It cannot be underestimated how important it is to show your appreciation for your employees & members
– John Beardsley, Managing Director
Given the transient nature of the workplace in today’s business environment, employers are constantly trying to find effective and affordable ways to retain and attract staff. From proving a challenging yet supportive workplace to implementing a rewards system to target the behaviours and milestones which positively affect the workplace, there are many ways to approach this and can prove to be an HR nightmare. The number one reason for an employee to leave a job is due to not feeling appreciated, a recognition program reduces this turnover rate by nearly 24%, not to mention increasing engagement by 60%. In fact, 85% of employers perceive employee engagement to be an important priority for their organisation.
You can compare the compare stats on what does and doesn’t cause people to job hop as frequently as a certain tech company named after fruit releases new smartphones, but when it comes down to it, employees like to know they are doing well. Recognition of hard work and achievement promotes a positive work environment which in turn improves retention and the overall quality of work produced.
One thing which can been agreed upon, is that for rewards to be effective, they must be both visible to all members of the organisation (i.e. not just a pat on the back and a vocal congratulation), and should have value to the recipient. Ensuring that you have a range of different options to offer the diversity within your workplace is integral to its success. Finding a platform which allows you to tailor products and services to your people is what will make the difference between an ineffective drain on your wallet, and a platform which effectively and efficiently improves employee engagement.