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The Ultimate Guide To Employee Rewards & Recognition

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The Ultimate Guide toEmployee Rewards &Recognitionv1.0

Table of contentsINTRODUCTION3EVOLVING ROLE OF HR5REWARDS VS RECOGNITION8BENEFITS OF REWARDS AND RECOGNITION10REWARDS AND RECOGNITION STATISTICS13TECHNOLOGY IN REWARDS AND RECOGNITION15A CULTURE OF PEER TO PEER RECOGNITION26SELECTING A REWARDS AND RECOGNITION PLATFORM30BUILDING A REWARDS AND RECOGNITION PROGRAM3302 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

IN TR OD UCTIO NIntroduction03 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

IN TR OD UCTIO NThe Basics Of Rewards AndRecognitionIf you are here, you might have an inkling of theimportance of rewards and recognition in today’sworkplaces.Rewards and recognition signify the appropriateacknowledgment, appreciation, and promptincentivizing of an employees’ effort. The simple act ofrecognizing employees can heighten productivity, loweremployee turnover, and inspire loyalty.In this brief guide, we’ll take you through the variousways you can use rewards and recognition to builda more engaged workforce.04 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

EV OLVING R OLE O F HREvolving Role Of HR05 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

EV OLV ING R O LE OF H RThe changing role of HRWorkplaces are transforming dynamically. With the changing scenario, HR functionsare also evolving massively.Employee recognition is not a mere task that managers tick off from their to-do-list.Offering timely rewards and recognition is a necessity.Not surprisingly, the current dominating forces consisting of millennials and Gen Zsare tough to please. Today’s advanced workforce feels entitled to receiveacknowledgment for a job well done.Hence, giving recognition in a manner that would be appealing is crucial to attract,retain, and satisfy the new brand of workers.06 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

EV OLV ING R O LE OF H RTop Challenges To Your RewardsAnd Recognition Efforts1. Lack of digitalization by manuallyrewarding and recognizing people.2. A generic rewards program thatdoesn’t suit your organization’s needs.3. Rewards and recognition are notadministered in a systematic and timelyfashion.4. Appreciation is limited to aparticular section of the workforce.5. Disregarding the need for a properLack of digitalization by manuallyreward and recognition platform.rewarding and recognizing people.07 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition6. Hard to measure the ROI ofemployee appreciation.

REW ARDS V S RECOGNITIONRewards vs Recognition08 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

REW ARDS V S RECOGNITIONThe terms “rewards” and “recognition” is frequently used interchangeably. But arethey the same? Not at all.There are some subtle but critical differences which we have illustrated as follows:RewardsRecognitionRewards are tangible. Rewards areRecognition is intangible. Even thoughmostly monetary or have someits value is not measurable, it remainsmonetary value that can be attachedan integral part.to it.Rewards are transactional. For aRecognition is relational. It’s a form ofparticular input, you get an output inbuilding a strong emotional connection.return.Rewards are economical, consideringRecognition is emotional, athat you get a much higher return inpsychological event of feeling seen,productivity and business profits.appreciated, and mattered.09 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

BEN EF IT S O F R EWARD S & R ECO G N IT I O NBenefits of Rewards & Recognition10 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

BEN EF IT S O F R EWARD S & R ECO G N IT I O NThe Power of Employee AppreciationCompanyCultureEmployee - EmployerRelationshipBoostsTeam SpiritAn appreciative culturemakes employees feelvalued, respected, andintegral to theorganization.The relationship thatemployees share withtheir managers canhugely influence greatwork and increaseefficiency.When recognitionbecomes a norm in thecompany, camaraderieand team performancegets elevated.11 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

BEN EF IT S O F R EWARD S & R ECO G N IT I O NThe Power of Employee eeBrandingWhen employees getrewarded andrecognized for a jobwell done, they goabove and beyond tosmash their goals.When people feelvalued at work, they getemotionally invested intheir jobs and theirorganization. Thus, theytend to stay longer.When employees enjoybeing at work, theybecome activeadvocates for thecompany and itsproducts.12 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

REW ARDS & RECOGNITION ST A T IS T IC SRewards & Recognition Statistics13 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

