Committed employees are the key ingredient to a truly successful business. When employees are treated well and appreciated for their hard work, it can help reduce business costs while also increasing sales and revenue.
One of the best ways to keep excellent workers in the company is through recognition and rewards for their efforts. According to a Hubspot study, 69% of employees stated they would work harder and be more committed if their efforts were more appreciated by their company.
In this article, we look at the benefits of employee recognition and rewards.
The employee experience has a direct impact on the bottom line of your company. It's not just about improving employee morale! Here are four ways that company-wide employee recognition programs can boost the effectiveness of your office.
1. Retain top talent: There's no doubt that a positive work environment increases the chances of retaining your top-rated employees. Employee recognition is a great way to maintain the drive of your employees to always give their best work. Think of a way to reward your employees for their work anniversaries, to show them and their co-workers how much you value long-term staff.
2. Increase employee engagement: Poor employee engagement is a serious matter that hiring managers and business owners are facing. A company that consistently rewards and recognizes employees builds a strong brand employer. Having a healthy relationship with your employees encourages them to be excited to come into work every day and excel because you make them feel valued and appreciated. According to a Fast Track 360study, about 71% of company executives think that employee engagement is crucial to the success of the company.
3. Encourage high performance: Employee rewards boost employee performance. A workplace environment where employees feel appreciated encourages each team member to go above and beyond. Employee recognition results in more productive team members, and this means employees have the motivation to do more.
4. Reducing turnover and recruiting costs: An under-appreciated employee tends to lose interest their work at the company. This results in the resignation of employees and a problem with trust in the brand employers. The costs of rehiring include advertising, interviewing, screening, and paid training – which is much more expensive than a rewards program.
Understanding the benefits of having an employee rewards program helps you as a hiring manager to be creative in maintaining the healthy organization of the company. Let's dig deeper and explore different ways to implement an effective employee rewards program.
Rewarding employees can be challenging, especially in our current workplace climate. Employees are getting smarter and know their value, which makes it more difficult to know what rewards are worth their effort. This means that implementing employee reward programs takes a lot of time and effort, and it pays off to have some help.
Bucketlist is one of the most recommended and widely-used employee recognition software, with a 97% product satisfaction rating. Bucketlist makes companies' lives easier by helping to smoothly set up employee reward programs. Companies can use Bucketlist to reward and recognize their staff however they choose!
Appreciation comes in many different shapes and forms. Just a simple thank you for your hard work means a lot to company staff, or getting free unlimited coffee is another way of valuing your employees. However, saying thank you or coffee is not enough. Here are our top 5 employee reward ideas.
a. Open-loop gift cards can be redeemed almost anywhere. Most of your employees will enjoy receiving an open-loop gift card because they can choose where and how they want to spend their rewards. Employees can use them at restaurants, clothing stores, grocery stores, or even in online shopping!
b. Closed loop gift cards are limited and can only be redeemed at a specific store. Starbucks and Amazon gift cards are good examples of closed-loop gift cards. The purpose of rewarding closed-loop gift cards is to allow your employees to go to a specific store or merchant and claim their rewards for themselves. Make it personal, so your employee can recognize that you have put some thought into the gifts.
Another way of showing your appreciation to your employees is to treat them to a local experience. If it's team-building centered, even better! Sometimes giving your team a break is what it takes to keep the team members encouraging each other to do more in the office. Send them together to a massage spa experience or a local city trip. Experiential rewards are truly memorable and refreshing and sure are a lot of fun.
Reward and support your employees by paying for them to learn a new skill they'll be excited to use. It could be anything from learning photography to music lessons for a new instrument. People usually want to go learn new things, but they have a hard time justifying paying for it. So rewarding your employees with learning experiences is one of the most meaningful and motivating incentives you can give to your employees.
Who doesn't like a free tumbler, hoodie, or digital tech? Everyone loves free stuff – including company rewards. You'll be surprised by the boom of engagement by getting creative with free products. And don't forget to treat your employees on their birthday!
Reward programs are not just about ourselves – they can also be shared with organizations that help people. Donation rewards are great because employees can, without using money from their own pocket, contribute to a cause they care about. It's also a great way to boost the company brand through giving back to community. Positive company culture is really crucial to any business as it helps to gain trust from customers.
Rewarding your employees with gratitude and encouraging peer to peer recognition can transform your business. Managing employee rewards doesn’t have to be stressful; let Bucketlist do the hard work for you, streamlining the process so you can focus on the end result. Having a good and healthy relationship with the employees is key to a successful business - that positive vibe gets the job well done!