Now is the best time to create reward systems for hybrid working

Now is the best time to create reward systems for hybrid working

The concept of hybrid working is widely used as a way to balance office and remote work for better and productive results. And thanks to the pandemic, this concept has simply enhanced its purpose. When it comes to hybrid working, it is important to update or create reward systems to keep the employees’ productivity and energy in check.

Be that as it may, there are still a few factors like digital disruption, employee lifestyles, and increased focus on diversity that needs to be considered. All these factors indicate that the traditional one-size-fits-all approach is no longer significant. 

Here are a few places businesses ought to consider as they plan a reward guide. While numerous things will drive responses – costs, business change, ability, and skills challenges – they must be topped high on any to-do list.

  1. Be prepared for hybrid working

As our relationship with the workplace changes, so should the link between the workplace and reward. There must be a reward system for each of the different groups that emerge as a result of different working styles. Most importantly, employers must review any additional monetary assistance that the company’s workers may need to set up a home office.  With several workers wanting to move away from the commuting belt, in accordance with plans to be in the workplace less, numerous organizations should likewise audit regional pay models, such as the London weighting. These will probably be the most challenging changes. Pay is relatively inelastic – regardless of whether locations are not.

  1. Update your way of dealing with recognition and performance

As consumers, giving instant feedback has grown into a norm, right from reviewing products and services to the morning coffee place we frequently visit. Yet, a number of businesses still run annual reviews that end up producing narrow performance ratings. All things being equal, bosses ought to consider a set-up of incentive schemes that can keep up with the pace change in several roles in the company. This way, employers will be able to recognize different needs like team bonuses, project success awards, and peer-to-peer tools that form an essential part of the rewards fabric.

  1. Tweak your reward deal

Take supermarket loyalty cards, for instance. The bonus points earned could get you a new item without having to spend a dime from your pocket. Something just like this can be customized in the process of reward-making.  Employees could transfer the bonuses earned into some real-time product or service or transfer it into a new learning budget or training. A reward system like this can give employees more autonomy to use the rewards they gained to match their needs.

  1. Focus more on fairness and societal impacts

Fairness is a topic that strikes at the core of an organization’s reputation and culture. Pay gap reporting will continue, while companies will need to play a more proactive role in tending to imbalances in pay and representation.

At the heart of all these changes, the result should be an acknowledgment that workers need choices and a fair and beneficial reward framework that recognizes their commitment and contribution and keeps them driven.

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