Whether you’re a multinational corporate with thousands of employees or a small to medium enterprise with a more select workforce, your staff are one of your biggest assets. It’s vital to look after them to create a positive working environment and encourage optimum performance for your business.
Rewards and recognition programmes are a targeted and efficient means of building an engaged team and it needn’t be an expensive undertaking. With this in mind, read on to understand how reward and recognition programmes can be used to build an engaged workforce for your business when on a budget.
Who is reward & recognition for?
If your staff feel valued and motivated, then their engagement with your business should be heightened. Not only can this make your employees more inclined to work harder and deliver more, it should also make them more loyal. In turn, this can lead to a lower staff turnover and reduced recruitment and training costs.
Acknowledging and rewarding staff is just as important for companies with ten employees as it is for those with 10,000. The idea that incentive schemes are for large organisations, and too expensive for smaller ones, is simply untrue. In fact, the likelihood is they will save you money.
Why adopt reward and recognition to engage your workforce?
Whether a company is large or small, all types of jobs often require a great deal of time and effort from staff. This can eat into their spare time and demand a lot of emotional commitment. This can lead to staff feeling worn out and disillusioned, which isn’t good for them or the company they work for. Staff in this state will likely feel negatively towards their business, their productivity will probably drop and there’s a good chance they’ll start job hunting. However, all this can be prevented.
The benefits of an engaged workforce
If you adopt the right approach to such intense work periods, you could end up with a workforce that’s more committed than ever. And this is true across the business spectrum, from large multinational corporations to small boutique agencies.
When a busy period is approaching, it’s a good idea to let staff know there’s something in it for them. Consider setting targets for them to work towards with rewards available at the end. This can make tasks feel personal and make your team feel that their job to hit targets is more worthwhile. Plus, if they’re being rewarded, they are likely to feel valued by your business and satisfied that you’re aware of their endeavours. Employees are also usually attracted to working for employers who recognise effort and achievement – most people won’t appreciate their hard work going unnoticed.
MyThanks: The small business approach
Smaller companies might feel that established rewards and recognition programmes are beyond them, but it’s worth taking a closer look. For businesses on a tight budget, CR Worldwide has developed its tailored MyThanks programme, an instant way to reward, incentivise and say thank you.
The system allows your staff to win and accumulate points, which are awarded according to targets you set. The points can then be redeemed for prizes that are selected from an extensive rewards catalogue. This includes a global reward offering, which allows all your employees to find a reward that personally motivates them – from products and vouchers to experiences.
Key features of MyThanks
MyThanks features the benefits of expansive programmes, regardless of its bespoke design for smaller organisations. Easy to set up and deploy, it offers the choice of a free or premium plan and has no set up fee.
The MyThanks platform also allows complete flexibility on user numbers and the amount of codes that are utilised. This means you can constantly update the system and pay as you go, simply ordering what you need, when you need it. The system has a built-in support package and simple reporting dashboards, which enables easy monitoring of progress and engagement levels with minimal admin work. It can also be branded in line with your company’s corporate guidelines.
Recognition that motivates your staff
No matter how many employees you have, and if you don’t have a sizeable budget, it’s crucial to motivate and engage your workforce to get the best results for your business.