Are your employees as content as during other festivities? Festivals in India are not just celebrations or official occasions; they are sentiments, feelings, and values. But do your employees reflect on lively celebrations at work? Are your employees genuinely motivated and engaged during occasions? Festive awards are the most important motivational strategies that organizations fail to incorporate when enhancing employee morale and loyalty. If your employees do not feel appreciated or rewarded during festive seasons, they might seek other companies that appreciate their efforts.
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The question then is: Are you taking full advantage of the festive offers to boost employee satisfaction and retain them? Let’s understand why this strategy is important and how to implement it efficiently.
What are festive rewards?
Festive rewards are incentives that are awarded to employees during special occasions as a way of celebrating them. It can range from monetary incentives such as cash awards, gift certificates, paid time off, and other perquisites. Major festivals like Diwali, Eid, Pongal, Christmas, and other regional festivals are highly regarded in India and it literally enhances employee morale upon getting recognition at the workplace during such festivals.
Why do festive rewards matter?
- Better Engagement: Culturally diverse celebrations boost employee engagement and make them feel valued, hence improving employee morale.
- Increased Productivity: When employees are appreciated, they work hard so as to be deserving of such appreciation, thus resulting in increased productivity.
- Greater Productivity: Where employees are happy consciously, they work with passion and companies can become more productive.
- Promoting Employer Branding: Focusing on employees’ cultures leads to the attraction of the best talent in an organization.
Ignoring Festive Rewards? Here’s What It’s Costing You
Neglecting festive rewards may lead to the consequences on employee satisfaction and retention:
Employees Feel Undervalued
If organizations fail to acknowledge festive celebrations, employees may feel like they are just working machines and not appreciated at the workplace. Appreciating their efforts during a festival cannot be overlooked as rewards make them feel valued and included. If ignored, there will be no morale and lower productivity for the company in the long run.
Reduced Workplace Morale
Festivals always create a feeling of happiness and oneness, but it can be a stressful day too when companies ignore celebrating them at workplaces. When there is no recognition of employees during special occasions, there will be decreased motivation, low morale, and even truancy.
Higher Attrition Rates
Today employees are looking for organizations that would acknowledge their contribution. When an organization fails to recognize cultural or personal celebrations and achievements, the employees may feel disvalued and they will look for other organizations to join. Reward is not only about gifts during festivities, but about creating a workplace where talents are valued and appreciated.
How to Implement Festive Rewards Effectively?
Here are five ways to apply festive rewards that can have an impact on overall organizational productivity:
Customize Awards Based on Employee Needs
It is critical to understand that every employee is unique and hence might have different needs and preferences. While some may wish for a festive bonus, others may consider personal gifts or an extra holiday. Take time to quickly poll your team members to determine what most of them request as they prepare for the festive season.
Tips: Use Google Forms to gather feedback and create categories to sort the rewards.
Celebrate Inclusively – More Than Just a Bonus
Festivals in India are diverse. While many organizations go the extra mile by offering employees Diwali bonuses, it is an act of facilitating regional and cultural celebrations that encourages the culture of Diversity. Make sure the reward and recognition systems embraced in the organization care for all the employees with no discrimination.
Tips: Make a checklist of festivals that can be celebrated in a year and plan a budget for each celebration.
Rewarding for the Long-term Effect
Getting a box of sweets is a good gesture, but it is outdated. A small token of appreciation such as a handwritten note or a useful gift can go a long way to improve the performance of employees, especially gift items that help them grow and learn more. According to a study conducted by Gallup, employees who have quality recognition are 45% less likely to quit their organizations within the next two years.
Tips: Make sure to delegate rewards personally to the managers and employees along with a word of appreciation.
Leverage Technology for Instant Recognition
Conventional incentive schemes are less efficient and time-consuming. Meanwhile, instant recognition programs can be effective and prompt, rendering the appreciation of the efforts put in by employees, especially during festival days.
Tips: Consider using an HR technology solution that enables automatic festive bonuses and gift circulation.
Combine Monetary and Non-Monetary Rewards
When added to monetary rewards, non-financial incentives like paid leave, public acknowledgment, team meals, and team out can improve overall employee satisfaction. According to SHRM, employers who have positive attitudes towards their employers are 68% less likely to quit their jobs.
Tips: Have a flexible reward policy that allows the employees to select among bonus, gift, or leave days.
Case Study:
Incorporation of festive rewards in your workplace can add value in boosting satisfaction and also motivate employees to remain loyal. A perfect example is Heineken, a beer manufacturing company that decided to redesign the reward and recognition approach.
Heineken successfully managed to achieve a better understanding of employees’ needs, redefining the company’s goals and providing employees with a convenient system of rewards with improved employee branding. The recognition result of this initiative shows a 50% increase in the number of employees who were recognized by their peers with the help of well-structured recognition programs.
Key Takeaways from Heineken’s Approach
- Relaunching Recognition Program: Changing the face of the program with a fresh look and ideas to attract employees.
- Improve the user experience: Streamlining the process makes it easier for the employees to recognize the other employees in their team.
- Path to Success: Providing multiple chances of rewards to cover all levels of performance and actions on the company’s behalf.
- Rewarding by Values: Encourage the employees who act in a specific way that is in line with the set values of the company.
- Monitoring Impact: Assessing recognition and engagement rates allowed for the evaluation of the program’s success and its drawbacks.
Are You Prepared for Achieving a New Workplace Culture?
Indeed, a festive reward is not just a gift. It is a sign of being valued, accepted, and content at the workplace. So whether you are an HR professional or manager, it is your time to build a workforce that is loyal and engaged for the long term.
As the next festival is around the corner, the question is: “How important is this festive occasion to improve the state of employee engagement and retention?’ Start today and attain a positive change towards a better workplace culture.