How to Get the Most From Your HR Budget for Employee Rewards

Laura Saracho
June 22, 2023
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In today’s economy, HR professionals are being tasked with doing more with less. But employee motivation and morale are more important than ever before. When HR budgets are tight, how can organizations still drive productivity and engagement with employee rewards?

With over 20 years of financial and operational experience, Bonusly CFO advisor Radhika Samant offers hard-won expertise in creating high-performance workplace cultures during challenging times. In our on-demand webinar, Maximizing Your Employee Rewards Budget, Radhika covers the best ways to keep budgets in check without sacrificing employee experience.

10 things you need to know about optimizing your rewards spend

Our webinar discusses how to:

1. Look at employee benefits strategically. Which benefits can organizations double down on to drive business outcomes like greater connection and increased engagement? What HR initiatives truly bring people together?

2. Effectively request funds for HR programs and tools. Hint: Start by getting clear on the specific problems your organization needs to solve around retention, motivation, and productivity.

3. Keep budgets in line by choosing rewards that matter. The right recognition can go a long way in making employees feel appreciated and engaged at work.

4. Boost transparency through consolidation. Choosing a single platform for your recognition efforts and rewards experience will allow you to see exactly where and how you’re spending.

5. Spend wisely. When you’ve broken down silos across your organization by consolidating rewards and recognition, you can choose to invest in the most effective efforts.

6. Convince skeptical team members to get on board. Presenting a rewards and recognition program through a slightly different lens can help convince leadership its value.

Watch our on-demand webinar to find out how you can maximize your HR budget for employee rewards

7. Drive performance. Find out how establishing a centralized rewards and recognition platform can boost employee performance in unexpected ways.

8. Share the responsibility for rewards and recognition. Instead of relying solely on organizational leadership to award rewards and recognition, the right solution empowers employees to thank and celebrate each other.

9. Avoid the wrong words in a pitch to leadership. Learn what not to say when you’re trying to gain executive buy-in for a rewards and recognition initiative.

10. Build strong partnerships with vendors. Get the inside scoop on collaborating effectively with the vendors you choose for your rewards and recognition projects.

Watch our on-demand webinar to find out how you can maximize your HR budget for employee rewards

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