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Enticing Employee Rewards To Empower Your Team in 2024

reward systems for employees

Treat employees like they make a difference, and they will. — Jim Goodnight, CEO of SAS Institute

Whether it’s amazing company culture, a reputation for the highest quality output, or retaining employees long-term, every business owner wants to get the most out of their employees. 

But how can you supercharge your team and stay ahead in the race for top talent? An employee reward system just may be the answer you’re looking for.

This guide gives you the inside scoop on reward systems for employees and how you can create a program to empower your team to reach your company’s goals. 

Table of Contents

What Is an Employee Reward System?

A reward system for employees is a way to motivate your team to put forth their highest-quality work. All incentives are goal-oriented and culminate in a reward for the team members who meet the predetermined standards and criteria. 

Employee reward systems are the perfect way for businesses to offer extra encouragement by supplementing their employees' salaries with a variety of rewards, ranging from monetary to additional paid time off (PTO), to company-wide events. 

Sorbet’s on-demand PTO cash advance is the perfect reward for improving employee morale and financial wellness

Learn more about this forward-thinking benefit that each and every one of your employees is sure to love.

Reward Systems for Employees: 5 Benefits of Implementing a Reward System

#1: Improved Motivation and Productivity

When you have a reward system for employees in place, you’ll likely discover that your team is motivated to show up and be more productive throughout their day. 

Suppose your employees are working at a higher level of productivity to earn a reward. In that case, they may meet project deadlines early — boosting the image of your organization with earlier-than-expected, high-quality output.

#2: Better Employee Retention

Don’t underestimate the power of reward systems for employees in helping you retain your team.

When you decide to implement an employee reward system that has amazing rewards, you might find your employees are encouraged to stick around your organization longer than they otherwise may.

#3: Greater Job Satisfaction

Workers may experience an uptick in job satisfaction with a reward system for employees because it shows the organization both appreciates and values their contribution to the company.

When a team member feels valued and appreciated on the job — a place where they spend the majority of their day and week — they’re probably happier showing up there and feel a level of loyalty to the company. 

#4: Better Work Quality 

Do you work harder when you know you'll be rewarded for your labor?

If your employees are motivated to work towards a reward outside of their normal pay, it will likely be reflected in the quality of their work.

This is a win-win all the way around since you get a higher quality of output and your team members get rewarded for their improvement.

#5: Strengthened Company Culture

Research has found that a solid company culture is the best way to retain your current employees.

A reward system for employees allows you to create a place your team members will want to stay for the long haul since it shows that you:

  • Value them as individuals

  • Appreciate their efforts

  • Encourage self-improvement

How To Make Your Reward System for Employees Successful

Define Clear Goals

Clarity is critical to making reward systems for employees work as they should.

Be sure to provide the details about exactly what the rewards are and what each employee must do to receive them. Removing any ambiguity will help alleviate frustrations or problems between team members and help maintain a strong company culture.

When you're creating your goals, clearly define what you want to achieve. Are you going for:

  • Boosting employee morale?

  • Increased productivity?

  • Reducing team turnover?

  • Fostering a culture of innovation?

Pinpointing exactly what you want to encourage will give you the knowledge you need to tailor your program to meet your specific goals.

Offer Quality Rewards

Of course, top-notch rewards will likely produce a better outcome. 

Not sure what to offer to entice your team members? Ask them what they want! When employees have the opportunity to work towards something important to them, they may be extra motivated. 

Encourage High Participation

If you take the time to create a reward system for employees that nobody takes advantage of, it is an all-around failure.

The objective is to have most, if not all, of your team members engaging in the program. 

To encourage the optimal level of participation, try opting for an easy-to-use, realistic goal. For example, the near-instant gratification of extra money in their next paycheck may yield better results than a day off over the holidays.

Listen to Employee Feedback

Every good boss knows that listening to their employees is one of the first steps in fostering a healthy work environment. 

Once you’ve had your employee reward system up and running for a month or two, check in with your team to assess the program’s effectiveness. Then, make adjustments to your program based on what your employees are saying about it.

Consider using an anonymous employee survey or specialized team meetings. Ask questions such as:

  • Is the recognition criteria clear and achievable? 

  • Does the reward match the expectation? 

  • Are the rewards meaningful and worthwhile? 

