Why reward loyalty and long service within your business?

Friday, 13 January 2012 11:17

Boost your business by rewarding staff

Boost your business by rewarding staff

In any business, having a strong team is absolutely essential – and securing and retaining talent is a key concern. By implementing staff rewards schemes, you can make sure your company hangs on to important employees.

There are a number of reasons for taking the time to put together a rewards plan for your workforce. Perhaps the most obvious is that many employees choose to leave their place of work because they do not feel their efforts are appreciated or recognised. This means that you can lose crucial team members when this could easily be prevented.

Indeed, rewards schemes are an ideal way to demonstrate your workforce is really valued. To make such initiatives as effective as possible, you should decide what kind of rewards would most appeal to your staff.

Multi-option vouchers are an excellent choice as they hold a wide appeal and allow employees to treat themselves to something they truly value. Travel vouchers and online points banking systems – which can be used for purchases when enough credit has been accrued – are also great options.

Additionally, you will need to decide how they are used – as a reward when specific targets are met, on an ad hoc basis to thank individual staff members for good work, or as an ongoing online points system.

Similarly, rewarding long service is an effective tool. By doing so, you can show that the company really appreciates long service – something that is becoming increasingly rare as employees opt to switch positions more often.

Of course, having such schemes in place can also be a boon in terms of recruitment. After all, candidates who can clearly see that their future efforts would be recognised and rewarded are likely to be encouraged to work for your company – something that could allow you to have the pick of the best talent.

You may be concerned that initiatives like this are expensive – particularly during troubled economic times when the budgets of all businesses are likely to have been tightened.

However, implementing simple schemes such as vouchers and online points systems can be incredibly cost-effective – especially when you consider that they may boost your staff retention, thereby cutting the cost of recruitment.

Meanwhile, it is also worth considering integrating customer incentives, which can be used to reward your most loyal clients and encourage them to continue to do business with you in the future.

Plus, with so many firms now competing for consumer attention, rewards can help you to stand out from your competitors.

Don't lose your key talent and clients to your business rivals – find out more about rewards schemes today.



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