Is staff turnover a particular concern for your company? What about productivity, efficiency and how both of these relate to your bottom line? Organisations need to keep staff happy, and doing so isn’t always about increasing pay or giving employees more money.
Employee incentive programs and corporate rewards schemes can have a huge benefit for companies and organisations of all sizes, and in all industries. Here are just a handful of the many reasons they are important:
- They attract new staff. In a very competitive marketplace, you need to be doing all you can to attract the best and brightest talent. You can do this with market-topping salaries, but a far better way to do it is to make your workplace seem a more attractive option than all of your rivals. The ‘perks’ you offer on top of salaries can add extra satisfaction and create a happier, healthier and more fulfilling working environment – one that employees simply cannot find anywhere else and that no salary could buy.
- They help to retain staff. Corporate rewards schemes help to retain staff in a number of ways. Firstly, they value and reward performance, effort and initiative. They also prevent staff from becoming bored and seeking new challenges, by offering rewards for achieving regularly reviewed targets. Finally, these programs ensure that your workplace is the most attractive place to work, especially when head-hunting competitors try to tempt talent away with high salaries.
- They link individual performance with business objectives. An effective and high performing company is one in which every constituent part is working towards the same goals. By aligning your employee goals with the objectives of your business, you can ensure that everyone is on the same page.
- They boost productivity. The best way to achieve goals is to provide incentives, to motivate your staff to work towards their targets in the hope of receiving a reward they really want. This increases productivity, output and efficiency, which ultimately leads to greater revenue, profits, success and growth for the company.
- They improve staff morale and happiness. There are many business and financial reasons why a happy workforce is something to aspire to, including lowering staff turnover rates and increasing productivity. However, employers also have a moral and ethical responsibility to their staff, to do all they can to ensure that their staff members are happy, healthy and motivated.
- They encourage teamwork. Some organisations set their employees individual goals to aspire to, but many others think that team targets are a better way to incentivise performance. Social pressure and the fear of letting other people down can draw out the best in individual members of staff, as well as tightening team and company-wide bonds. A company that can achieve its objectives as a team, rather than a series of individuals competing against each other, is a stronger one. It is also one more likely to retain staff, many of whom will build up strong working relationships with their colleagues and not want to leave.