It shouldn’t be a surprise to business leaders that people are their greatest asset, especially these days, when they have to manage operations amid the Great Resignation trend.
In terms of employee retention, improving workplace culture has never been more important. One surefire way to promote a culture where team members’ contributions are valued is through employee rewards and recognition programs.
Because establishing and sustaining a successful program starts at the top, the first step is getting executive buy-in. The five persuasive statistics below will help show your leaders why employee rewards are important for the company or organization. And if you’re optimizing existing employee rewards and recognition programs, there are some tips for that, too.
Got your slide deck open? Get ready to copy and paste the following compelling stats into your presentation.
READ MORE: The Impact of Reward Systems on Employee Performance in 7 Statistics
84% of human resources leaders in companies with established employee rewards and recognition programs say it increases employee engagement. (Source: Workhuman)
As your employees know, bonuses and salary increases are usually given out once a year. Your management team will appreciate having the ability to hand out smaller rewards any time of year because they help build ongoing engagement — engagement that helps with retention. A simple gift card worth $10 to $20 to their favorite coffee shop can help employees feel valued.
And because these rewards are for small amounts, managers can hand them out more frequently, which helps during those times when bonuses or raises aren’t in the budget.
Employees are 13% more productive when they’re happy, and, in a separate survey, 82% of respondents said recognition is important to their happiness at work. (Sources: Oxford University/SurveyMonkey)
Burnout is becoming a real concern in the workplace, especially when employees are being asked to do more and are juggling the new realities of remote work. These days, it’s well worth making your employees’ well-being a priority. Employee rewards and recognition programs can help your organization support the physical, mental, and financial health of your employees — something that is sure to make them feel happier at work and, by extension, more productive.
43% of survey respondents cited organizational culture as the biggest influence on companies’ ability to create a sense of belonging for their employees. (Source: Deloitte)
Employee rewards and recognition programs can go a long way toward solidifying a culture that attracts and retains employees. A culture where it’s easy and expected to recognize a fellow team member when they complete a project, celebrate a milestone, or meet an important deliverable builds connections among your team. And connection is what drives that all-important sense of belonging.
35% of survey respondents would seek new employment if the prospective employer offered better rewards and recognition. (Source: 2022 Blackhawk Network EQ research)
This stat may seem surprising, but it shouldn’t be. If you think about it from the consumer perspective, all of us have gotten used to rewards like airline miles and points toward fast-food freebies. So it makes sense that today’s job seekers are savvy shoppers, so to speak. Why wouldn’t they want to know about employee rewards and recognition programs during the interview process? It’s a great selling point that will benefit your recruitment efforts as well as your current employees.
A majority of employees say that getting rewarded by their employer with a gift card or prepaid card would make them feel valued (86%) and more loyal (81%), motivate them to work harder (81%), and make them want to stay longer in their position (79%). (Source: Blackhawk Network)
Chances are, your management team is looking for ways to improve their team’s morale, motivation, and productivity. Draconian measures like mandating overtime don’t work and often lead to employees leaving the company. By choosing to implement uplifting employee rewards and recognition programs, you’ll be supporting a culture of cooperation and appreciation, leading to more loyalty, better retention, and a more positive employee experience.
If you’re looking to amplify the positive impact of employee rewards and recognition programs, try these tips.
Make recognition meaningful. Amp up the respect factor by ensuring you know how your employees prefer to be recognized. Some may like a quiet word during your weekly one-on-one, while others may want their reward announced at the weekly team meeting.
Be specific with your praise. Nothing says you care more than taking the time to call out why you’re delivering a reward to a team member. Include as many details as possible in your thank-you message using this formula: what they did + why it mattered + how much you appreciate their contribution.
Let them choose their reward. No two employees are the same. Giving your employees a choice of rewards — from gift cards to entertainment options and retailers to cash equivalent gift cards that can be spent anywhere — is the ultimate way of saying thank you for a job well done.
For more ideas to flesh out your presentation to get executive buy-in, download our infographic on 6 Employee Rewards Trends to Watch!
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!
