|Giving instant gifts to reward employees is fast catching up. Rewards and recognition programmes are at the core of employee retention activities planned by a company. It is a well-known fact that organisations are trying hard to cope up with the high attrition rate. Whether it is in the form of gifts or perks given to employees or various life insurance schemes, organisations are coming up with new offers to attract and retain the talented manpower. |
Many organisations are developing new systems of compensation and reward to create a healthy and better place to work in. Some of the companies have been extremely successful in coping up with the demand-supply gap of the skilled manpower by offering unique facilities and schemes. Keeping employees motivated and giving them positive reinforcement at regular intervals have helped companies in maintaining a solid and stable workforce. Additionally, if employees are excited about their jobs, there is a healthy competition within the organisation. Moreover, employees have a more focussed approach towards their work.
Perot Systems, too, has something exciting in store for its employees. The company provides its employees with 'Vision$'. Explaining about the innovative concept, Vardhman Jain, managing director, insurance and business process solutions (IBPS), said, "Rewarding and recognising high-performance employees is important to keep the workforce motivated. We provide associates with several different types of bonuses, of which Vision$ is worth mentioning. It is an instant reward programme, wherein supervisors and managers are allowed to bestow dollars/points upon the employees for their quality performance or extraordinary work. This is instant and helps create a positive workforce within the organisation."
"It works like an 'airline frequent flyer programme'," quipped Jain. This unique reward system is planned very objectively. Employees are clearly told about their respective targets to be achieved at the very beginning. This helps create a system which is not only automated and objective, but also quite transparent in its approach.
He further added, "To reinforce objectivity in the system, instances like 100 per cent attendance and staying back to help during a high-volume day attract rewards. Employees can collect these dollars, which in turn, make them eligible for equivalent gifts/vouchers. Vision$ is now so popular within the organisation that it has become the currency of all the rewards schemes, such as best of the month, dream team, associate referrals.
Jain parts with more details on Vision$, "We have different categories for giving away gift vouchers to our employees. These categories are primarily production incentives, quality incentives, process values additions, security value additions, quiz winners, etc. These Vision Dollars help employees choose from the variety of products available on the company's in-house redemption portal. Employees can redeem voucher equivalent to the price of different goods available ranging from shoes to mobile phones, from stereo systems, sun-glasses, chess boards, jewellery items and watches to apparel."
"We also periodically ties up with retail chains to allow associates an opportunity to get more out of the vouchers. 'Spread the Word' is key to making the programme popular amongst employees," continued Jain. Explaining about the response to this programme, Jain added enthusiastically, "All of them are happy to be recognised and rewarded. Additionally, we publicise names of the winners through our associate portals and printed newsletters."
This recognition amongst peers and team members motivates employees to perform well. Eventually, the organisation gains in terms of the results achieved. These vouchers not just let employees personally choose from a wider range of items but make the task much simpler for the administration. These vouchers are open to all associates across the board. Jain added, "It is an arduous task stocking gift items, cataloguing them, maintaining gifts portal, constantly updating it, disbursing these items based on online orders to various locations, getting their feedback on these items, etc. It is a lot easier giving away gift voucher."
Apart from these Vision Dollar vouchers, Perot Systems offers many other monetary rewards to its employees in recognition of their efforts and inputs. The company gives Ticket/Sodexho vouchers as well. These vouchers can be used by employees in numerous restaurants or even at leading retail chains. The products are not branded with the company's logo. The company-branded products, gifts and rewards are given to employees for participating in various in-house activities and competitions.