Is it time to reduce your overheads? Do you need a sustained push to increase your output without additional resources costs? It’s time to consider employee rewards programs that align staff motivation with business objectives.

These and similar scenarios are becoming commonplace as organisations recover from the pandemic. Issues such as skills shortages, recruitment barriers and retention issues drag down performance and can be difficult to address. In a highly competitive business environment, reducing outgoings while creating a loyal, productive and motivated team can be challenging.

One possible solution is developing an employee rewards scheme. Although it may seem paradoxical to increase outlay on performance rewards, there is considerable research that suggests the financial benefits of doing so significantly outweigh the initial cost. Read on to discover how investing in a modest number of Eftpos gift cards for your staff could shave thousands of dollars from your overheads.

Enhance staff retention

Although some staff churn is almost inevitable, if significant numbers of your employees are leaving, prompt action is needed. When a worker leaves, they take with them all the training, mentoring and other support that you’ve provided them with. In these circumstances, the money invested in training is lost to the company – a waste of potentially thousands of dollars. In addition, experienced workers understand your corporate culture and IP; they’re likely to know their job inside out, as well as have the insight to offer useful commentary on how to make the workplace even better.

Research shows that staff with some form of employee rewards that recognise the added value they bring is a powerful incentive to stay with their employer. Often it’s not about the value of the reward – rather it’s the fact that management recognises a staff member’s skill set and/or personal qualities are valued. A well-timed gift card can positively influence an employee who craves recognition or feels validated for the effort they’ve invested.

Celebrate employee success

Everyone loves a celebration. Work can be a thankless endeavour – on a day-to-day basis, it can be hard for employees to see the bigger picture and recognise that they really are the lifeblood of the organisation. Employees who feel seen and valued are more likely to be motivated, positive and eager to contribute their skills and experience. Taking the time to celebrate success is a vital part of any organisational culture.

Businesses may choose to reward in real-time with digital gift cards or on a semi-regular basis such as an employee of the month, or annual awards ceremony. Eftpos gift cards are a wonderfully versatile reward to offer at events such as these – they can be exchanged at a wide range of outlets, enabling users to choose from literally thousands of different gifts. As such, they’re suitable for any employee – if recipients aren’t aware beforehand that they’re going to be rewarded, you can be confident that no matter who ends up with an award, if the recognition takes the form of an Eftpos gift card, it’s going to be welcomed and enjoyed.

A well-publicised corporate celebration, where a company shows how much it values employees, partners and customers is also a fantastic PR exercise! If you want to open up fresh business opportunities or provide positive material for prospective employees to find when they Google to discover more about your company, a corporate celebration is a great idea.

Reward positive staff behaviour

High rates of attendance, punctuality and productivity can see your bottom line improve markedly. One of the easiest ways of obtaining behaviour you wish to see more of is to reward it.

Rewarding staff that have shown particular dedication to a project, for example, or who have a track record of steady, high-grade work not only gives those individuals a well-deserved boost, it also sends out a powerful message to other team members that rewards are on offer for diligent performance.

Transform your staff training

As we’ve already identified, all the money you spend on training an employee walks out of the door with them when they leave. This not only means that training resources are wasted, as former employees no longer add value to your company using the skills and knowledge you paid for them to acquire, but it also means that the range of training opportunities you can offer your remaining employees is limited.

Inevitably, training budgets are finite. Almost invariably there is some level of training that’s essential for workers to do the basics – this is often delivered as part of employee onboarding. The more onboarding an organisation has to do, the larger the amount of budget that’s spent on this type of training. This leaves very little to provide more experienced employees with added value training. As a result, experienced employees often don’t get the additional training they need for personal and career development purposes, prompting them to look elsewhere, for an organisation that will provide them with the opportunities for self-advancement they crave.

Reduce the churn by valuing employees (and rewards can play a big role in this) and cost-consuming onboarding is minimised. In turn, this frees up training money for existing employees, providing them with the career development opportunities they deserve, and rewarding you with better-trained, more committed staff.

Invest in employee well-being

Eftpos gift cards are part of a wider package of staff benefits and may make a significant positive difference to your bottom line. Incentivising with staff rewards can result in savings on everything from recruitment to training. In addition, rewarding productivity and performance encourage the entire workforce to up their game.

To find out more about integrating Eftpos gift cards into your existing staff rewards programme, or to discover how easy it is to set up a programme of rewards to enhance employee motivation and wellbeing, contact us today.