Develop Organisational Reward Packages and Approaches Based on Insight

A reward package may be any reimbursement or remuneration that a business gives its workers in the form of vacations, gifts, trips, or gratitude tokens. A comprehensive compensation package addresses a wide range of issues about the job (Price, 2022). The compensation and the benefit are the two most fundamental aspects. These aspects significantly affect the individual’s desire to complete activities. It has been discovered that productivity can affect the costs associated with remuneration; it has also been discovered that rewarding employees for high levels of performance are more likely to lead to higher achievement than rewarding all employees equally, regardless of their level of success. Also, awards should rely on financial success, emotional condition, and social context relative to coworkers. For instance, some managers advocate recognition events since they induce pleasure sensations in the brain that make individuals feel valued or even liked.

Businesses can also have customer loyalty programmes (Price, 2022). The purpose of the loyalty programme is to increase the amount of repeat business from existing consumers. A typical incentive programme is a rewards card, which allows customers to rack up points that can later be exchanged for money off future purchases or even free stuff.

Loyalty programmes can be an incredibly effective tool in developing organisational reward packages and approaches based on insight. By leveraging customer insight, organisations can use loyalty programmes to identify customer preferences, segment customer data, and better understand the needs of their customers (Hatton-Gore, n.d). This data can be used to create tailored reward packages that incentivise customers to remain loyal to the organisation and purchase more of its products or services. For example, organisations can use customer data to develop reward packages that offer discounts, free products, or bonus points for loyal customers. Organisations can also use loyalty programmes to give customers access to exclusive events, special promotions, or other unique experiences. By understanding the needs of their customers and creating reward packages that meet those needs, organisations can enhance customer loyalty and create a sense of loyalty towards the organisation.

References

Hatton-Gore, T. (n.d.) How to develop a reward strategy, How to develop a reward strategy | How to | Tools | XpertHR.co.uk. Available at: https://www.xperthr.co.uk/how-to/how-to-develop-a-reward-strategy/115194/.  

Price, J. (2022) How to design and implement an effective total reward strategy, Paydata. Available at: https://www.paydata.co.uk/hr-hub/blogs/reward-strategy/how-to-design-and-implement-an-effective-total-reward-strategy/.