REW ARDS & RECOGNITION ST A T IS T IC SNotable Industry-Based Research94%83%94% of HR professionals agreedA well-designed rewardsthat an effective rewards andrecognition program helpsdrive business results andincreases employee retention.(Source: HR Technologist)and recognition programcan drive an 11.1% increase inaverage employeeperformance.(Source: Gartner)83% of HR Leaders say anemployee recognitionprogram benefitsorganizational values.(Source: Globoforce)14 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition 11%53%53% of people said feelingmore appreciation from theirboss would help them staylonger at their company.(Source: Glassdoor)

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NTechnology In Rewards & Recognition15 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NTechnology ReshapingRewards and RecognitionWhen it comes to getting recognition in theworkplace, employees of today seek fastand instant recognition.That presents a problem for companies witha large employee base. It becomesinfeasible for managers to congratulateeach employee on their day-to-dayachievements individually.In that regard, technology has been a savior.Rewarding and recognizing the workforceefficiently, faster, and more timely, thusmaking the process smoother to operate.16 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NHere's how having a dedicated R&R platform makes theact of recognizing your workforce easier:Instant RecognitionImplementing a digital rewards solutionprovides an environment where appreciationcan occur for the excellent work done,potentially within moments of completing it,rather than waiting a month to receive a"thank you" note on their desk.17 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NData-Driven AnalyticsThe right data can help you quicklydistinguish the top performers, identifythe areas of strengths and weaknesses,and highlight the recurring patternsthat influence disengagement.18 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NDeeper EngagementRewards and recognition shouldn't getlimited to only the individual topperformers of a specific team. It mustinvolve all employees across thecompany to build a uniform culture ofbelonging across all organizationallevels.19 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NRecognition On The GoToday's workforces are not onlydepending on their computers to stayconnected. Mobiles, tablets, Kindles havesteadily taken over the humble laptopsand desktops.The main driver for this change is theneed for accessibility. Similarly, a R&Rprogram's success depends on whetherit is available for multiple platforms (i.e.,mobile apps) and multiple devices.20 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NGreater GlobalReachSome R&R platforms, such as VantageRewards, give organizations thepossibility of rewarding your globalworkforce through the SOLI framework. Itensures that all employees can earn orredeem reward points that match theirachievements.21 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NIntegrationsThe ability of modern R&R platforms,such as Vantage Rewards, to easilyintegrate with team collaboration tools(such as Slack, Microsoft Teams, etc.)has made remote peer appreciationeasy and convenient.22 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NEasier BudgetingAny good R&R platform, such asVantage Rewards, will mitigate thehidden costs of running an in-houseR&R program and offer a reasonablebudget allocation which meets yourcompany requirements.23 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NPanel AwardsThe Panel Awards, Vantage Rewards’smulti-level approver award system,ensures that rewarding an employee isa process where multiple leaders canproactively participate in. It gives everyemployee a fair and equal chance towin.24 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

T ECHN OL OGY I N REWAR DS & R E C O G NI T I O NService YearbookThe Service Yearbook is a VantageRewards feature that allows peers tocollect and share memories beforesomeone’s work anniversary in apersonalized online yearbook format.This “secret gift” is only revealed duringthe work anniversary itself, where theperson can see the significance of therole they played over the years ofservice.25 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

A CU LT U RE O F P EER TO P EER RE C O G N IT IO NA Culture of Peer To PeerRecognition26 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

A CU LT U RE O F P EER TO P EER RE C O G N IT IO NIn today’s high performing and diverse workforce, employeesseek and want to get recognized by their workplace peers.A peer recognition program opens up an excellent opportunityto create a company culture of increased communication. Allin all, it helps a company to place value on every person’sopinion.A successful peer recognition program can be beneficial in various ways: Boost in work relationships. Promotes the overall team spirit. Improves confidence, morale, and self-esteem. Boosts overall team performance.27 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

A CU LT U RE O F P EER TO P EER RE C O G N IT IO NHere is how you can simplify and encourage the idea ofrecognizing one's work peers:1Choose the right platform. VariousR&R platforms aim to solve diverseneeds. Find the one that fits yours.3Encourage and allow everyone theopportunity to give and receiverecognition.28 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition2A company-wide solution thatmakes it easier for employees at alllevels and locations to be able toappreciate each other’s work.4Make sure your peer-to-peerrecognition program is easy to useand has multi-platform and deviceaccess.

