Okay hands up, who doesn’t love great employee reward schemes?
You know the ones, where just for doing your job you can get free cinema tickets or meals out at the expense of your employer?
Well, it’s not just for doing your job exactly, it’s for doing your job well, and is a great way for managing performance for both the employer and the employee, and it can sometimes be much more than cinema tickets!
The Global Body for Professional Accountants ACCA outline reward schemes as performance related payments, that can be financial, non-financial or psychological, but ultimately a system of reward that offers structure and a way of measuring, the way an employee performs in the professional role.
So what makes a great reward scheme? And who are the organisations at the forefront of offering the best systems?
Want to find out more? Read on…..
Which Companies offer the Best Employee Reward Schemes?
This is of course quite subjective, what inspires one person, might be a complete turn off for somebody else.
But some of the best schemes we’ve found include a £5000 welcome handshake for anybody joining the software company Huddle, plus a £500 annual bonus, an all expenses paid holiday from TransferWise, 5 additional days off per year to do volunteering work from The Body Shop, and a travel fund of around £1400,00 for staff of Airbnb.
Other good ones include companies providing on site fitness facilities, including a swimming pool, gym, tennis court and football pitch at Pentland Brands, unlimited holiday time and unmonitored flexitime from Visualsoft and free food for all employees when at work from Google, offering a wide range of dietary options to suit everyone.
What do Employee Reward Schemes mean to the Employee?
Now it doesn’t take a genius to work out that many of these employee reward schemes are centred around employee health and wellbeing, and here at Wellspace we would fully advocate supporting employee wellness as a priority for any HR department. Not only is it helping staff maintain their physical health through dietary and fitness incentives, it also supports their mental health too.
Employees who benefit from workplace reward schemes feel valued and valid within an organisation, and are less likely to suffer from mental health issues such as anxiety or depression, have better sleep, take more exercise and be more engaged as a whole with their peers and management, and are less like take time off work through ill health.
In addition, when employees are more engaged, the social aspect of the organisation begins to improve. People are inclined to participate in shared goals and find common ground. Their own personal creativity becomes more of a feature and a positive workplace culture evolves, thus leading to happier staff.
What do Reward Schemes mean to the Employer?
For an employer, the impact a reward scheme in the workplace can bring will be long term and measurable in many different ways.
Firstly, employee absenteeism will be reduced.
The statistics for the number of working days lost to ill health are quite staggering, and one of the main causes of this absenteeism is work related stress and depression. The impact this can have on the workplace as a whole can be a very negative one; the culture will become quite damaged, and you could end up with a demotivated workforce who find it difficult to engage.
This of course has an impact on productivity.
Not only will a workplace reward scheme have a positive impact on employee physical and mental health and wellbeing, when the culture of the organisation improves and your employees are happier and more engaged, company productivity will improve, staff will feel more energised and will naturally start to produce their best work!
Another benefit to a company reward scheme is that staff retention will be improved, and the individuals you do recruit will be the very best in your industry sector. This will reduce your recruitment and training costs, which means you can invest more heavily in the staff you already have, thus devoting more company resource to building, and sustaining, a positive, happy and healthy workplace culture!
The Wellspace Corporate Wellness Solution
By choosing the Wellspace Corporate Wellness Solution as a holistic, company reward scheme, this is a great way for organisations to invest in the health and wellbeing of their employees, whilst simultaneously reducing staff absenteeism, increasing employee retention, improving workplace productivity and contributing to the long term and sustainable growth of a positive workplace culture.
The initial process would involve a workplace wellbeing appraisal by one of our health and wellbeing experts, and you would have the option to choose from either the bronze, silver or gold packages available from as little as £7.50 per user, per month.
You and your employees would have the benefits associated with our revolutionary Wellness App and access to the Wellspace Portal, for up to the minute information on diet and lifestyle tips, the ability to store data to monitor your progress as well as Wellbeing workshops which focus on the three pillars of health, i.e. your physical, mental and social wellbeing.
And with regular updates to our employer and employee resources blog you can access high quality information and advice on issues as handling stress, money saving tips and much, much more!
So if you would like to chat some more about our corporate wellness scheme and how you and your employees can benefit, you can contact us here for more information, or call us on 0808 178 0748.
We have a team of skilled professionals who will be delighted to chat to you and offer expert advice on how to use the scheme to your utmost advantage in creating a positive workplace culture and having an organisation that ranks amongst the best for employees!