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How to design an effective Reward System for employees?

Employee reward systems encourage organisations to value employees’ efforts by offering gifts, vouchers, praise, both monetary and non-monetary incentives. The employee recognition structure allows management to reward people as per their caliber and contribution to the organisation.

As per Harvard Business Review, business productivity soars by 31% when employees are happy and satisfied.

An employee reward system is created in such a way to boost workplace engagement, improve employee retention, increase collaboration, and minimize absenteeism.  

What makes up an Employee Reward System?

1.     Peer to peer recognition

Peer-to-peer recognition has an equal importance as that of manager-employee recognition. When coworkers appreciate employees for their work, it creates a positive impact and increases productivity. It improves company culture and synchronises employee behaviour with that of the organizational values.

Companies focus on peer-to-peer recognition as it improves employee retention and reduces staff turnover.

2.     Performance Management

Performance management is a process to assess employee performance. A performance-based reward system is aligned with how employees contribute to the company's growth, add value to it, and meet the desired business objectives.

This enhances employees’ productivity as they feel motivated and progress in an environment that focuses on rewarding them for their performance.

 3.     Reward points

A point-based reward system focuses on rewarding employees for their hard work. Staff members earn points for accomplishing task on or before deadlines with perfection. These can be exchanged for a gift, movie tickets, vouchers, or another benefit.

Point-based rewards system for employees is imperative as it allows monitoring the employees’ performance. Reward points are crucial for employee engagement that improves the workflow and the environment of an organisation.

 4.     Social Recognition

Social recognition focuses on employee recognition by simply expressing gratitude for the incredible work. Saying simple ‘Thank You’ to a formal staff meeting for appreciating performance boosts the employee’s enthusiasm.  

Consider these pointers to design recognition and reward systems for your employees. Involve Total People Cost Reporting into it too.

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Why do personalised rewards provide better future benefits?

Rewarding employees according to their individual needs is becoming prominent, and organisations are introducing innovative ways to reward and engage their employees.

As the pandemic struck the world, people have adapted to the new ways of working. Work from home has become the latest trend, and the process provides flexibility to its employees.

On the same note, companies must take care of their employees’ needs by offering multiple benefits and personalisation of Rewards for future work.

Let’s look deeper into the reasons why you should provide personalized rewards to your employees.

Time is Different: Erstwhile, people were confined to 9 to 5 jobs in offices. They     were happy with paychecks at the end of every month. But, now     the scenario has been changed. With the technological revolution, such as     cloud systems and remote desktops, employees can work from anywhere. 

What today’s individuals want is a work-life balance. That’s why businesses concentrate on providing Employee Reward Products to them. 

In this way, you can attract the right talent who is motivated to deliver exceptional results.

 People are Different: How can two employees be the same? Everyone is different, so are     their expectations. The personal reward system is designed to cater to the     specific needs of every individual. 

For example: Movie tickets might excite one employee because she loves entertainment, but it may not interest the other.

 Business Results: Reward personalisation can improve your business results. The     rewards boost the morale of your employees, which enhances their     performance.

With more technological advancements, businesses are moving towards personalising the reward schemes and focusing on more employee engagement.

Let’s focus on building the reward and recognition system that values human effort.

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Popular reasons businesses offer benefits platform to their employees

In modern times, more and more businesses are offering employee benefits and more and more employees are expecting them.

But if you have got a small business and a tight budget, you might wonder if an employee benefits platform is worth the cost.

The short answer? Yes. Employee benefits matter, and an employee benefits platform helps you as an employer attract and keep the best employees, leads to happier and more productive workers, and ultimately can help your business thrive.

If you plan to implement an employee benefits platform in your organisation, then it is highly recommended that you do proper research and get in touch with a company that has extensive experience in the industry offering global reward solutions UK.

The following are some of the reasons why businesses offer benefits platforms to their employees.

●        Attract the most talented employees

If you want to hire the best employees who can help your company succeed, then a solid employee benefits platform is a great place to start.

That’s because everyone else is doing it. Many businesses, if not all, offer some kind of employee benefits.

To be competitive with hiring, employers need employee benefits. Otherwise, you will probably lose the best candidates to businesses that offer a benefits package.

