Employees respond positively to praise at work, especially when it is given in the form of a reward for their achievements, since it shows that their efforts are recognized. A simple thank you goes a long way, and it will not only make your staff happy, but it will also help your company.
Even though there is a debate that is persistent about if employees should be rewarded or not as it is their job to work and they are already paid for it. However, in the counter argument, the incentives and rewards are considered as an investment towards employee retention and loyalty. And the best part is that rewards don’t always have to be money; recognition, appreciation, certification and benefits can also be very effective on the employee psyche.
Many businesses don’t engage with reward based systems because they believe such systems are complex to implement. However, if you are using a LMS, this isn’t the case. Looop is an LMS that offers you the tools for tracking employee performance, gamification of courses and many more that help you execute your reward based program smoothly.
Here’s how reward based trainings benefit your business majorly;
It’s common knowledge that engaged employees are more productive, working effectively and proactively to perform a good job. If a member of staff’s efforts are likely to be recognized and rewarded, it stands to reason that they will work more in order to earn such recognition.
Recognizing the efforts of an employee is critical to ensuring they are bringing their best foot forward to the job. It gives the impression that their efforts are worthwhile and, as a result, must be significant. As a result, the employee will feel like they are making a difference. This will also motivate them to work harder for further recognition of their efforts.
Because of their good attitude toward the firm, a happy and content employee might be pushed to work better. When an employer treats his or her employees with respect and gratitude, the employees will want to perform a good job in return. This positive attitude pervades the company, resulting in a pleasant working atmosphere that employees want to be a part of.
Not being able to retain employees will demoralize the employees that do decide to stick with the organization.. Because the time it takes to locate and educate new employees has an impact on utilization and the financial expenses are significant, keeping employees is a top priority. Employees have a real motive to stay if they are rewarded.
Employees that are invested in your company will be able to promote and market your brand considerably more effectively than those who do not believe in or care about it. Rewarding hard work fosters loyalty and helps your employees form an emotional connection with your company.
Peer-to-peer recommendations are wonderful for team spirit because they inspire employees to appreciate the positive qualities in one another. Teams are in a good position to achieve this since they work together every day. Allowing coworkers to nominate each other for prizes is also motivating, since it shows that they appreciate each other’s input.
Gamification and reward
Gamification is one of the best ways to incorporate a reward system in your training. Gamification allows you to put in that little bit of competition in your course with the help of quizzes, puzzles and interactive activities. And just as any other game, a reward at the end of the game can keep learners engaged. It also helps in retaining what has been taught and keep the spirits high while the learners get genuinely curious and obsessive learners.
An organized employee appreciation program, which is conducted on a learning management system or LMS is the most effective approach to give a staff incentive plan. This puts all of the data at the fingertips of both management and staff, allowing the entire company to interact with it effortlessly. Employee incentives are visible to employees, providing an additional motivation to perform hard. Performance measures are also accessible to the senior staff, allowing them to track progress and recognize efforts when they are made.