How Managing Rewards Well Can Transform Your Company
The salary is not the only thing that counts for a company’s employees. The other benefits that the company provides are also an important factor for motivation and commitment to their employer. From financial rewards to fringe benefits, the benefits package that you offer your employees has undeniably positive effects on how your company functions.
Better Retain Your Best Employees
Your benefits programme is an effective tool for reducing turnover at your company. When you cultivate appreciation at all levels of the company in a variety of ways, you help keep your colleagues motivated day to day. Your benefits policy should be part of an overall, permanent strategy with a long-term focus. Offer attractive occupational benefits that allow your employees to plan for the future or shareholding in the benefits plan that makes money after a given number of years. Use the 3 R’s (recognition, rewards, retention) to keep your employees loyal on the long term.
Become More Competitive on the Job Market
If your benefits system is well designed and matches your employees’ current expectations, you will be more competitive on the job market. Your benefits program will be an important argument in your favor during the recruitment process. It will help you attract talents and keep them on the mid- or long-term. At equal pay, attractive benefits can tip the scale in your favour.
Boost Employee Commitment
Stress has a negative effect on employee commitment. Day-to-day issues or a difficult end of the month are often the source. Taking into account this financial aspect when planning employee benefits will give more purchasing power to employees who need it. When freed from this continuous anxiety, they can concentrate better and fully invest in their work. There are a variety of possible solutions that can be adapted to your employees: savings on public transport, permanent discounts with major brands, contribution to meal expenses, free childcare at the company, reimbursement of school enrolment fees, etc.
Create a Positive Work Environment
A good rewards programme cultivates well-being and good health in your employees. So, it should promote healthy practices. You could offer meditation or pilates at the company, discounted gym memberships or individualised psychological services, for example. When you encourage your employees to take care of themselves by letting go of tension, you help them keep their bodies and minds in shape. They are more fulfilled and happier at work, which creates a stimulating work environment.
When you reward an employee with gifts on different occasions, a bonus, or even extra days off, they feel appreciated. Then, they will want to push themselves even further and give their best to satisfy their employer and receive even more rewards. This makes them perform better and improves their productivity, and may even give them new ideas, helping the company grow.
Strengthen Your Company Culture
You might not have thought of this, but an attractive and flexible benefits system that matches your values as an employer creates a brand for your company. If you are dedicated to preserving the environment and provide your employees with electric bicycles, for example, they will appreciate you standing up for your values. Your employees’ satisfaction and dedication to the company culture will make them want to say good things about their employer. They will then speak sincerely to potential clients. An asset that will help you establish a great reputation!