The business benefits of employee reward schemes
Posted on January 16, 2019 by Anthony Mortimer
Reduced absenteeism, and an increase in engagement, productivity and creativity – happy employees result in happy customers, and a better bottom line for your business. With the right incentive scheme, you can ensure everyone from Steve the smiley secretary to Andrea the amazing account manager are motivated to achieve their best. Not only will this increase the happiness of your workforce, but will also maximise the potential of your business. Here’s how…
Power up productivity
When you consider the fact that 80% of employees would be willing to work harder for an appreciative boss, it’s pretty clear that demonstrating you value your employees’ hard work really is a win-win.[i] So, what sort of reward schemes can you implement to show your team just how much you appreciate them, whilst also maximising productivity?
We recommend making a list of the business’ goals, and considering the key actions and behaviours that employees can take to positively contribute to their achievement. Ensure you reward both small and big wins, and don’t forget to celebrate team players, as they play a vital role in helping businesses achieve their potential.
Expand employee engagement
Reward schemes are an excellent way to improve engagement, as employees are not only incentivised to work harder to win the big prize, but also feel respected for their contribution to the business. Increasing engagement levels can also reap substantial positive benefits for the company, as engaged teams have lower turnover, 21% greater profitability, 17% higher productivity and 10% higher customer ratings than disengaged teams.[i]
Transform your team
70% of employees said they’d feel better about themselves and their efforts if their boss thanked them more regularly.[i] When considering which reward would be most effective in showing your team you care, it’s a good idea to remember that your employees are unique individuals, and one of the most powerful things you can do is show them you value their individuality.
That’s why we recommend incentivising your team with gift cards, e gift cards or ecodes – as this empowers them to buy the perfect gift for themselves. So, whether Steve wants to buy a pair of soft and cosy slippers, or Andrea fancies a brand new blazer, you can let each one of your employees truly express themselves.
Make your employees feel valued with an M&S Gift Card
Providing your employees with on-going perks and rewards is a sure-fire way to ensure they continue working passionately and productively for your business. Show them just how much you value their loyalty – reward your employees with an M&S gift card, and empower them with the gift of self-expression to build a happier workforce.
To find out more, contact us on 0330 0580 734.