●        Keeps a healthy workforce

When employees feel better, they can perform better. So, if you want a more productive employee, offering benefits such as Medicare, etc. is crucial.

●        Minimise employee turnaround

Hiring matters, however, while hiring employers also need to think about keeping employees around. And once more, these benefits come in handy.

When talking about hiring, a benefits platform can keep your employees from getting swayed by other job offers. And when you offer benefits, you will help your employees feel the company is stable and secure, so they are less likely to start putting out resumes.

In conclusion, these above-stated are some of the reasons why businesses offer a benefits platform to their employees.

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Benefits of total reward statements in an organisation

Total reward statements are used by employers to exhibit to employees the true worth of their entire pay out and reward package.

The entire pay out and reward package of employees may comprise basic pay, overtime, bonuses, health benefits, and much more.

Most of the time, employees think of their reward package in terms of their pay, overlooking all the other benefits and financial contributions that their employers make on their behalf.

Total reward statements are useful for both job candidates as well as employees. Providing a total reward statement to potential candidates when making a job offer helps them understand how the pay and reward package you as an employer have put together compares with other offers they might be considering.

Similarly, making a total reward statement accessible to employees through your human resource system helps them to understand the worth of the ongoing investment your organisation makes in their employment.

Total reward statements can be presented as a printed document or digitised and made accessible to employees of your workplace via an employee portal.

Businesses need to implement digital reward programs in the UK for the employees of your workplace to feel valued.

If you are still considering whether to have a total reward statement in your organisation or not, then the following are some of the benefits of implementing these statements in your organisation.

●        These statements help the employees of your organisation understand the full value of their pay, reward and benefits package

●        These statements raise awareness of the value of their pension, and the importance of making contributions

●        In a competitive labour market, these statements can boost employee retention

●        These statements strengthen the transparency of communications between employers and their staff

●        These statements allow employees to make informed decisions about whether to opt for the benefits such as pension auto-enrolment and any health insurance schemes you as a business might offer.

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Benefits of shifting to digital employee reward and recognition

With the onset of COVID-19 forcing most of the global workforce to work remotely, companies are finding that their old methods of rewarding, recognising, connecting, and supporting employees are no longer effective.

As morale waivers amidst the uncertainty in the world, it is more important than ever for employees to get rewarded and appreciated for their work regularly.

You might be unsure about pushing reward and recognition to the top of your agenda. Still, in fact, an effective reward system in London can positively impact many areas of your business. Reward and recognition boost employee morale, well-being, and happiness and drive productivity and business results.

Reward and recognition programs are only effective if employees embrace them, so by making reward and recognition digital and more accessible, you can reach more people and embed a culture of reward and recognition throughout your company.

It is strongly recommended to do proper research and get in touch with a well-known company that has been in the business for decades, offering the best global digital reward solutions to businesses.

The following are some of the benefits of shifting to digital employee reward and recognition.

●        It helps to connect your dispersed workforce

Whether your workforce is dispersed because of working from home or different office locations, or whether you are hoping to find new ways to spotlight important work that different teams are doing, a digital reward and recognition platform is a great way to bring your organisation together.

A digital platform enables you to learn that the reward and recognition happening not only within your team but also across all teams and departments, resulting in improved employee collaboration and connection across the organisation.

●        It makes reward and recognition easy and immediate

Whereas manual reward and recognition can often delay the process until the reward and recognition no longer feel timely or relevant, digital reward and recognition allow for instant rewards and acknowledgement so that employees can be rewarded and recognised for their praise-worthy actions or hard work at that moment.

In conclusion, these above-stated are some of the benefits of shifting to digital employee reward and recognition.

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Hire a well-known company for implementing an employee benefits platform

https://www.uflexreward.com/product/

Hire a well-known company for implementing an employee benefits platform If you are seeking to build an employee benefits platform, then it is highly recommended that you do proper research and hire a well-known company with an incredible reputation in the marketplace that has years of experience in the industry known to offer employee benefits platform for businesses.

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Reasons your organisation should implement an employee benefits platform

Almost every employee feels that benefits are important to their overall job satisfaction.

Such benefits offered by companies can be broadly categorised into 2 types – monetary and non-monetary. The monetary benefits typically include health, wellness, retirement, and financial assistance programmes. Non-monetary benefits could include flexible working, family-friendly benefits and development opportunities.

