Miconex Research showed that 76% of Canadian employees claimed receiving a gift card from their employers could boost their motivation. As competition continues to soar in different workspaces, employers are prioritising their employee experience to enhance their competitive edge.
Rewards like annual bonuses and personalised recognition have become common as employers seek to offer satisfactory worker experiences. A 2023 Benefits Canada study showed that nearly 92% of employers intended to award an end-of-year bonus, with 45% offering larger bonuses than the previous year.
The Enduring Legacy of Bonus Rewards
Bonuses have long been a cornerstone in other Canadian industries, yet their application varies across different industries. While some industries use them to motivate employees, other industries, like online entertainment, use them to engage customers.
In the online casino industry, game providers offer bonuses to allow players to learn new games, as a marketing strategy to attract and retain players and so on. For example, a Stake bonus like Acca Boost or bet builder allows players to have fully customised experiences that enhance the gameplay.
Personalised recognition allows companies to go beyond generic rewards and tailor recognition to each employee's preferences, strengths, and accomplishments. Through peer-to-peer recognition platforms, employees might receive points or virtual badges that can be redeemed for personalised experiences. Performance-based initiatives help to align individuals with the organisation's goals as they are linked to a person's performance. To ensure the effectiveness of performance-based incentive plans, companies often establish clear, measurable targets and benchmarks that employees can strive to achieve.
How Different Canadian Companies Are Doing It
BCE Inc.
With the aim to reward the same behaviours across the company, BCE Inc. launched a best-in-class recognition program in 2021. The program is structured in three levels, including local, where everyday achievements within departments and teams are celebrated. At the business unit level, individual and team performances are awarded every quarter, while the Bravo Award is presented to individuals who must first have won the business unit category.
In 2023, the company spent millions of dollars in performance bonuses after paying its top executives. Chief executive officer Mirko Bibic received $2.96 million, while Wade Oosterman received $1.08 million. The other three executives received between $853,470 and $923,400.
Cisco
In just 2021, Forbes announced Cisco as Canada's top employer. This came two years after the company was named among Canada's best workplaces for women by Great Place to Work. Part of why the company has continued to feature among the top places to work is its annual bonus structure that isn't merely based on seniority but performance. The company's commitment to its workers' financial wellness ensures they stay motivated, driving productivity.
By prioritising work-life balance, Cisco enhances its appeal to most of its employees. According to Glassdoor reviews, the company was rated 4.3 out of 5 for work-life balance, while 87% of employees said they would recommend working at the company to their friends. Through the Cisco Pulse Survey, the company gathers employee feedback that helps it offer sufficient employee services.
In conclusion, Canadian companies employ various strategies to motivate employees, recognising that a motivated workforce is essential for driving success. By implementing initiatives like performance-based incentive plans, companies can cultivate a culture of productivity and satisfaction among their employees.
