Rewarding and recognizing employees leads to greater employee engagement, increasing productivity ... [+]
Rewarding and recognizing employees leads to greater employee engagement, increasing productivity and retention, and helps create a happier workplace.
In a SHRM and Globoforce survey entitled Using Recognition and Other Workplace Efforts to Engage Employees, 68% of human resources professionals reported that employee recognition has a positive impact on retention, and 56% said reward programs also aid in recruitment.
Employee rewards platforms offer recognition and reward options through software that manages the delivery of points, gifts, recognition messages, digital badges, certificates and more. Utilization of these tools creates a culture of caring, compassion and encouragement. This is especially critical at a time when workers are facing layoff fears and economic uncertainty. Rewards and incentives can keep employees motivated and reinforce company goals during times when merit budgets are minimal or nonexistent, promotions are scant and overall job satisfaction is paltry.
Salt Labs
Jason Lee and Rob Law founded DailyPay seven years ago to entrust frontline workers to better themselves financially by controlling the timing of their pay. DailyPay serves 5 million employees at Fortune 500 companies, like Target, Kroger, Dollar Tree, HCA and McDonald's.
Lee and Law both left their executive roles at DailyPay in mid-2022 and are today announcing their second venture called Salt Labs. The vision for Salt Labs is to offer a platform for hourly workers to earn rewards for every hour worked. Unlike white-collar workers who are afforded several opportunities to build long-term wealth through company stock plans, partnership interests or even a 401(k) plan, it is often the case that frontline workers aren’t afforded those same opportunities. This has resulted in growing income and wealth inequality.
Salt Labs’ technology changes how workers earn and enables them to capture the value of their work on top of their regular paycheck by earning a virtual currency called Salt. Like other rewards programs, it can be redeemed for goods and services, or reallocated to family and friends. An initial version of the product is meant to launch next month.
Digital Credentials
Credly is the leading provider of digital credentials. Founder and CEO Jonathan Finkelstein created the most extensive talent network built on verified digital credentials, recognizing a job hunter’s skills, accomplishments and certifications.
Credly offers an employee or job seeker a “digital badge” based upon completing a program. The way it works is that people take coursework from a wide array of sources. Credly is the stamp of approval ensuring that a person possesses all the necessary skills, tools, experience and background for a job.
Social Recognition In the Workplace
Workhuman is a fast-growing social recognition and performance platform that allows you to publicly acknowledge your workmates for their contributions.
The company takes it a step further by posting the accolades on internal social media. Others will see this, creating an inclusive, empowering environment. In addition to posting the kudos online, the employee will receive a monetary reward to show appreciation for their efforts. It's a way to show that others in the organization and applaud their contributions.
Workhuman offers its platform to a large number of top companies that want to help create a positive, happy and motivated workplace. Peer-to-peer programs create a stronger sense of belonging, and compared to e-thanks, “programs funded at 1% or more of payroll are 86% more likely to be rated as good or excellent.”
There are other companies offering variations of rewards to employees. Awardco teamed up with Amazon Business to provide software for recognition programs. Employees can choose rewards from Amazon, along with access to hotels via Priceline, gift cards and tickets to events.
Guusto, an employee recognition platform, makes it convenient to reward a job well done. The company offers recipients to select from thousands of merchant locations with an altruistic way to help others. One day of clean water is donated with every gift sent to an employee, in an effort to make a positive social impact.
Blueboard offers a bit of a twist in regards to experiential rewards and recognition. The company offers hand-curated experiences instead of gifts. The company can send employees on adventures, help them connect with their family and friends or provide a quick getaway.
