It would be easy to open this article with “everyone wants to feel appreciated.” But, as you know, that’s:
- Easier said than done in the workplace
- Rarely the only reason for implementing an employee appreciation program
If you’re considering running such a program for your staff, we know you’ve probably got a few goals in mind that sit outside of pure altruism. Your role probably involves trying to get the most out of your staff — and there’s nothing wrong with that.
Whatever you call it: a staff incentive program, a workplace rewards program, an employee appreciation program, you’ve probably got common goals. In this article, we run through the key objectives and just how an effective program makes that not only possible but easy for you.
1. Retain Staff
We don’t need to tell you that you need a staff retention strategy. Losing IP, losing consistency, wasting time on training… Not to mention the terror of losing a clued-in staff member to a competitor. These are concerning prospects, even before you put a number to them.
Research from PwC indicates that lost productivity from staff turnover costs the Australian economy about 3.8 billion annually. Obviously your business wants to minimise their part in this statistic as much as is possible…
Employee loyalty is a complex picture, built from components of workplace structure, the setting of clear goals, and providing a sense of purpose.
Interpersonal relationships, clear processes, and even office facilities play a role. And, of course, employee recognition and incentivisation.
Particularly for millennials, incentives have been found to be important in maintaining this loyalty. Qualtrics found that having added benefits is “very” or “extremely” important in maintaining that that loyalty for 64% of millennials.
2. Better Engagement, Better Results
If you’ve recovered from the alarming $3.8 billion statistic from earlier, feel free to read this one.
About $34.1 billion. That’s what disengaged workers cost the Australian economy annually.
And that’s far from where the drama ends…
The Temkin Group’s 2017 survey into employee engagement was similarly eye-opening.
They found, perhaps unsurprisingly, that companies with highly engaged employees performed better. At high-flying companies, 82% of employees were found to be either “highly” or “moderately” engaged. And, again unsurprisingly, they were found to be more productive and hardworking. 68% of them claimed to “always” or “almost always” try their best at work.
While some of the numbers around this topic might be a little shocking, it only exists to reinforce what you already know: engaging employees and retaining employees needs to be high on (if not at the top of) the agenda.
Employee rewards programs aren’t just a fluffy nice-to-have — they’re serious business.
3. A Happier Place to Work
It’s a simple equation, isn’t it? You’re having a bad day or feeling aimless, you’re less likely to be friendly. To your friends, your colleagues, even your boss. It might be out of character for you, but it’s still a natural response.
Humans are exceptionally perceptive and you can’t change that. Your fellow staff and even your clients can tell your staff aren’t enjoying themselves.
And all concerning productivity statistics aside, we spend so much of our time at work.
We all want a safe, happy, friendly workplace.
Feeling appreciated, feeling valued, through rewards, recognition… It’s an invaluable method of achieving that goal.
So, what can we do?
We live in a world where virtually every job is stressful (at its points). So creating some kind of balance often falls to managers, business owners and HR staff.
It’s a big task; creating a positive environment from scratch is a big ask. It involves more than just installing a ping pong table and putting beers in the staff fridge. It’s even more than office puppies.
You know that an appreciation program isn’t a silver bullet. This can’t be the only effort you employ to keep employees happy and loyal.
But it can’t be denied — a well-organised approach to appreciation should form an important and active part of achieving all the above goals.
While the program might have benefits that are easy to justify, it’s not always easy to coordinate. It can occupy a lot of time, ultimately carving into the return you can expect.
How working with us works for you:
You come to us with an idea. Big, small, simple, complicated. It can be for a simple round of eftpos cards to act as incentives or gifts. Or it can be for rewards packages including cards and other gifts, triggered by reaching a certain sales target. Or by logging a particular goal. Or for achieving a certain number of days service. Gamified, automated, bring us your idea.
We handle: distribution, and, for other campaigns, we can provide exclusive targeting data that makes your campaigns more likely to succeed (whatever they may be). In fact, there are innovative ways those can be applied to your business — it’s worth a chat with one of our data scientists to see how they can be applied to your appreciation programs.
So what does appreciation mean to you? We want to be a part of an appreciation program that gets you and your staff excited to go to work each working day. Get in touch!