{"id":487,"date":"2022-03-01T08:00:27","date_gmt":"2022-03-01T08:00:27","guid":{"rendered":"https:\/\/www.biworldwide.com\/en-au\/?p=487"},"modified":"2025-04-03T14:49:40","modified_gmt":"2025-04-03T03:49:40","slug":"3-best-practices-for-rewarding-employees","status":"publish","type":"post","link":"https:\/\/www.biworldwide.com\/en-au\/our-work\/blog\/3-best-practices-for-rewarding-employees\/","title":{"rendered":"3 Best Practices for Rewarding Employees"},"content":{"rendered":"
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\n\t\t\t\t3 Best Practices for Rewarding Employees\t\t\t<\/h1>\n\t\t\t\t\t\t\t\t\t\t
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We all want to make sure we use our rewards budget as effectively as possible. Organisations want to ensure the budgets are producing the right behaviours in the most efficient way. But before we jump straight into rewards, we need to first get a handle of the best practice approaches in employee and sales programs.  <\/p>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tTom Nash\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t, Account Director, BI WORLDWIDE Australia<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tMore about the author<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

When it comes to maximising recognition, sales and reward programs, the most common questions I get asked are:<\/p>\n\n\n\n

1. What is best in class?<\/strong>
2. I believe our program is great, but how do I truly know?<\/strong><\/p>\n\n\n\n

All effective recognition and reward programs come in different shapes and sizes depending on the long-term strategy and objectives. To be successful there is no doubt that all programs need to have one thing in common \u2013\u202fit must engage your entire audience. That is how you engage, inspire and lift productivity across the entire organisation. A common scenario to see if this is true for your program:<\/p>\n\n\n\n

What are you doing differently to engage and motivate your audience?<\/strong><\/p>\n\n\n\n

We have a generous base salary and individual compensation plan.<\/p>\n\n\n\n

That’s a great start, but lots of companies do and employees see this as business as usual.<\/strong><\/p>\n\n\n\n

We are announcing a new President\u2019s Club award experience.<\/p>\n\n\n\n

That\u2019s awesome. Experiences are a powerful motivator but may only motivate the top 10 per cent. What about everyone else?<\/strong> <\/p>\n\n\n\n

Silence.<\/p>\n\n\n\n

The best question to actually ask is\u202fwhat else are you doing to motivate, engage, recognise, and reward your new hires, and the middle performers that account for the majority of your audience?<\/em> <\/strong>\u202fThe truth is, most of the incremental lift comes from the lower 80 per cent,\u202fwith only 35 \u2013 40 per cent of sales uplift coming from the top 20<\/a>.<\/p>\n\n\n\n

\"Layers<\/figure>\n\n\n\n

Once you\u2019ve understood what is best practice and are able to strategise your program that optimises engagement and performance, rewards can now come into the conversation. Here are three best practices that can help determine how much to give, when to give and when to give rewards.<\/p>\n\n\n\n

Best practice for how much to give<\/h3>\n\n\n\n

An article titled, What are the 3 best ways to improve employee engagement<\/a>, by HR Insider Australia outline that frequent recognition get the most out of employees. In fact, in our own research employee turnover is 4x less in organisations that frequently provide recognition with rewards.<\/strong><\/p>\n\n\n\n

The key point here is frequency and consistency in issuing rewards. To help with this, start with three reward tiers as a guide, for example:<\/p>\n\n\n\n