Many companies considering investing in an employee rewards program ask if they really work. The answer: There’s clear evidence that they certainly do. A recognition and rewards strategy helps you get even more from your employees and promotes a good company culture.
These statistics show that employees want to be rewarded and recognized for their work and will be more engaged when they feel valued.
Many benefits come with implementing an employee rewards program, including:
Offering rewards and recognition helps motivate employees and leads to stronger performance. According to Blackhawk Network, 86% of workers feel more valued when receiving rewards, and 81% are motivated to work harder. The knowledge that they can receive a reward for their effort keeps workers on track and promotes a positive attitude.
You can also use rewards to recognize team projects and accomplishments, not just individual contributions. By offering team rewards, you foster a collaborative environment.
The benefits of rewarding employees reaches beyond your team to impact customer satisfaction as well. With more positive and productive employees, customers receive better service, leading them to return again and again and give positive reviews of the company to others. In fact, companies that report high employee engagement see, on average, 10% better customer loyalty, according to Gallup.
Recruitment and retention are two major issues facing many companies today across all industries. Finding — and keeping! — a suitably talented workforce can prove challenging as workplace expectations change. But having an effective employee rewards program is a perk that can help businesses attract top talent. According to Blackhawk Network research, 35% of survey respondents would seek new employment if the prospective employer offered better rewards and recognition.
Not only can rewards help with recruiting new employees, they also help retain existing ones. Nearly 80% of workers want to stay longer with their employer if they receive gift card rewards, Blackhawk Network statistics show. And Gallup’s research on organizations with high employee engagement say they see 43% lower turnover. That means your employees’ talent stays within the organization, and there is no money wasted on training new team members. It also means they’re less likely to take their skills and experience to your competitors.
Evidence shows that employee rewards programs can increase company profits, since employees who feel recognized and valued are more engaged and productive. They are more likely to strive harder to reach their goals, and that motivation leads to higher-quality work and better results. Companies with engaged employees typically see 23% higher profits and 18% higher sales productivity, according to Gallup.
Employee rewards programs can include a mix of both monetary and non-financial rewards.
Non-monetary rewards include thank-you cards, early dismissal, an extra day of leave, and employee awards. However, most recipients would rather get monetary rewards, such as gift cards. More than 80% of employees prefer receiving a gift card as a reward from their employers, according to Blackhawk Network. Digital gift cards are more convenient than handing out cash, since they can be delivered instantly via email, and with today’s economic pressures, they are a great way to show appreciation when you can’t afford to give out large bonuses.
Choosing the right rewards tool to help you distribute digital gift cards to your employees is vital to the success of your program. The ideal rewards program:
BHN Rewards extensive catalog of digital gift cards, virtual prepaid cards, and e-donations makes it a great option for employee rewards programs. It also integrates quickly and easily with Microsoft Teams, so you can send rewards via chat messages and even during live meetings. Get in contact now to discover more about how BHN Rewards can boost your employees engagement and retention.