It is undeniable that the COVID-19 pandemic has completely changed the way we work and run businesses in many different sectors. From fully remote or hybrid working roles to flexible hours and greater employee benefits, many employers are finding that they are having to adapt to fit to new demands from potential employees relating to their lives and commitments outside of work.
Similarly, many jobhunters are prioritising flexibility and what a company can offer them beyond a traditional salary when looking for jobs.
If you are an employer who is wanting to capitalise on current employment trends and tap into this growing demand among the workforce for additional features outside of a permanent, 9-5 job, one way you can do this is by looking into creating or expanding an employee rewards scheme.
By showing this commitment to giving your employees additional threats and benefits beyond what is traditionally expected of an employer, you will demonstrate that you care about them and their well-being and are making a commitment to fostering a positive working culture.
Here are some ways you can introduce or expand upon an existing employee reward scheme, and some of the many benefits of doing so:
How do reward schemes work?
A successful employee reward scheme should be well-integrated into your business plan and should reward commitment and high achievement with appropriate, carefully thought-out bonuses and rewards.
You should think about the criteria you want to set in place, and what you expect from your employees in order for them to be able to benefit from your rewards scheme. For example, you may want to link your rewards scheme with your employee’s professional development, offering them the chance to access rewards by working towards certain key goals they have been set.
You may also want to look into rewards based on length of service, which may encourage your employees to engage more thoroughly with their role over the duration of their time with you.
Other criteria may involve offering incentives for coming up with innovative ideas to solve a particular challenge or when approaching a specific project, as well as if an employee has gone above and beyond to represent your company’s core values, either in a professional setting or outside of work.
1. Better staff retention
As mentioned, since Covid, people are now looking for much more than just a good salary. Job satisfaction is a more important factor than ever for people seeking employment. Feeling under-appreciated or not valued for their contributions at their current job is a very key factor that drives many people to seek employment elsewhere.
In order to remain competitive within the job market, companies must now offer additional employee rewards. Doing so means that staff are much more likely to stay with the same company for longer.
A lower staff turnover and more positive employee reviews reflects well when looking to hire new staff. It can also mean less time and money needs to be invested in the hiring and training processes, which can then have more positive benefits on company efficiency and productivity.
It is important to note here that any employee rewards scheme will only benefit staff if you offer them something they actually want. There is no point in offering discounts on gym memberships if most of your team are not gym-goers.
Before implementing a new benefit, consider sending out a staff survey to gauge what it is that people want and will use. That way, you can ensure your employees’ individual wishes are listened to and heard, and will again reinforce to them that you, as their employer, are actively investing in their wellbeing.
2. Creating a positive workplace
From small gestures like verbal recognition or social media posts to quarterly awards where employees can be recognized in front of their colleagues for their contributions, positive affirmation is instrumental in creating an effective workplace dynamic.
You could also look into periodic prizes and gifts, from vouchers to spend on treats for themselves like acrylic nail sets or clothing, to experience days that will help them maintain a better work-life balance.
3. Improved productivity
More motivated employees are more likely to be productive as they have a vested interest in helping the company succeed. People also receive greater job satisfaction when they get recognition for their efforts, so even an internal shoutout can go a long way.
Not only is this beneficial for short-term success, but it should also eventually lead to increased customer satisfaction and client retention which can help to boost both turnover and profits.
4. Increased employee engagement
By demonstrating that you are willing to acknowledge and reward your employees for their contribution, there will be a knock-on impact on how happy staff are to engage. Feeling appreciated means team members will be more inclined to take part in both day-to-day tasks and work socials, which is beneficial for the whole team at all levels.
Boosting staff morale in this way may help your employees to feel more aligned with your company’s targets and goals, as they understand that the company appreciates the work they are putting in, and so are more likely to want to repay that effort by working more efficiently and productively to meet their targets and benefit from the reward scheme.
In order to truly benefit from increased employee engagement, you need to make any benefits that you offer easily accessible. Your team should be able to enjoy their rewards without having to jump through loopholes. Digital vouchers are a good option for this, as it allows your employees to choose how they want to treat themselves.
In summary, while an employee reward scheme isn’t a necessity for your business, it certainly can bring numerous benefits in terms of employee satisfaction, efficiency and productivity, and will help your business stand out amongst others on the market as one which truly invests in and rewards its employees for their contributions, ultimately driving recruitment and making you more attractive to prospective employees.