We all want to be recognised and rewarded for the great work we do. Indeed, employee recognition and rewards have long been a cornerstone of good management. But while annual bonuses or ‘star performer’ crowns are great, incorporating employee rewards continuously throughout the year can really help drive positive behaviour and real benefits for your business, while making employees feel appreciated and valued and cementing your position as an employer of choice in a tight market.
Providing tangible recognition of your employees’ hard work, and delivering rewards that they actually want can have many business and employee benefits, many of which feed into each other to create something greater than its sum of parts.
Improved motivation increases engagement – and bolsters productivity for your business. That increased engagement and motivation in term can aid retention of staff and create a more positive workplace overall.
While the benefits of an employee rewards program are myriad, here are some of the standouts:
Improved retention This is a huge one right now. No one wants to lose good staff, particularly in today’s tight employment market, where skills shortages and staff churn are continuing to challenge businesses.
Last year a McKinsey survey found 41 percent of Australian respondents were at likely to leave their current job within three to six months. The latest Australian Bureau of Statistics figures are yet to be released, but the agency’s previous report showed 1.3 million Australians – or 9.5 percent of employed people – changed jobs in the 12 months to February 2022 – the highest annual job mobility rate since 2012.
There’s a clear relationship between employee recognition and rewards and retention.
Research has shown there a lots of factors that motivate employees and improve engagement that aren’t pay related – with 26 percent of managers in a UK survey citing extra perks and rewards as a top reason behind productivity.
Improved employee retention isn’t just a money saver, it also promotes loyalty within your organisation.
A UK report by Engage Health Group also found that for eight in 10 employee benefits were a ‘very important’ factor when deciding whether to join a new company, so a good, well thought out employee rewards program is not just a way of retaining staff, but of recruiting new staff – just make sure you make your program known.
Increased motivation You know the saying that a person who feels appreciated will always do more than what is expected? Need we say more?
Recognising your team’s hard work goes a long way in increasing motivation and engagement, which in turn helps boost teamwork and productivity.
When your team are rewarded for a job well done, they’re more likely to be motivated to keep going, driving that positive behaviour.
Depending on the rewards program you have in place, it’s also likely to encourage a little friendly competition.
Positive workplace Happy staff equals a happy workplace. And, going back to that earlier retention point, a happy workplace equals one both current and prospective staff will not only want to work at, but will want to do their best for.
Remember those figures we mentioned about people wanting recognition for their work? The flip side is that when you don’t recognise achievements morale can drop and, often, discrete rumblings of complaints can be heard if you listen closely enough.
Motivated and appreciated employees are not only more productive, they’re more positive.
Access to savings With anxiety over the ongoing cost of living crisis impacting employees performances at work according to some surveys, being able to offer your team rewards that can add up to real savings for them in their everyday lives – while also enabling them to garner some well-deserved treats – is invaluable. (And it’s something we’ll be talking about in more depth in a future article, so stay tuned for that one!)
Neat Idea’s extensive procurement network and relationships built over more than 30 years in the business, means we can offer compelling rewards packages at the best price point –savings your employees money.
And our rewards portfolio is extensive, covering the gamut from experiences to retail to theme parks, electronics, gift cards and employee discounts, enabling you to offer rewards which will truly appeal to your team members. Plus it’s all accessible through a simple to use portal with personalised branding for your business.
At its heart, employee rewards are about investing in your most valuable asset: Your people. They’re the foundation of your business’ success. Reward them well and both they, and your business, will reap the rewards.
If you’re ready to harness the power of great rewards to create a fulfilled, motivated, productive workforce contact the Neat Ideas team for more information.