With money tight in the current tough economic climate, companies are looking at alternatives to pay rises to keep their employees motivated. Among the options to consider are staff reward schemes that demonstrate to workers that they are valued by the business.
There are a number of reasons why such programmes are a good choice for organisations looking for ideas to improve staff retention and morale. They can help to engender loyalty from your workforce, inject an element of competition into the office and give people targets to aim for.
All of this can help to persuade good staff members they are better off staying where they are, rather than looking for a position with a rival company. At a time when most businesses are being careful with money, keeping hold of experienced workers is more important than ever, as it will help your firm to avoid additional recruitment and training costs.
Employee rewards schemes can take a number of different forms and you will discover there is no one option that is effective for all organisations. Instead, you can develop a set-up that is right for your company and the goals you wish to achieve.
The first step towards launching a scheme is to decide what you want it for. Such programmes can be used to encourage salesmen, promote excellence in customer service, reward teams for completing work on major orders on time or to say thank you to long-serving employees, among many other things.
Once you have worked that out, you can begin to think about how it will operate. It is important the system you devise is fair and easy to understand. That will ensure no-one feels aggrieved by missing out on rewards, simply because there is room for doubt in the terms.
You should also make certain all targets you set to earn rewards are clearly explained and realistic. It is important the company benefits from the scheme, as well as the staff, so you need to ensure the goals you have in mind are possible and will move the business towards the achievement of its wider aims.
The final choice you need to make is what rewards to use. There is no reason to opt for expensive items, as workers respond to the fact their efforts have been recognised as much as the prize itself. Gift vouchers for the employee's favourite high street store, holiday vouchers or money paid into a Christmas saving scheme can all work well.