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Financial Rewards

Reference to the term ‘financial rewards’ is typically understood to describe all financial means of pay provided by an Employer to an Employee in return for their individual effort and contribution, skills, and work done.


10 Must Have Rewards Programs :
1.Recognition and rewards - Both Social and Points based recognition.
2. Referral programs - You also can develop a tiered system so that candidates can get more rewards based on how far their referral goes in the interview process, which is easy to facilitate with reward points. For instance, a worker might get 1000 points (equal to $10) for submitting a referral. The reward could then rise to 2500 points (equal to $25) if their recommendation reaches the interview stage, and so on.
3. There are several ways you can engage employees in professional development. You can create your own learning and development (L&D) program, or take advantage of a third-party learning management system. 4. Profit Sharing: Profit sharing plans are a type of defined contribution plan that can serve as an alternative or supplement to more traditional plans like a 401k. In a profit sharing plan, employees receive contributions to their retirement account (in the form of cash or stock) and sometimes get direct payments as well. Employers have the freedom to reduce these at any time, so they can rein in expenses for a year or two when necessary.
5. Employees aren’t able to perform at their peak if they’re unhealthy, so wellness incentives are imperative for companies looking to prevent burnout and promote physical and mental health. Easy examples to apply in your business include free healthy lunches, on-site health screenings, bike to work reimbursements, standing desks, and annual wellness fairs. You can also reward employees who hit wellness milestones like quitting smoking or completing a steps challenge.
6. Every employee, up to and including the CEO, should be learning new things on a daily basis. Offering tuition reimbursement can solidify this best practice. What’s more, encouraging continuing education can be a great way to build a culture of recognition. Take the time to congratulate employees on completing educational milestones, such as getting a new certification or graduating in their Masters program, with team-signed digital cards and public recognition of their achievements.
7. Rewarding employees with bonuses and raises can be incredibly powerful.
8. Celebrating your employees through gift-giving shows that you care. Gifts are great incentives for company-specific holidays, like work anniversaries, customer service week, global wellness day, or boss’s day. Try gamifying each of these holidays with fun contests and quizzes, and reward and recognize employees who participate the most.

All Hands In
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