A business case for employee rewards

Posted on August 15, 2019 by Anthony Mortimer

We all love receiving a thank you from our boss and feeling recognised. But, there are occasions when you need to give your employees more than just a pat on the back. The understanding of employee rewards has grown exponentially over the past few years, but there are still a few organisations that are yet to take the leap into regular tangible rewards for their workforce. If this sounds familiar to you, then don’t worry. We’ve put together a business case for you to share with your colleagues, highlighting how employee rewards are essential to the success of your organisation.

Challenge:

3 in 4 employers don’t review the impact staff benefits have on individuals or the business[i]

Businesses that fail to provide their employees with engaging and memorable rewards risk losing motivation within their workforce. And this lack of engagement leads to lower productivity and business output – figures show that disengaged employees cost the UK £52-£70 Billion in lost productivity[ii].

Objective:

Create recognition and rewards strategies that engage and motivate current employees, whilst also building an appealing package for new applicants – thereby increasing workforce productivity and business performance. a

Solution:

We’ve all worked at an organisation that gave employees the same rewards, regardless of their individual interests or tastes. Equally, we’ve all no doubt witnessed companies that buy gifts on an ad hoc basis, creating an inconsistency in the rewards process – Janet received a bottle of champagne for ‘employee of the month’, whereas Jim got a cheap box of the chocolates for the same achievement. What’s needed is a gifting process that enables your employees to choose a gift that they actually want.

With M&S Corporate gift cards, e-Gift cards, and e-Codes, you can empower your employees to buy a gift of their choice – from a delicious meal or a crockery set, to a stylish new suit or an award-winning bottle of wine. Everyone gets to ‘spend it well’ and enjoy a gift that’s as unique as their own personality.

Results:

Easy ordering to simplify the gifting process
No more reward envy among employees
An engaged and motivated workforce
The option to spend gift cards in 730+ stores UK-wide and online
A vast array of choice for all ages and demographics
A rewards and gifting strategy that’s appealing to new applicants

Cost and ROI:

The industry standard for effective employee recognition is about 1-2% of payroll[iii]

M&S Corporate gift cards can be loaded with any amount from £1-£1000, but most importantly, companies with a highly engaged workforce are 21% more profitable[iv].