Employee rewards schemes are totally worth it… if you choose wisely that is! If you invest in an employee reward scheme that isn’t tailored to your business, and more importantly your employees, you might just be wasting your money.
In this blog, we’re going to focus on how employee rewards schemes can benefit your employees and your business. We’re also going to outline how to choose an employee rewards scheme that reflects the wants of your employees and the culture of your organisation.
How Can Employee Rewards Schemes Benefit My Employees?
“Your employees are your most valuable asset”. It’s a phrase you’ve probably heard a thousand times before. And it’s completely true. So, it’s essential to show your appreciation for your employees. Staff members that feel appreciated will be happier, healthier and more engaged in their job.
You may think your employees benefit from the scheme by reaping the rewards. And you’d be right. But there’s much more to it than that. Aside from reaping the benefits of the rewards schemes, employees who are rewarded will also gain job satisfaction and feel as if they are making a positive difference to the business.
They will feel fulfilled within their job role and happier within the workplace.
You may also notice a change in the atmosphere within the workplace. Your employees will feel less stressed and may have better relationships with their fellow colleagues.
How Can Employee Rewards Schemes Benefit My Business?
As well as making your employees feel appreciated, an employee rewards scheme will also benefit your business.
- Increased productivity: Once your employees see they’re being recognised for their hard work, they will more productive in the workplace. Also, with rewards and perks up for grabs, your team will go the extra mile at work.
- Reduces staff turnover: Happy employees who feel appreciated within their job role are less likely to leave the company. Having employees that are loyal to your company is important. This will also reduce the costs of finding, hiring and training new staff members.
- Improved engagement and motivation: Again, employees that feel as if they’re being rewarded will be more engaged and motivated within the workplace.
- Reduced absences: Wellness-focused employee rewards schemes, in particular, are great at reducing employee absences.
- Positive workplace culture: The right employee rewards scheme leads to happier employees. And when your employees are happy, it will have a positive impact on the culture of your business. Choosing an employee rewards scheme is an essential step to creating a positive workplace culture.
- Improved employee relationships: Negative relationships amongst your employees can create a negative atmosphere that affects the company as a whole. Thankfully, a positive environment fosters good relationships within the workplace.
How Do I Choose The Right Employee Rewards Scheme?
Employee rewards schemes are not one-size-fits-all (because that would make life far too easy!). Instead, you should be offering a range of rewards that suit the needs and desires of different employees.
For example, offering a gym membership may be a fantastic reward for one employee but completely useless for another. Or offering tickets to a family/children’s attraction might be wasted on those employees who don’t have children.
The key to choosing the right employee rewards scheme is to do some research into what your employees actually want. Once you understand what matters to your team, you can choose the perfect employee rewards scheme that’s going to benefit everyone.
For example, your employees may request flexible working options or childcare vouchers. In recent years, employees have been asking their employees to turn their focus to wellness.
Benefits and perks centred around health and wellbeing have become increasingly popular and is something many businesses are taking into consideration when choosing an employee rewards scheme.
Employee Rewards Schemes Centred Around Health And Wellbeing
People are more health-consciousness now than ever before. And it doesn’t appear to be a trend that people will forget about in a few months. Instead, people are prioritising their physical and mental wellbeing for a healthier and happier life. And they’re expecting their employees to do the same.
A quick Google search for ‘employee wellness’ produces tons of news articles about the rise and importance of wellness in the workplace. Gone are the days of cinema tickets and restaurant vouchers, people now want perks such as flexible working options, stress management training and wellness coaching.
Get In Touch With Wellspace
If you would like to find out more about how you and your employees can benefit from a corporate wellness scheme, get in touch.
Here at Wellspace, we offer a Corporate Wellness Solution, which is a holistic employee reward scheme centred around the health and wellbeing of your team. Our Corporate Wellness Solution will aim to:
- improve the overall health and wellbeing of your team
- reduce staff absenteeism
- increase employee retention
- improve workplace productivity
- increase workplace motivation
- encourage positive workplace relationships
- contribute to the sustainable growth of a positive workplace culture
We are experts in workplace wellness. We are aiming to revolutionise workplace wellness with our leading app, online portal and tailored wellbeing training.