Keeping employees happy is more important than ever, with job hopping being on the rise, and people less willing to stick around in a job where they aren’t content. Retaining talent and maintaining working relationships can be difficult with so many employers promising the world. But could you be offering more?
Reward Gateway found that a whopping 55% of UK employees surveyed want their employer to increase reward and recognition investment. Salary is important, but benefits can also be the difference in people choosing a job or staying in a role. Not convinced? Stick around to learn why Reward and Recognition schemes are one of the best benefits you can offer to staff.
What exactly is Reward and Recognition?
A reward and recognition scheme works as a tool for employers to motivate and engage employees. Staff know that they are valued and their hard work is noticed when this is acknowledged with praise and perks, and they don’t feel like they’re slogging away for no reason! Proven benefits from well-ordered reward schemes include: increased productivity, boosted morale, enhanced team spirit, a strong employer brand, and can attract potential candidates too.
An example of a meaningful employee reward scheme could include discounts and savings on everyday spending, learning and development opportunities, and salary sacrifice schemes. Basically, people respond well to praise, and even better when this is reinforced with perks that they want.
Why is R&R so important?
A thankless job is one that won’t be given a second thought if a better opportunity arises. Happy employees are more likely to stay at a company for longer – and be more productive while they’re there.
Workplace culture is a biggie, and keeping morale high requires satisfied employees. A workplace full of unhappy staff often ends in a revolving door of new employees, and it’s hard to have a thriving work culture when people are constantly leaving. A buzzing, content environment is not only pleasant to work in, but works wonders for companies too.
Reward & Recognition is key to making staff feel valued and boosting motivation. Not sure how happy your team is? Try anonymous surveys for genuine feedback on staff satisfaction. When you have a clear understanding of how staff want to be rewarded, you can meet their needs.
How do I do it?
The most important thing when it comes to Reward & Recognition benefits is making sure they’re useful. Investing in an employee benefits scheme that your staff don’t use or gain from is a waste. So think about obstacles that employees could have and how you can help to overcome them.
For example, inflation and the cost of living crisis has been challenging for most. The best perk that you can offer to help staff to combat this and afford their lifestyle/create savings is offering financial perks like discounts on everyday spending.
Finding a flexible employee benefits platform that you can customise to your employees’ needs is the best way to ensure you are providing staff rewards that feel rewarding. And a bonus: your admin is reduced!
Learn more about Reward & Recognition for employees, book a free demo with our friendly advisors.