Employee Rewards Programs are extremely important when it comes to cultivating your overall engagement throughout your company. While some people may think that simple cash rewards for work done are enough, it’s important to get into the mentality of your employees to understand why cash rewards aren’t as good as you may think.
When Employees come to work, money is an expected earning from all work completed. Handing out cash rewards, while on the surface may seem great, creates more of a rift between employees and employers. Once the cash has been accepted, down the line employees may begin to feel as though they deserved more for the work produced, or even simply forget about the finer details of how much extra money they may have earned because of the work, or even that they received anything extra at all.
On the other hand, giving employees something meaningful is a tangible tool that your employees can always look to and be reminded of both the work they did in which they were recognized for and rewarded, and should you go that extra mile and give them something that is personal to them, you will only be fostering a stronger Employer to Employee relationship, and as studies have shown, increase Employee Engagement at the workplace.
Keeping Employee Engagement high is one of the easiest ways to promote your company’s performance goals. Not only do studies show that Engaged Employees cost companies less in wasted time and money, but they are often shown to be more willing to go the extra mile for the progress of their company. While you will have to spend money in order to give these kinds of gifts, the return to your bottom line will more than make up for the money spent. You can calculate your return on investment (ROI) here.
An important aspect of employee retention that all employers should keep in mind is that 79% of employers are reported to not be quitting their jobs because of the companies themselves, but rather, their bosses. The Applauz Recognition platform is designed for Employee Recognition and Rewarding. It is an important and easy step to learning about who your employees are, their personal interests, and integrating them into your work environments. With Applauz you’ll be able to see what is of interest to your employees and really connect with them. When an employee feels valued and trusts you as a leader, they are 77% more likely to become engaged with their work according to studies taken this year.
The takeaway is that if you take the time to get to know your employees in more than a cursory manner, create a bond of trust with them, and offer them the recognition, rewards, and responsibility that they can assume, your company’s earnings and bottom-line will benefit noticeably.