Employee Rewards: The Four Main Scopes

Employee Rewards: The Four Main Scopes

Giving employee rewards is a tricky part of the Rewards Program of a company. Although it is a given that employees must give their best for their tasks, employers also need to recognize the hard work of the employees.

When employers value their efforts, employees tend to go beyond expectations. Thus, it is safe to say that an effective Employee Rewards system would lead to good work performance from employees.

There are four main scopes of employee rewards that companies need to focus on. These are compensation, benefits, recognition, and appreciation. These factors need careful consideration in order to come up with the most effective employee rewards. Here’s a quick rundown of the four main scopes of employee rewards.

1. Compensation

Employee Rewards: The Four Main Scopes - Compensation

Some may not consider this as an employee reward since compensation is a basic benefit for employees. However, rewarding the employees with monetary means is a sure way to get them to work harder. Giving money to employees as a reward is always nice but it might also be a disadvantage. Some employees might think that this type of bonus is a requisite for them to do their job. Set the rules clearly to let them know that rewards will only be given to deserving employees when they achieve specific milestones.

2. Benefits

Employee Rewards: The Four Main Scopes - Benefits

Employees look forward to additional non-monetary rewards that would give them an unforgettable experience. Employers must be able to determine what types of benefits to give so it won’t be much of a hassle on their part. However, they must ensure that it would still be able to give the employees satisfaction and will encourage them to continue their good job performance.

3. Recognition

Employee Rewards: The Four Main Scopes - Recognition

Companies, most specifically those in the services industry, usually have Employee of the Month awards. This is a relatively straightforward type of reward as the employee receives recognition for his performance. However, careful deliberation must be done to ensure that every employee could take part or certain categories are present for all employees.

4. Appreciation

Employee Rewards: The Four Main Scopes - Appreciation

This is a more personal type of reward because employers give special tokens to the employees as a sign of appreciation for their hard work. Employers can also invite them to special events such as lunch or dinner with the bosses, a special trip, or a special day-off. Companies might need to be a little creative when rewarding employees in order to encourage them more.

Final Thoughts

No matter what kind of employee rewards you have, make sure that your employees will enjoy and make the rewards an inspiration to work harder. 

Gift certificates in the Philippines are some of the most sought-after and practical reward ideas employees can take advantage of. One good idea worth considering is rewarding them with gift certificates. For example, the Sodexo Premium Pass is the leading gift certificate in the country. There are thousands of Partner Merchants that accept this gift certificate. Leading shopping malls and supermarkets, trendy gadgets and appliance stores, and popular food chains and restaurants are just some of the merchants where one can use Premium Pass without any hassle.

Purchasing the Premium Pass, along with the other Sodexo GCs, is easier thru GC Regalo. With just a few clicks, gift certificates can be ordered online without the need to deal with the traffic in the metro. GC Regalo accepts up to P500,000 worth of gift certificates so you don’t have to worry about your every gifting and rewarding needs. Shopping online also gives companies more advantages because various promos are exclusively available to online shoppers.

To order online or to know more about the diverse range of Sodexo products, visit www.GCRegalo.com