The right employee reward scheme can retain staff, boost productivity and increase employee engagement tenfold, there's a reason why 91% of HR professionals support recognition and reward schemes, especially in employee retention!
Yet despite this, many companies fall guilty of imposing incentive schemes only at Christmas. It’s an easy mistake to make – it’s the season of goodwill and giving after all! To see an authentic shift in culture, the act of company gratitude has to be ongoing.
Sounds expensive right? Wrong! At Loyalty Works, we inherit an outside-in approach and consider the context in which your business resides. We appreciate that in competitive business climates the proposition of funding a rewards scheme could be intimidating; but if done correctly, the benefits can largely outweigh the costs.
So let’s get into it, here is why your company should implement an incentive scheme all year round – not just at Christmas!
Recognising and rewarding valuable work contributions helps to boost peer-to-peer recognition. This not only works towards creating a healthier and happier work environment but helps reduce the costs associated with incentive schemes both financially and in terms of time.
This is especially important after the following year, at home working has left staff feeling more disconnected than ever.
Tip 1: Consider January reward schemes rather than Christmas, this inherits a more considerate approach and may be seen as more attractive to staff. Post-Christmas leaves many feeling pretty gloomy – especially after all the spending – what better way to reward them for a year of hard work than the beginning of the New Year?
Stress at work is often unavoidable, but it can be reduced through the likes of recognition and reward schemes. As an employer, it is part of your responsibility to maintain staff welfare, this can be done by enforcing schemes and mechanisms to help employees cope with stress better.
Tip 2: Consider wellbeing based rewards, from offering the afternoon off to awarding a wellbeing experience away from the office. Encouraging staff to find a better work-life balance aids performance overall.
Increased job satisfaction results in less absences, employee withdrawals and fewer resignations. Engaging reward schemes work to retain the interest of staff and hence promote engagement.
Tip 3: Ensure targets are realistic. Nothing is more frustrating for staff than targets that are unfeasible for reasons out of employee control; this is emphasized further when the rewards on offer are attractive!
Extra incentives above other companies can help to attract the right candidates for your business.
Tip 4: Give an outline of your rewards scheme within any company job listing. Consider that as the New Year rolls around, many look for new jobs – get your rewards scheme up and running soon so that you can begin to promote this employee benefit to determined job seekers.