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7 Ways to a Sustainable Rewards Structure

Written by: Tom Nash
(View Author Bio)

Employees today look out for and expect organisations to commit towards Environmental, Social and Governance initiatives. Brand reputation, its values and culture are influenced by an organisations ESG strategy. Here are seven ways our technology solutions can leverage your reward strategy to support your wider ESG goals.   

Employees today look out for and expect organisations to commit towards Environmental, Social and Governance initiatives. Brand reputation, its values and culture are influenced by an organisations ESG strategy. Here are seven ways our technology solutions can leverage your reward strategy to support your wider ESG goals.   

7 ways to structure a sustainable rewards strategy 

Sustainability is not only important business, it’s good business. 

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Research and anecdotal evidence show that when investors embed Environmental, Social, and Governance (ESG) considerations into their strategies they achieve superior valuations. In fact, an analysis of the ASX200 by PWC Australia found that ESG leaders significantly outperformed their lower-ranked peers when it came to value-weighted total shareholder return. 

But when it comes to global reward strategies how do you balance the need for efficiency and effectiveness with the broader, bigger need for a transition towards a more sustainable future? In the end, employees look out for and expect organisations to commit towards ESG initiatives.  

Here are seven ways we’ve identified you can leverage your reward strategy to support your wider ESG goals.  

1. Recognise and reward sustainable choices 
In organisations that are creating value through sustainability, 60% of employees say that sustainability is a part of the corporate culture. Drive change and build a sustainable culture within your organisation by recognising and rewarding employees making sustainable choices. Whether it’s cycle/walk to work schemes, car share networks or implementing local sustainability initiatives, encourage and reinforce positive behaviours through your reward and recognition program. 

2. Let employees donate their reward to causes 
With cost-of-living pinching on employees’ disposable income, their own ability to donate and support causes of meaning to them may be limited. Allow them to use their recognition rewards to close the gap between their desires and abilities. In the past five years we’ve seen a year-on-year increase in the value of charitable donations through our Australia operated marketplace and, in the last 12 months, donations increased by over 400%, demonstrating a trend towards more altruistic redemption behaviour.    

3. Digitise your selection 
Whilst most reward and recognition schemes have gone digital, some reward options and processes may still feature paper or paper equivalents. Review voucher providers and push for digital solutions. 

4. Create sustainable catalogues 
For many, there’s a desire to become more sustainable, but there’s also a knowledge gap as to how to make more sustainable choices. Nudge the journey by curating sustainable reward collections that allow employees to choose rewards with more sustainable credentials.

5. Provide environmentally friendly reward experiences
Australians love getting outdoors and keeping active. Combine this passion by offering experience type rewards that align with your environmentally friendly strategy.  

Our Experiences Marketplace includes unique and local environmentally friendly adventures. From surfing lessons in Bondi, private bike tour in the Blue Mountains, to guided hikes in the Darling Ranges. 

6. Think shipping 
It’s all well and good having a sustainable catalogue, but if the fulfilment solution means rewards are crossing borders you may be diluting the result. Seek to leverage a reward provider that can offer local coverage to your employees to minimise the impact of shipping costs. Better still, seek a provider that’s also asking sustainable practices of their supply chain, magnifying the impact from end-to-end.  

7. Offer reward options that promote self-development
Our new Mastery Marketplace provides unique offerings that give your employees the opportunity to upskill, try something new or dive deeper into their passions. From cooking classes to language programs, music lessons to health and wellness sessions, or online courses on business development and self – improvement. 

 

Contact us to discover how meaningful rewards can enhance your ESG strategy through our tailored marketplace selection and recognition programs. 

7 Ways to a Sustainable Rewards Strategy

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Tom Nash

Tom Nash

Account Director
BI WORLDWIDE Australia

Tom is experienced in account management across a range of industries including automotive, telecommunications, health, finance, insurance, government, retail, and sports. Joining the BIW team in 2015, he works with clients in planning, implementing, and managing effective programs that achieve measurable results.