Three Reasons Why You Need an Employee Rewards Program, ASAP
If ever there was a time to reassess your efforts to engage and motivate your employees, it’s now. If ever there was a time to incentivize, or rather, reward your employees for a job well done, it’s now. If ever there was a time to invest more in your employee recognition programs, it’s now. Here’s three reasons why you need to implement a robust employee rewards program, right now:
After two years at home, we’ve lost our sense of company culture and camaraderie
While many employees have returned to the office, many organizations are still operating with a remote (or predominately remote) workforce. Some companies had employees return to the office earlier in the pandemic but have now gone back to remote models following the Omicron surge. That means that millions of people have been (mostly, if not entirely) working from home for nearly two years. Two years is a long time without water cooler pow wows, coffee machines meet ups, and cubicle drop ins. While we never want socializing to hinder staff productivity and performance, most leaders would agree that camaraderie is an important part of building a sense of community and a collegial office culture. But maintaining any sort of company culture or team mentality is tough when your employees haven’t seen each other since in person since 2020. For employees that feel disconnected, disengaged and perhaps, isolated, a rewards program is a great tool to reignite passions. Tangible rewards used to recognize or incentivize a job well done is a reminder to all employees that their work still matters, that they are valued and above all else, they are still part of your team.
Rewards programs work
If done right, employee recognition and rewards programs can have a significant and lasting impact on your organization’s bottom line. In 2020, the IRF shared critical insights on the power effective recognition programs have on employee engagement and performance. Studies show that employees who are satisfied with their employer’s recognition programs are:
- “11x more likely to look forward to coming to work every day
- 7x more likely to have an intention to remain with the company long-term
- 15x more likely to recommend the company to prospective employees as a place to work
- 6x more likely to recommend the company’s products and services to others
- 5x more motivated to give their best possible effort every day
- 12x more likely to invest money in their company if given the opportunity to do so”
More specifically, points-based rewards programs have proven to be particularly influential on the employee experience. In 2021, the IRF conducted research regarding the psychology of points-based reward programs. Survey results from more than 1,000 respondents in North America and Europe showed that those “who work for organizations that use points reward programs maintain/possess:
- Higher intrinsic motivation
- Higher organizational identification
- Higher employee engagement
- Greater satisfaction with their rewards and recognition
- Greater preference for working for an organization with a points reward program
Your competitors have rewards programs
According to a 2020 survey from the IRF, companies who were strong supporters of reward and recognition programs rose from 86 percent in 2019 to 94 percent in 2020. This is an important callout to make because it speaks to the success rate of employee programs. The proven track record employee reward and recognition programs have in boosting performance and morale as well as improving retention rates has prompted more and more leaders to implement said programs. At a time when leaders are facing “the great resignation” don’t let your organization be the only one without a robust and effective employee rewards program. Don’t give them another reason to choose another organization over yours.
Call us today to learn more about the benefits of rewards programs and how to implement an unmatched rewards program, today.