An organisation that uses a clear employee benefits platform as a strategic tool for recruiting and retaining talent experience higher overall company performance and above-average effectiveness in recruitment and retention compared with organisations that don’t.  

There are a lot of companies offering strategic digital reward programmes UK for businesses, however, selecting the right reward and recognition programme to implement in your business can be quite overwhelming.

It is strongly recommended to research well and hire a well-known company that has been in the business for decades offering reliable employee reward and recognition programmes for business.

If you are wondering whether to implement an employee benefits platform in your workplace, then the following are the top reasons that can help you implement an employee benefits platform in your organisation.

●        Enhanced administrative efficiency and flexibility

Administration of employee benefits platform is an incredibly complex process often involving multiple HR systems.

A centralised employee benefits programme to free up productive time for the HR team by reducing the complexities of having to manage different types of employees, entitlements, rules, and eligibility.

●        Improve benefits engagement

As noted above, employee benefits programmes are two of the largest business costs for most organisations, therefore, it is vital to ensure that employees truly value their benefits packages and appreciate the investment that the organisation makes in its benefits spend. 

Implementing digital benefits programmes optimise benefits communication to drive participation and engagement in the workplace.

In conclusion, these above-stated are some of the reasons to implement an employee benefits platform in your organisation.

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Why is Reward Management Important?

Reward management is important for any business that has employees. Human resources are usually in charge of the reward system for employees of a company.

What is reward management?

Reward management is a motivational approach that businesses use to reward employees for their achievements, hard work and successes in the workplace.

Companies often set goals and establish rules for their employees to follow in order to achieve these goals. By doing this, a business must also sure that employees are aware of these goals, rules, and the rewards they will get for their high performance.

One major reason reward management exists in organisations is to motivate employees to work hard and try their best to achieve the goals which are set out by the business.

Reward system for employees do not only consist of financial rewards such as increased pay or bonuses, but they also consist of employee benefits – also known as non-financial rewards – such as employee recognition, employee training/development and increased job responsibility. Unilever employee benefits are a great example of that.

Importance of the reward system

A reward system within an organisation is also designed to bring together all the benefits and positive things that they use in the hopes of attracting potential new employee into their business. These incentives include salary increases based on reward systems for employees, bonuses, incentive pay, benefits and employee growth opportunities such as professional development and training opportunities.

Having an efficient rewards system for employees in place provides the business with many advantages, especially for small to medium size organisations where managers must maintain close and happy relationships with all their employees.

The following are some of the reasons why employee reward systems are crucial for a positive, successful workplace.

Mutually beneficial

A reward system is beneficial not only to the employee of the workplace but also to the organisation. The employee will feel more motivated to work harder by having an efficient reward system in place and which in return increase employee’s productivity which benefits the organisation and its ability to perform well.

Motivation

An efficient reward system motivates employees by reaching targets and organisational goals in exchange for rewards. A reward system is incredible at motivating employees and proving themselves to the organisation.

Absenteeism

It’s been proven that employee reward systems reduce absenteeism in an organisation. Employees like being rewarded for a job well done and if there is a proper reward system in place, employees will be less likely to be calling in sick or simply not showing up for work. This therefore eliminates a large proportion of employee absenteeism at work.

In conclusion, these are some of our pointers that help to identify the true importance of employee reward systems in the workplace, especially when it comes to Unilever employee benefits.

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Advantages of implementing employee reward system in your workplace

The benefit of having happy, energised employees in the workplace is often taken for granted. As a result, many of these motivated employees soon lose interest in their respective jobs due to lack of appreciation.

In recent times, employers are realising the significance of implementing a global digital reward system in their workplace.

When it comes to implementing an employee reward system in your workplace, then it is highly recommended that you research well and get in touch with a well-known employee reward company that offers incredible global digital reward solutions to businesses.

The elements of the employee rewards systems constitute all the things a company uses to motivate employees, including salary, bonuses, incentives and employee growth opportunities.

If you wish to know about the advantages of implementing an employee reward system, the following are some of the pointers you must not miss reading about.

