Don't let a misdirected employee rewards program hurt your business
A disorganized rewards program can lead to poor retention.
A well-designed rewards and recognition program can go a long way towards boosting engagement, but efforts in this area are often misdirected. Employee rewards shouldn't have material value––those quarterly gift cards won't cut it––you must also show specific and frequent appreciation for a job well done. When employers don't acknowledge employees this way, their productivity will plummet.
Gallup’s recent State of the American Workplace study found that only 30% of employees are engaged and inspired at work.1 To combat this pervasive issue, you need to implement an employee rewards program that covers various types of employee recognition including bonuses, appraisals and more.
Why your business needs to adopt a sophisticated employee rewards program
Rewarding employees for hard work frequently adds value to your business.
Many companies have adopted effective employee rewards practices to develop an engaged and inspired workforce. What is there to gain from better incentivizing hard work and accomplishment?
You’ll attract employees
Employee rewards start at the beginning of the employee journey, when they’re still a job applicant. Though many companies offer attractive compensation, benefits, and rewards programs, few of them properly advertise it. A report by WorldatWork found that only 14% of companies regularly feature their rewards programs in recruiting materials.2 Though many companies offer attractive compensation, benefits, and rewards programs, few properly advertise it. With attractive employee rewards, you can develop a positive reputation in your industry and attract the top talent.
You’ll retain employees
To get the most out of your workforce, you need to develop an employee rewards program that offers both traditional and creative incentives. For example, a generous and flexible paid-time-off package can be paired with a more impromptu way of saying thank you, such as a surprise weekend getaway. A blend of the expected and surprising makes for an exciting work environment in which employees stay engaged, productive.
You’ll support employees with attractive benefits
In a recent survey, the Society for Human Resource Management found that 36% of organizations cite employee retention as a top workforce management challenge.3 One way to beat out competition for talent is to offer attractive benefits, beyond just workers' compensation. A well-designed employee rewards program can convince your employees that they’ve found a company worth their commitment.
You’ll have time to focus on your strengths
A flexible and well-managed employee rewards program can save HR professionals major time and resources. When employees are happy and engaged, many HR issues take care of themselves. But, it's a challenge to get there. To make sure that your employees are happy and engaged, you need to reward employees in a way that frequently and specifically recognizes their hard work. A happy workforce is a motivated workforce. And in that environment, HR professionals can focus on what they do best.