Every business leader has their own idea for how to reward employees for great work. However, most rewards programs are lacking in one way or another. When it comes to rewarding employees for great work, most people immediately think about money. But, that’s only half the answer.
After working with hundreds of businesses over the years, we’ve seen that the best employee rewards programs address four key areas: compensation, benefits, recognition, and appreciation. The problem for many businesses is that they’re either missing one or more of these elements, or the elements that are addressed aren’t properly aligned with the company’s other corporate strategies.
Here are some best practices your business can put in place to make sure you’re properly addressing each area in the ways you reward employees for great work.