● Attracts top talent Every employer wants to hire the best possible candidate from the pool of job applicants. However, the top talents want to know what they will be getting back from the company. 

A company with a well-structured and efficient global digital reward system can show them what they will get from the company if recruited.

● Retains top talent The significance of employee retention is hard to overstate. Keeping the best employees in your organisation is vital for business success and if they don’t feel appreciated they may leave to join a competitor which could be very threatening for your business. There are many ways to retain them and an efficient reward system is integral in this fight. 

● Contributes to employee wellbeing Employee wellbeing is extremely important if you want your employees to stick by your company. You can’t afford to risk forgetting about those who pushed your company to reach new heights. Therefore, implementing an efficient employee reward system is crucial to make employees content.

In conclusion, these above-stated are some of the advantages of implementing an employee reward system in your workplace.

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Invest in an efficient global digital reward system for your business

When you are searching for a sound global digital reward system for your business, email us at info@uflexreward.com for a wide range of digital reward programs UK. For more details visit: https://www.uflexreward.com/

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Invest in a personalised total reward system for your organisation from a well-known reward providing company

If you wish to invest in a personalised total reward system for your organisation, then choose a reputable reward providing company uFlexReward for efficient employee reward systems.For more details visit: https://www.uflexreward.com/product/ Drop an email to us directly on info@uflexreward.com

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Advantages of total reward system

Total reward statement is used by many organisations for communicating the comprehensive valuation of employment to their teams.

However, some organisations are aggressively choosing an even more powerful approach to drive engagement, retention, and improve overall business outcomes i.e.; a total rewards system.

A large part of the total reward system comprises all the things a business uses to lure employees, including salary, incentive pay, bonuses, other benefits and employee growth opportunities such as professional development and additional training.

Unlike employee benefits statements, total reward systems are not a once-yearly event. Instead, they take a continuous approach. 

Thus, they achieve the same advantage of statements such as increased employee engagement, increased employee retention, fewer voluntary quits, etc.

Designing a total reward program for your organisation from scratch can be a difficult and time-consuming process that is the reason why most businesses consider investing in a reward product from a third-party.

There are various renowned companies offering reward programs to businesses, however, choosing one for your organisation can be quite overwhelming.

It is strongly recommended to stick to a brand name like Unilever rewards that offer incredible global digital reward solutions to businesses.

Investing in an efficient reward program can make the entire employee reward process simpler, more structured, and effective. 

Moreover, admin time can be hugely reduced. Hence, employee reward is more frequent, timely, and meaningful.

Listed below are some of the advantages of implementing a total reward system in an organisation.

Increased flexibility 

A total rewards approach offers immense flexibility because it enables rewards to be mixed and remixed to meet the different needs of employees. 

As the significance of flexibility has become more understood, more businesses are allowing employees to determine when they work, where they work, and how they work.

Furthermore, total rewards recognise the employees want and in many instances demand, the ability to integrate their lifestyle and their work.

Improved recruitment 

Total reward program enables potential employees to see the whole value of being employed by the company. When potential candidates explore their job options with several companies, companies with total rewards have a competitive advantage over others because they can show the total value of their employment packages.

Improved employee retention 

A total rewards strategy is critical to addressing the issues created by employee retention. It can help create a work experience that meets the needs of employees and encourages them to contribute extra without losing interest in their respective jobs. 

In conclusion, these above-stated are some of the advantages of having a total reward program in an organisation. 

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Significance of employee reward and recognition program for a business

As a business owner, you might be looking out for unique ideas to stay ahead in the competition. One of the best ways to do so is through an employee reward and recognition program.

Employee reward and recognition is an important part of a company’s culture and it is one of the key ways to help inspire employees.

You need to keep your employees motivated to increase productivity and an employee reward and recognition program can be the best strategy to motivate your team.

For every employer, an effective employee reward and recognition program can help get them a major return on your investment.

Lack of appreciation is one of the most common reasons people tend to leave a company. Employee reward and recognition is something that can help organisations improve employee retention, thereby cutting down on the cost of recruiting and training new employees.

There are several benefits associated with an effective total reward system for rewarding and recognising employees.

