The Future of Success: Embracing Employee Benefits

Great reward & recognition programmes can transform your business!

Aug 15, 2024

Now more than ever, people are always on the lookout for better opportunities to progress their careers and join a workplace with outstanding benefits, in fact ‘77% of workers admit they expect more of their employer now than since the start of the pandemic, and eight in ten states that their employee experience at work is more important than a year ago’ (1).

Building a strong employee benefits programme can make your people happy and boost your company's performance and productivity. Implementing employee benefits can significantly improve employee engagement, job satisfaction and reduce turnover. The facts speak for themselves - explore them below!

Improve Employee Engagement

Rewarding and recognising your employees is an excellent way to build up engagement. Research shows that employees who experience great reward and recognition programmes are 20x more likely to be engaged in their work (2), further boosting morale in the workplace. It has also been proven that ‘organisations where recognition occurs have 14% better employee engagement, productivity and customer service than those without.’ (3).

A recent report from Nectar HR shows that 77.9% of employees are more likely to be productive if recognised more often; sharing a simple thank you or initiating recognition schemes such as Employee of the Month can be an easy way to improve engagement within your workplace (4). This impressive stat shows how important it is to recognise your team. Recognition is an essential part of work culture, not only to boost morale in the office but also to improve work performance.

Another survey found that one of the leading causes of employee demotivation is a lack of recognition, reporting that a staggering 40% of employees struggle with this in the workplace (6). To tackle these issues, introducing personalised employee benefits can help. This will not only boost individual performance but also set a high standard of work for peers. It also helps foster a culture where everyone feels valued and respected (5).

Reduce Company Turnover

Showing your people that they are genuinely cared for and valued within the workplace is the ultimate way to reduce turnover within the business. Not recognising your people's continuous efforts is a top reason for employee turnover. Constantly hiring new employees can slow down your workplace productivity and become quite expensive, as the cost of recruiting a new employee can be equal to at least 20% of an average new employee's salary(8).

Save your business’s resources, time and money by implementing stand-out rewards and recognition which are carried out at least on a monthly basis. In fact, 71% of employees would be less likely to leave an organisation if they were recognised by their company more often (4). Ultimately, over time companies that build a strong recognition culture will experience a lower employee turnover rate.

Enhance Job Satisfaction

There has been a distinct correlation between levels of job satisfaction and recognition within the workplace, research shows that 98% of employees who receive daily recognition from their employer are satisfied with their current role, whereas only 37% of employees who receive yearly recognition feel the same (4). There is little cost associated with recognition in the workplace however the outcomes can be huge for your organisation's culture, productivity and retention.

82% of employees consider recognition as the most important part of their happiness at work (5). Therefore creating ways in which employees can acknowledge the efforts of their peers as well as have the time to get feedback from higher management means your team will continue to enjoy their workload. Creating a space for peers to recognise each other not only strengthens their relationships with one another but is also an element of recognition which is sadly missed, with 63% of employees wishing their colleagues would say ‘thank you’ more (4).

To Conclude…

In summary, developing personalised employee benefits can have a positive impact on nearly every aspect of your business, team’s performance and personal wellbeing. Take the time to recognise your team as often as possible and ensure you provide a space for them to recognise one another as well, enabling your people to feel truly appreciated. Rewards are an excellent way to show your team that you value their hard work and can help boost their morale and engagement. Ultimately, this will help foster a loyal, connected, and happy workforce.

Each Person recognises that a one-size-fits-all approach doesn't work for engaging and inspiring staff. That's why we offer a flexible, tailored, and user-friendly platform designed to be reward-driven and automated, meeting the unique needs of people-centric companies. Our mission is simple: enhance employee lives. We improve emotional, financial, and mental well-being, streamline HR processes, and foster cultural transparency. Plus, we're committed to environmental conservation, aiming to create better workplaces and a better world. If you want to find out more about our unbeatable employee benefits, recognition, and rewards, then get in touch today!

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