjoy their staycation with their partner or family. What your budget entails also determines the location of the staycation. Give your employees the freedom to choose based on their comfort and wishes!
3. Winery/brewery tasting
Winery/brewery tasting is a prevalent and beloved idea of unwinding and can be an excellent reward for your employees. Moreover, this can be something you reward to a few employees together, and this, and it way, they can bond well. Depending on your budget, you can decide to either take a road trip with your employees to a vintage winery. Or, you can even stay over at resorts near the wineries.
4. Music, movies, or sports events tickets
This is also the kind of reward you can accommodate, individually, with a spouse/partner, for the whole family of the employees. You can even arrange this for a group of employees and let them have a bonding experience! From opera or any kind of music/instrumental shows to concerts, plays, premiere screenings of hyped-up movies- it can be anything! Any sports that your employee(s) enjoy, such as football, rugby, etc., will be just as rewarding and fun.
5. Sunset cruising experience
Similar to our last suggestion- the guest list can be according to your budget. The location, type of experience, amenities- will also depend on your budget. Cruising is a great way to help your employee(s) unwind and be close to nature. A breath of fresh air is sure to improve their body, mind, and energy!
From Adelaide, we recommend driving along the scenic route through the Adelaide Hills to get to McLaren Vale Winery via O’Halloran Hill, Chandlers Hill, Clarendon, Kangarilla and McLaren Flat. On the way back to Adelaide, we recommend driving along the stunning coastal route.
Bottom Line
Companies and organizations should always strive to create the best environment for their employees. Experiential rewards for employees help you with just that- uplift your employees by providing an enhanced experience. The system helps increase the productivity and efficiency of the employees, and in turn, helps the company progress further.
Of course, material rewards are still in. Many employees enjoy receiving gifts, like care packages or personalized gold pens with engraving. Receiving gifts is a different kind of experience as well. The tangible gifts can be a timeless treasure that will remind your employees of their time with your company. They’re practical gifts too because employees can use them at home or work. Luxury pens even become heirlooms to pass to the next generation.
Have any questions regarding the system? Or need more experiential reward system ideas? Let us know!
FAQs
- What are the four reward systems of employee rewards?
The four types of reward systems to raise employee morale are- (i) monetary rewards, (ii) non-monetary rewards, (iii) employee assistance rewards, & (iv) employee recognition rewards.
2. What are team-based rewards?
Team-based rewards are incentives provided to work better as a team in a company. Teams receive this reward for working productively and providing noticeable output. It helps build team experience, drive, and trust among the team members.
3. How can I reward my employees virtually?
In this era of Covid, it is essential to keep up rewarding your employees to boost their mental health and efficiency. You can send them their favorite gourmet food, any new tech/device that they like, or even give them a few days’ leaves from work to relax!