Improved individual productivity

Greater employee satisfaction

Improved employee retention

Lower employee absenteeism

Lower level of stress in employees

Increased employee engagement

Building a sound employee reward system from scratch is quite a tough and time-consuming process. Rather than creating your own effective total reward system, it is always better to contact a well-known employee reward service providing company for a strategic reward system for employees that addresses areas, including compensation, benefits, recognition and appreciation.

Fortunately, since the up-gradation of technology and the massive inundation of cloud-based HR tools, businesses can easily find many employee rewards and recognition products such as Unilever employee benefits available in the market that can serve the purpose.

In a way, this can make the entire employee reward and recognition process simpler, more structured and effective. Moreover, admin time can be hugely reduced. Hence, employee reward and recognition is more frequent, timely and meaningful.

It is strongly recommended that businesses stick to a brand name like Unilever rewards that offer incredible global digital reward and recognition solutions to businesses.

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Significance of communicating Total Rewards to Employees

If you ask your employees how much they are paid, there is a high probability that they will tell you their salaries. While salaries play a vital part in compensation, they do not tell the whole story.

As a business owner, you know how much you are spending on employee health and dental insurance, life insurance, wellness programs and other parts of the compensation package.

Often employees aren’t aware of how much all those components are worth. If you don’t tell them, there is no way for them to find out.

Communicating total reward to employees is simple. In recent times, with the up-gradation of total reward technology for employees, businesses can design total reward strategy by creating total reward statements automatically with the help of digital reward programs.

The total reward statements give employees a breakdown of the various aspects of their compensation packages, as well as the value of each benefit.

If you haven’t talked about total rewards with your employees and you are wondering why you should start, then following are the pointers that state the significance of communicating total rewards to employees.

●        To help employees feel valued

If employees think their salaries are their only compensation, they may feel underpaid resulting in discouragement. Of course, they aren’t underpaid.

When you’re spending a lot of money on those hidden aspects of compensation, you must communicate that to your employees to make them understand that they are valued by the enterprise.  

●        To motivate employees to succeed

By rightly communicating total rewards to your employees, then this will motivate your employees to work more, earn more and try to succeed in the task they do.

●        To improve retention

People leave jobs due to many reasons but insufficient pay is the number one cause. However, it is extremely crucial to communicate total rewards to employees to ensure a 100% retention of your employees.

In conclusion, these above-stated are some of the pointers that state the significance of communicating total rewards to employees.

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Importance of Digitization of Reward System

Reward includes pensions, bonuses, benefits, health insurance, etc, so it is much more important than just monthly salary. Earlier the planning the rewards was difficult because performance of each employee was calculated manually. Through the Digital Reward program, all the sensitive data is managed under strict security guidelines and compliance. For more details visit: https://www.uflexreward.com/

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Why companies need Unilever’s digital reward system

Unilever is one of those big companies that people rarely think about but come in contact with most often. If you have ever used popular Dove soap or smeared Vaseline on your lips, then you have entered the world of Unilever. The British-Dutch company is so good at what they do that at least 98 percent of UK households have at least one Unilever product on their shelves. 

Unilever has around 158,000 staff and it spends about €6.5bn annually on their salary. Most are remunerated the same way that people in big companies have been paid but this is the something that the company wanted to change through Unilever rewards.  

Understanding global rewards consolidation 

Modern reward consolidation employs an entirely different approach than traditional ways at consolidating rewards. Instead of attempting to pull in every single source of reward data, the reward policy itself is digitized with core demographic information to maximize Unilever Employee Benefits by generating reward packages. 

Why organizations would consolidate rewards globally? 

The current trend is largely driven by multinational companies where poor data and processes constrain the management of reward at a global level. Lack of accurate data or poor accessibility of data coupled with the scarcity of global reward system: as well as disparate, manual processes leave these organizations unable to effectively enact change in reward.  

Once the database is in place, providing access to multiple stakeholders across the business—reward and HR, employees and finance—will get a range of benefits. This business case itself will depend on the particular types of issues associated with the lack of accessible data. 

All these issues can be resolved with digitization because once it is done, organizations will be able to understand highly accurate hypothetical reward costs with complete accuracy. This will streamline Employee Feedback and Reward Strategy. This can be used to model single employee packages for rewards. Options can range from varying demographics to understand the total cost of reward during benchmarking and salary review process.