Use this intel to make necessary adjustments and improvements. Repeat the evaluation process regularly to stay in tune with the reward system’s success.

Promote and Publicize Rewards

Make sure everyone is well aware of what is going on. Additionally, if your employee reward system is going to be ongoing, change the rewards to keep your employees interested and motivated. You may even consider offering extra rewards around the holidays.

Effectively communicating the details surrounding the program is one of the keys to the success of a reward system for employees. 

Get your program off to an enthusiastic start by explaining the:

  • Purpose

  • Eligibility criteria

  • Details as to how employees can participate

  • Available rewards

  • Various benefits for the company

Examples of Reward Systems for Employee

Monetary Reward Systems

The monetary options for reward systems for employees are as numerous as they are varied and may include things such as:

  • A bonus at the end of the year or pay period

  • Variable pay

  • Pension schemes

  • Profit-sharing plans

  • Tuition reimbursement

  • Stock options

  • Additional PTO 

  • PTO payout

The point is that the reward you offer should give your team members something to look forward to and be worth the extra effort it will take to achieve it.

A monetary reward system can also help build bonds within your team if you turn the earning of the bonus into a friendly competition.

Discover the benefits of Sorbet’s on-demand PTO cash advance.

Non-Monetary Reward Systems

But what about employee reward options that don't revolve around money?

There are plenty of choices here, too! Consider things like:

  • Employee recognition on social media or at team meetings

  • Gifts

  • Gift cards

  • Catered lunches

  • Opportunities to leave work early

  • Remote working options

  • Flexible scheduling

  • VIP experiences

If your team prefers perks to bonuses, these non-monetary rewards may be just the motivation they need. 

Work-Life Balance Rewards

Maintaining a healthy work-life balance has a positive effect on everything from employee productivity to company culture.

Work-life balance rewards support employees in maintaining a healthy holistic balance by providing a variety of services that benefit their mental and physical well-being. You’ll be offering your team the gift of clearer minds and healthier bodies, which can also lead to improved work performance. 

Rewards that promote a healthy work-life balance that can help your employees feel supported and valued might include: 

  • Health benefits

  • Spa treatments

  • Facials

  • Weekend getaways

  • Gym memberships

  • On-site mental health professionals

  • Instructional sessions for handling grief, stress, and/or family situations

Corporate Rewards

Corporate reward options enable your company to celebrate an entire department or team with a fun, memorable experience. Your employees will have the chance to relax and unwind, enjoy each other’s company, and bask in their success.

Consider hosting a: 

  • Sporting event

  • Team bonding experience 

  • Night at the movies or a play

  • Company-paid happy hour or dinner at a restaurant

If you have remote employees, you can also use this idea to send them a gift, company stipend, or a coupon to enjoy a fun experience in their area.

Peer-to-Peer Rewards

Some teams may best thrive with peer-to-peer recognition. This can be a great option to connect teams and help cultivate an atmosphere of appreciation within your company. 

Peer-to-peer rewards may help your employees:

  • Engage in more effective collaboration

  • Share innovative ideas

  • Work as a team towards common goals

Consider these options for peer-to-peer rewards that will be sure to please:

  • Employee spotlights 

  • Points-based recognition programs with monetary or social recognition options

  • Social media shutouts

  • Free lunch or coffee for teams or individuals

  • Certificates or award

Sorbet Cash Advance: A Highly Desirable Reward for Your Employee Reward System

With Sorbet’s on-demand PTO cash advance, you’re putting financial wellness at your employee’s fingertips

And the best part? It’s zero cost, zero integration, and zero overhead for you!

Your employees can choose to do whatever they like with their money, such as:

  • Paying for everyday necessities

  • Taking that dream vacation or weekend getaway

  • Funding their kid’s braces

  • Giving back by donating to charitable causes

  • Saving and investing in high-yield savings, 401k

  • Paying off student loans

And you’ll be happy to learn that getting your employees in on Sorbet is a piece of cake:

  1. Introduce Sorbet to your employees as their newest, sweetest benefit.

  2. Employees then apply for their cash advance and get their funds to spend any time, anywhere! 

  3. They’ll pay a small monthly interest fee, and pay the rest back to Sorbet when they receive their PTO payout at termination or in two years — whichever comes first.

Just click here to learn more. 

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