Employee retention is a challenging and constantly evolving goal for most companies in the Philippines. Some companies especially the IT BPO companies face a higher than average employee attrition rate. Thus, companies have started providing employee rewards programs that offer various benefits to employees and make employee recognition more visible.
Studies have shown that less than a third of all workers feel valued or appreciated in their position. Those employees who don’t feel like they’re a vital part of the company could leave their jobs, hurting companies who need those positions filled. Furthermore, younger workers prefer instant rewards and recognition for their work.
Today, more and more companies offer employee rewards programs from continuing education opportunities to free gym membership or paid travel holidays. A well-structured employee rewards program can create a stronger bond between employees and their companies, ensuring a long partnership for years to come.
Here is a list of seven outstanding companies with amazing employee rewards programs.
1. The Walt Disney Company
Employees at Walt Disney World resorts are far from undervalued. Any Disney cast member is eligible for the Disney Legacy Award, given each year during an award ceremony where employees help recognize other peers. The awards aren’t given out freely, out of 6,000 worldwide nominations, only 650 people received the award in 2014.
Set up: Peers nominate other peers. Those who win have their names announced in individual team meetings then have a big celebration where they receive a commemorative plaque.
Benefits: It allows peers to take ownership of the program by nominating their co-workers. The scarcity of the award also makes it feel more special to those who do win.
N6A, a public relations company, recently switched from a traditional benefits program to one that’s more personalized. While every employee still gets the traditional baseline of benefits, N6A also has its “Pace Points” program. You get points for individual, group and company achievements. As your balance grows, you get to choose your rewards from different categories such as health, travel, transportation and housing, cash and more.
Set up: All employees still get baseline benefits, but the pace points grow from there. Once you reach a certain point value, you can “cash in” for certain benefits. Even different departments within the company can earn and use their points differently.
Benefits: With this type of rewards program, employees get to take ownership of their benefits. The customized approach also allows you to earn points in areas that matter to your specific department or team.
3. Oshkosh Corporation
The Oshkosh Corporation is all about training, advancement opportunities and continuing education. The company offers instructor-led, web-based or video-based training, as well as a Rotational Engineer Program that allows their engineers the chance to learn new skills in different units. This is on top of the company’s overall focus on continuing education. Oshkosh Corporation offers tuition reimbursement for workers who want to earn another degree such as an online MBA program.
Set up: This rewards program is mostly internal and allows individuals employed by the company to advance in their careers with Oshkosh Corporation.
Benefits: It gives employees something to strive for and provides the motivation necessary to do a good job.
It’s no surprise that Google makes the list. A whopping 86 percent of Google employees feel satisfied with their jobs, and that’s due in part to the company’s employee rewards programs. For example, Google opts to give employees experiences instead of money, a selling point with the millennial generation. Employees can earn everything from a dinner to a trip to Hawaii.
Set up: Google phased out its cash rewards program in favor of experiences. The company also has separate bonus programs for teams, individuals and peers.
Benefits: Google found that choosing to give experiences rather than money created a positive response instead of jealousy and resentment among employees.
5. Southwest Airlines
Southwest Airlines takes a different route by offering employee rewards programs that impact the entire family. Employees get free flights and discounts, and guest passes for partners, friends and family. The company is all about a healthy work-life balance, offering fun events such as an annual chili cook-off and Halloween party.
Set up: Employees earn their “buddy passes” through “SWAG Points,” the company’s internal recognition system. When employees are recognized for doing good work, they get points which can get redeemed for buddy passes or frequent flyer points.
Benefits: The perk of this rewards program is that employees get to share it with friends and family.
The online retailer is encouraging employees to recognize each other’s hard work through incentives and provides various ways to earn points to redeem for a variety of rewards.
Setup: The program allows employees to give each other points or rewards for going above and beyond. This is just one of a variety of programs they offer. One is the Zollar Program, which allows employees to rack up points that can be used to buy items like gym bags, water bottles, and desk fans.
Benefits: Employee retention has improve and is well above industry average.
7. Motley Fool
The tech company decided that one day a year was simply not enough to recognize all the great things their employees do. That’s why they made every day Employee Recognition Day, according to the company’s blog. They host fun events throughout the year and use a peer-to-peer reward and recognition platform.
Setup: Their program allows employees to give each other shout-outs that can later be converted into prizes.
Benefits: The program’s been a great success, with employees letting each other know about a job well done 35 times a day.
Start your own program
If you’re contemplating starting an employee rewards program, find one that speaks to your company culture and brand. With the right incentives, you can create a lasting partnership between your company and your employees.