A CU LT U RE O F P EER TO P EER RE C O G N IT IO N5Publicly recognize. Let everyone joinin congratulating a job well done.7Leaders should continuously remindand encourage their workforceabout the significance ofrecognizing great work.29 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition6Invite peers to actively engage incelebrating other employees’achievements.8Give continuous feedback to teamleaders, based on data collected, totake corrective measures inrecognizing employees better.

S ELECTING A R EWAR DS AND RE C O G N IT IO N P L A T F O RMSelecting A Rewards andRecognition Platform30 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

S ELECTING A R EWAR DS AND RE C O G N IT IO N P L A T F O RMSelecting a reward and recognition platform might be easier said than done.Here are a few pointers to consider to help you make the right choice:Make Sure the Program Suits your OrganizationEnsure that it fulfills all of your organizational requirements, includingbeing seamlessly integrated with your existing HRMS system.Resonate Company Core ValuesSeek a platform that supports and drives your company's corevalues to the rest of your workforce.31 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

S ELECTING A R EWAR DS AND RE C O G N IT IO N P L A T F O RMCostWhile choosing a solution provider, look for hidden costs involved in theplatform such as transaction fees, yearly, monthly, or one-time expense.OutcomesTo determine ROI, set quantifiable outcomes and expectations. Ensurethat the program you choose offers clear and systematic data.Choosing the Right VendorEnsure that the vendor is experienced and well capable of deliveringthe results and meeting your recognition goals.32 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

BUILD IN G A R EWAR DS AND R E C O G NI T I O N P L A T FO R MBuilding A Rewards and RecognitionProgram33 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

BUILD IN G A R EWAR DS AND R E C O G NI T I O N P L A T FO R MClarify yourVisionBuild ACommitteeDefine ClearCharacteristicsDocument the goals,benefits, cost andexpectations to clarifyyour expectations fromthe program.A well-chosencommittee helps ineffective implementationby communicating andreinforcing theworkforce’s belief in theprogram.Define importantcharacteristics that theprogram should haveincluding being timely,frequent, specific, andvalue based.34 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

BUILD IN G A R EWAR DS AND R E C O G NI T I O N P L A T FO R MDefine ClearCriteriaEnsure SuccessfulImplementationMeasure andRevisitCreating criteria is todecide factors such asappreciable behaviors,rewarding options, andfrequency ofrecognition.Figure out the details ofadvocating theprogram's use to theworkforce while ensuringit promotes thecompany’s values.Your job doesn't endeven after the rewardsand recognitionprogram getssuccessfully up andrunning. It’s importantto measure itseffectiveness andrevisit frequently.35 Vantage Rewards - A Brief Guide to Employee Rewards & Recognition

Summing It UpThe right forms of recognition and rewards at the right time can haveunparalleled positive effects in terms of increased employee engagement,productivity, morale, and performance.Moreover, employees become more focused, oriented, and invested in thecompany goals and objectives. Isn’t that an incredibly win-win situation?Recommended Reads7 Effects of EmployeeRecognition on Business33 Rewards and RecognitionIdeas to Boost EmployeeRecognitionRead Now36 Vantage Rewards - A Brief Guide to Employee Rewards & RecognitionRead Now

Thanks For Reading!“When someone comes along who genuinely thanksus, we will follow that person a very long way.”- Alan Loy McGinnis

The Ultimate Guide to Employee Rewards & Recognition v1.0. Table of contents INTRODUCTION 3 EVOLVING ROLE OF HR 5 REWARDS VS RECOGNITION 8 BENEFITS OF REWARDS AND RECOGNITION 10 TECHNOLOGY IN REWARDS AND RECOGNITION 15 A CULTURE OF PEER TO PEER RECOGNITION 26 SELECTING A REWARDS AND RECOGNITION PLATFORM 30