Your employees are the biggest investment you make in your company. Happy, loyal employees can take a company to the next level. However, progress can be halted by employee apathy and low retention rates. Many companies have found success with a rewards system that literally rewards the top employees in the company. Learn why you should implement a rewards system at your company.
A reward program will instantly grab the attention of your employees. Your employees will suddenly be more concerned with their numbers. Employees may ask questions about the program and how to perform tasks efficiently. Some companies, like Maritz Motivation, know that more employee engagement will create friendly competition with each other, increasing positive relationships among coworkers. A reward program will also ensure your employees focus on pain points. For example, if employees seem to have long hold times in a call center, you can give a reward for the lowest hold times of the week.
With a reward program in place, employees will want to win the prize. Therefore, they will work even harder to accomplish that goal. You will likely see numbers gradually increase. When employees work harder and produce better results, the entire company benefits. Employees will also get the chance to challenge themselves in a formal way. You may identify potential managers based on how hard some employees work and how well they help others.
Over 60% of employees feel unappreciated at work on a daily basis. These feelings contribute to apathy and low performance. The reward system will make your employees feel appreciated thanks to a tangible reward and acknowledgment for their efforts.
In order for the employees to feel appreciated, you want to offer desirable rewards. The best reward comes in the form of money. Give cash to winners. Don't forget to announce the winners as public recognition of their hard work. Consider up to 3 winners, as you want to make as many of your top employees feel appreciated as possible.
When employees feel appreciated, they will stay loyal to the company. Happy employees aren't likely to leave for another position. They will also have a more positive attitude at work and about the company in general.
It can be difficult to properly acknowledge your top employees. A reward program ensures regular rewards and recognition. Establish the program as soon as possible and encourage input from your team to learn how to perfect the reward system until you have it fine-tuned for years to come.