Cash and non-cash incentives dominated HR literature, as Maslow’s Theory that dictated that these two were the only needs that drove employees to work harder and produce better results. However, many new psychological and organisational studies reveal that these two may have an impact on employee engagement, but it also depends on a number of other factors. These may include cultural sensitivity, individualism, and diversity of customs and language. Meaning – cash or non-cash incentives will only reward in improved productivity and enhanced engagement if the audience feels connected to them.
Therefore, it becomes pivotal for companies operating globally to take note of these differences and reshape their reward systems accordingly. The practice of one-size-fits-all no longer remains applicable.
Enter Global Rewards Programs
Many organisations fail to realise how this diversity impacts the individual’s or community’s productivity. If a company is managing global business, it needs to accommodate its range of rewards based on the preferences and regional differences. The reason most companies choose not to do it is that the task seems time-consuming and cumbersome. So what can be done instead?
Opt for a global reward program.
What is a global rewards program?
A global rewards program allows companies spread on a global scale to design and deploy flexible, effective, and robust rewards and recognition programs in order to make them feel valued and cared for. Providers of global reward programs help companies mobilise their workforce by offering them rewards that they can relate to.
What Questions Should You Ask before Choosing A Global Rewards Program?
But before picking any global rewards provider, there are a number of questions to ask. These include:
- Questions about the countries they support
- How do they ensure cultural significance?
- How would they define their global rewards package?
- How will the program improve your brand’s existing perception?
- For how long has the provider been operating?
- What long-term goals will be included in the global rewards program?
- How will they manage their processes in different countries?
What Types Of Rewards To Expect?
Lastly, one must also ask about the different types of rewards that the employee can expect. Typically, many global rewards programs offer the following:
- Travel and vacation: This may include hotel reservations, airfare, resort bookings, car rentals, cruise trips etc all at discounted rates.
- Merchandise: This includes a wide range of products that are made available without on duty-free prices. Similarly, discounts at many local shopping sites are also rewarded.
- Tickets to sold-out events: these include everything from live concerts to hard-to-enter conferences tickets. Many providers also offer discount on travel expenses when the event isn’t in the local district.
- Gift cards: gift cards to the best in class brands are offered. This even includes big stores like Apple, Pottery Barn, and Nike etc.
- Access to media: Access to eBooks, music, games, books and moves etc are also offered to employees
Looking at all these benefits, the very idea of opting for a global rewards program sounds like the perfect way to keep the workforce driven with motivation to help your brand achieve its benchmarks.