In today’s tight labor market, employee retention strategies are critical to keeping your company operating at an optimal level. Now’s the time to make sure you’re doing everything you can do to keep your employees satisfied at work.
When you’re constrained by budgets or need to fill a gap in your employee retention strategies, rewards programs can be a useful tool for managers looking to make their teams feel valued for their contributions.
Here are some top strategies and how you can leverage employee rewards to boost their effectiveness.
To remain competitive, you must stay on top of the current standards for salary and benefit packages in your industry.
Given the current climate, your organization may want to consider increasing your annual adjustment to more than the standard 3%. Or try making salary adjustments two times a year instead of one — something 90% of organizations reported they are planning to do, according to compensation consulting firm Cowden.
Rewards boost: If the above options aren’t in play, see if you can take advantage of your rewards program budget. Consider giving your team members a more substantial Visa or Mastercard prepaid card — $100, $250, or $500. Because they can spend this money anywhere, it’s like giving them a mini bonus.
According to LinkedIn, 90% of employees would stay longer at a company if it invested in their career.
With employees seeking opportunities for growth and advancement, your organization should offer as much training and development as possible. Consider a mix of mentorship programs with upper management, tuition reimbursement for educational courses, and upskilling training through a provider like Udemy.
Rewards boost: Even though employees say they want training, it’s often put on the back burner because it’s hard to find time for it. Incentivize your employees to make it a priority. Every time they earn a certification or complete a course, give them a digital reward of their choice.
The pandemic proved that work-life balance is far more than a buzzword.
According to the Remote Work Report by Zapier, 74% of U.S. knowledge workers would be willing to quit their job to work from home. And 26% have quit their job for one that allows remote work. The more you can give your employees flexible work options, the better.
Rewards boost: You can reward WFH employees just as easily as their in-person counterparts, thanks to digital rewards and tools such as the BHN Rewards-Microsoft Teams integration.
READ MORE: How We Use Microsoft Teams as an Employee Rewards Platform
Whether remote, in-person, or hybrid, workers are feeling burnout and fatigue equally. Consider these stats from a study by the Workforce Institute.
More than 80% of employees say they would rather have good mental health than a high-paying job. Two-thirds of employees would take a pay cut for a job that better supports their mental wellness — and 70% of managers say they would, too.
Given all that, your employee retention strategies should definitely include programs that give extra support to alleviate their stress levels and encourage them to remain with a company that cares about their well-being. Health and wellness perks can include free gym memberships, smoking cessation support, meditation classes, and more.
Rewards boost: Make stress relief and healthy living a theme within your employee rewards program. Some ideas to try:
As you can see, rewards can complement your employee retention strategies in so many ways — and without making extra work.
Retention is even more critical for your sales teams right now. Check out these stats to see why.
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!
