As widespread as employee reward and recognition programs are in today’s workplace, there are still plenty of businesses operating without this hugely worthwhile initiative. If your business is one of these companies, then it’s worth taking time to find out more about these programs, which recognize and reward your employees’ achievements. Not only can they benefit your workforce, but also your organization and, ultimately, your bottom line.
What’s all the fuss about?
Once thought by many to be a fad, employee reward and recognition is now a long-standing part of the modern workplace and has proven that it’s here to stay. The successful programs allow you and your business to engage with your employees, building strong, two-way relationships that strengthen loyalty and drive performance. Engaged employees work harder and want to deliver more. Not only for job satisfaction, but also because they care about the success of your business. In fact, research has shown that businesses with more engaged employees have 51% higher productivity.
Is staff reward and recognition worth the investment?
Anything that involves financial investment should first involve background research and a factual understanding of what return you can expect on your money. One of the most demonstrable points of ROI, when it comes to an employee reward and recognition program, is staff retention. High staff turnover is not only a drain on company time and resources, it also costs money in recruitment fees and training. Reward and recognition programs allow you to invest in your employees in a positive manner; recognizing achievements, building relationships, and giving them an additional reason to align and stay with your company.
The successful staff incentive schemes allow you and your business to engage with your employees, building strong, two-way relationships that strengthen loyalty and drive performance.See how we help motivate employees
What are the benefits of employee reward and recognition?
A key benefit of increased staff retention is that your business should have a wealth of experienced employees that know your business, products and services inside out. Your company should, in turn, provide a much more professional and effective service for customers, improving their levels of satisfaction. When you do decide to increase your workforce, you should be able to attract more qualified staff as employee reward and recognition programs are usually considered a tangible benefit.
We’ve already touched on how employee reward and recognition programs can increase staff engagement – lowering absenteeism while boosting production, with employees being more driven to hit targets, but these programs can also spread positivity. Peers talk, and, while disillusioned staff members can spread negative feelings, satisfied loyal employees can share positive impressions of your business, internally and beyond. This behavior enhances your corporate image and potentially drives additional revenues.
To find out other key advantages of these programs, read our blog about the benefits of employee reward and recognition.
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What’s the first step in implementing a reward and recognition programme?
There are numerous reward and recognition schemes available, but, if you’re keen to dip your toe and measure results, a great introduction is our MyThanks platform. Easily implemented and run online at a low cost, it’s a straightforward way to reward staff. It involves cumulative points being awarded to staff for hitting targets that can be redeemed against a catalogue of prizes.
MyThanks allows total flexibility on the number of users and amount of codes. It’s also available as a free or premium plan and facilitates pay as you go, so you can simply order what you need, when you need it.
Once set up, MyThanks enables easy reporting via dashboards. This means you can monitor staff progress and engagement levels, while reducing your admin work. The programme also features a global reward offering, which provides real diversity of prizes, so that there is something for everyone, maximising staff satisfaction.
Your staff are your greatest asset, so looking after them should be top priority. An online reward and recognition programme, like MyThanks, makes this easy and cost-effective, and should swiftly demonstrate a return on your investment.
We’d love to help you engage, motivate and inspire your team with our innovative MyThanks platform. To speak to a member of our award-winning team:
Or visit the contact us page to make a quick online enquiry to find out how to drive your business performance today.