Employee rewards are among the best, most efficient strategies to increase retention and employee satisfaction as far as benefits and incentives are concerned.
When the right reward is provided, firms that use incentive programmes claim a 79% success rate in reaching their objectives, according study by Think Smart.
More businesses than ever are putting rewards programmes into place. Here are 5 justifications!
Science backs it up!
There has been extensive research on the effects of gaining acknowledgement and appreciation on people.
According to studies, gratitude and appreciation have an impact on the hypothalamus as well as other areas of the brain.
The hypothalamus controls our dopamine levels as well as our sleep and hunger.
According to research, gratitude and appreciation have a significant impact on the hypothalamus.
Effective employee incentives can improve sleep, lower stress levels, and even boost metabolism!
It’s really economical!
We’ve said it before: non-monetary or at the very least inexpensive rewards work best. It is more about the gesture than the actual prize itself, yet that is not to argue that all monetary rewards are ineffective.
According to research published in The Management Agenda, 65% of managers named non-financial acknowledgment as a common incentive. There were additional mentions of motivation from within, challenges, and happiness at work. The top workplace demotivator was also discovered to be a lack of acknowledgment.
There are many inexpensive ways to reward your staff. You might:
- Allow for additional time off or a longer lunch break.
- Give staff members space to work on their own tasks.
- If it isn’t already possible, make more flexible working arrangements available.
Permit the person to participate in volunteer work for a day. Offer to provide or approve training to help the person advance their skills and career. Employees desire feedback on their performance. An employee who feels like they are truly contributing to the organisation they are a part of has a well-designed work. Employees want to know they are doing a good job and want to be rewarded for it as part of this. The research supports this.
More than 69% of workers, according to Social Cast, say they would put in more effort if they felt their efforts were valued more. According to Cicero Group research, 50% of workers feel that being praised by managers fosters relationships and trust between them. Therefore, only 1 in 3 workers claim to have received praise or recognition for their hard work in the previous week, according to Gallup.
It increases workers’ self-esteem!
Maslow’s hierarchy of needs is one of the most well-known ideas when it comes to a person’s requirements. These can be satisfied in the workplace in a variety of ways. Physical needs can be satisfied by providing food and drink options at work; the more choices, the better! Security can refer to both financial and physical aspects, such as adequate, secure working conditions and pay and pensions.
Types of Rewards
Here comes the different types of rewards:
- corporate trophy awards
- Attendance awards
- Performance awards
Therefore, get the best rewards and recognition for employees from the online website.
