The Workings of Values-Based Rewards

Have you ever thought of why employees leave companies in a time of the pandemic? According to the EY 2021 Work Reimagined Employee Survey, 54% of employees globally would consider leaving their job. The reason? Flexibility and culture. The professional world has proven to be a lot more competitive with COVID-19. 

The expectations of employees have changed dramatically as people have reevaluated their work and personal values. Business leaders who see this as an opportunity and use it to bring about a positive fundamental shift in the work culture will reap long-term benefits.

Retention efforts are not like they were in the pre-pandemic era. If business leaders think pre-pandemic rewards like compensation bonuses and recognition programs are the only necessary ways to keep employees, they will fail miserably. These are not ordinary times. Applying broad and generic solutions won’t work anymore. Business leaders need to identify rewards that provide a more meaningful experience to people, and those would be rewards that are values-based and would, at the same time, promote a sense of belonging and well-being.

A sense of belonging and well-being is achievable in a workplace that nurtures and encourages a culture of fairness, flexibility, inclusion, and appreciation. Moreover, this culture must extend to all levels in the workplace, because when everybody in an organization feels good about themselves and who they work for, it will radiate positivity and productivity. This way, there’s a sense of community within everyone in the company.

To reach that level of culture, an organization must learn three things:

1. Stop and look at their existing rewards strategy. List all of them down and analyze how each will contribute to a better employee experience.

   
   

2. Listen to the employees to gain insight. Apart from indirectly letting them take a more active role in the business, this would give leaders a better understanding of their employees’ experiences and how they can apply positive changes.

   
   

3. Continue this dialogue and incorporate an employee listening and rewards strategy. Things change. People change. It’s important to be proactive and continuously explore opportunities to build a better culture that aligns with everyone.

   
   

Once business leaders acknowledge their employees’ pain points, it will be easier for them to plan out a value-based rewards strategy. They could be ones that respond to societal changes like allowing employees to volunteer through charity days, or giving them flexible hours or four-day work weeks. Some give more annual or parental leaves. Whatever rewards strategy a business comes up with, leaders must understand that it doesn’t stop in the execution of it. The organization must also be sincere about it, be authentic, and it should play out in everything that the organization is. It should align to their purpose, their vision and mission, and their values.

Want to improve your organization's employee experience? Send us an email at [email protected] and we'll schedule a free consultation and/or workshop that will support your employee engagement initiatives!