Incentive rewards are becoming increasingly important to companies across all sectors. Companies are starting to recognize the need to reward staff for their hard work. Employee turnover is high at the moment, and staff attrition costs businesses money. With so many jobs to choose from, dissatisfied employees usually seek out posts with more to offer. As a result, companies can easily lose highly trained and experienced staff members. They must be replaced, leading to a costly and time-consuming recruitment and training process.
Unhappy staff members are also less productive, which costs the business even more money. When employees are dissatisfied with their job, they are less motivated. Not only do they complete less work, but they can also give customers a poor impression of the brand. Needless to say, this can be costly for businesses year in and year out.
Furthermore, an unhappy company culture can deter new talent from joining the team. If a negative attitude prevails, skilled workers will often choose to take employment elsewhere. In today’s competitive business marketplace, retaining talented staff and attracting skilled employees is vital.
Incentives have an important role to play in improving staff morale, boosting productivity and motivation and increasing revenue overall. However, what kind of rewards should a company choose?
Employee incentives are rewards that encourage high employee performance while stimulating productivity, and they can take several forms. Sometimes, employee incentives are non-monetary, while other times they have a monetary value. Employee incentives are useful as a staff retention and acquisition tool.
Companies are increasingly using employee incentives to:
Some companies rely heavily on simply saying “thank you” to staff members who are working hard. While this is a key component of a reward and recognition strategy, it usually isn’t sufficient. Everyone likes to receive appreciation for their efforts, but it’s often more effective to throw in a few monetary rewards alongside the verbal ones. It gives workers something tangible to strive for and achieve.
The main monetary incentives that companies use today include:
Convenient and quick to send, gift cards are an ideal incentive solution. Gift cards are available in several currencies and values and for many different brands. Remote workers can benefit from them in the same way as onsite workers. Furthermore, they allow the employee to select their own reward.
Rybbon.net supplies a wide range of gift cards that make great incentive rewards for employees. Get in touch today to learn more and launch your employee reward program.
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
