As widespread as employee reward and recognition programmes 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 staff incentive schemes, which recognise your employees’ achievements. Not only can they benefit your workforce, but also your organisation 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. 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 programme, is staff retention. A high staff turnover is not only a drain on company time and resource; it also costs money, in terms of recruitment fees and training. Staff incentive schemes allow you to invest in your existing employees in a positive manner; recognising achievements, building relationships, and giving them an additional reason to align and stay with your company.
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 also attract more qualified staff, as employee reward and recognition programmes are usually considered an enviable perk.
We’ve already touched on how employee reward and recognition programmes can increase staff engagement – lowering absenteeism while boosting production, with employees being more driven to hit targets. But these schemes 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 can enhance your company image and potentially drive custom.
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.
Providing you with an effective reward and recognition programme
Recognising the efforts of your staff and rewarding them can help to reduce employee attrition, while improving morale, staff performance and their development. An effective employee recognition scheme allows you to thank and reward individuals and teams in different ways, while meeting key business requirements and budgets.
At CR Worldwide, we can plan, organise and provide effective employee recognition programmes that can achieve all this across your business. They are:
Easy to implement – Schemes can be quickly set up, and easily tailored and designed to suit your staff, their needs and your business goals.
Easy to use – We provide simple methods to reward your staff’s hard work and achievements. This is done in a way that makes employees feel valued, helping to improve their performance and enhance their loyalty, all while forming an instant emotional bond with your brand.
Easy to manage – Our effective programmes offer real-time reporting. This allows managers to keep track of staff achievements easily, recognise and reward individuals instantly, and inspire them to reach new goals. A range of exciting rewards can also be selected from a catalogue that we offer.