Understanding Rewards and Recognition
As the landscape of employee Rewards continues to change, employers search for ways to create innovate existing Rewards and Recognition efforts to keep employees engaged and satisfied. Employees who feel valued are more productive and engaged with their work and more invested in the longevity of the business. The company’s goals and values become shared goals and values. Ultimately, their employers’ success becomes their success. The best way to earn this kind of loyalty from your team is with an employee Rewards and Recognition Program.
Changing times call for better incentives
Showing appreciation for your most important brand ambassadors – your workforce – is a strategy worth embracing. Here are some compelling reasons why implementing a quality employee Rewards and Recognition Program will produce an amazing return on the investment.
- Increase motivation and morale
Whilst having a Rewards and Recognition Program is appreciated, employees are more impressed when employers make an effort to offer quality incentives. Programs that offer a variety of Rewards, incentives, and opportunities for recognition are more likely to boost company morale and motivate your team.
- Increase productivity
A 2018 study by the UK-based recruiting firm Genesis Associates discovered that 85 per cent of workers surveyed were more motivated when their employer offered incentives. Studies abound touting the benefits to employee productivity when employers properly incentivise their workforce through Rewards and Recognition Programs.
- Reinforce the value in teamwork
As the old saying goes, there is no “I” in “team.” Whilst many companies use the urge to win to spur some friendly competition amongst its workforce, data supports the notion that there is purpose in promoting both individual and team accomplishments. Businesses that do not incentivise collaboration end up with a highly competitive environment that can be detrimental to long-term success.
- Increase company loyalty
Every company’s number one cheerleader is its collective workforce. When your employees value and appreciate your brand, that attitude is carried over into their dealings with customers. Rewards and Recognition Programs allow companies to demonstrate the appreciation they have for their workers and the value they place on their input and work ethic.
- Reduce turnover rates
Interviewing, hiring, and training new employees costs on average $5,000 per new hire, according to a survey of Australian businesses from Kelly Services. Only about half of Australian businesses listed employee recognition initiatives as part of their retention efforts. Statistics support the notion that when employees are recognised and rewarded for their hard work, it increases job satisfaction and makes them less likely to look elsewhere for fulfilment.
Creating an effective Rewards and Recognition Program
Your employees are brand representatives. As such, they have a unique ability to impact your reputation for better or worse. Denoting their value through a Rewards and Recognition Program is a worthwhile endeavour. EonX provides a customisable platform called Rec Room that helps improve employee engagement, recognition and communication, making it easy for employers to create a positive work atmosphere that boosts employee satisfaction and retention.
Rec Room’s suite of features provides businesses with the ability to easily recognise and Reward team members for both individual and group accomplishments. Our platform, through its features, makes it easy to impact the day-to-day lives of employees in a meaningful way.
Feature #1: Rewards Marketplace
EonX’s Rewards Marketplace feature helps employers add value to any Rewards and Recognition Program. The Marketplace allows employers to provide discounts and incentives from Australia’s leading brands. Employers can choose from eGift Cards, Gift Cards, tangible products, Cashback Offers, services, and experiences for their Program.
Our platform empowers employees with the freedom to choose from an extensive array of offers and discounts that can save them thousands annually. It makes their day-to-day lives easier and demonstrates that their workplace wants to support them. With Christmas time coming, the Rewards Marketplace provides employers with an excellent opportunity to allocate Gift Cards and incentives inspired by the holidays.
Feature #2: Funds Injection
Designated administrators can inject funds into employees’ eWallets on the Rec Room platform on an ad hoc basis as part of a monetary reward, bonus, or benefit. Employees can then redeem the funds and use them within the organisations customised Perks catalogue. This option is ideal for individual recognition and Rewards and can be used to celebrate milestones such as earning tenure, improving performance, or reaching key milestones. Employees who are recognised in this way will feel more valued and motivated to reach personal and corporate goals in the workplace. With the holidays fast approaching, employees will appreciate the extra cash.
Feature #3: Perks
One of the advantages of the Rec Room platform is its adaptability. Businesses can create and manage a personalised Work Perks catalogue. Each perk within the catalogue aligns with a specific company value or objective. Each time an employee meets a milestone, they receive a redemption token. Tokens can be redeemed for perks such as a paid half-day off work, lunch with the CEO, or a week’s supply of daily coffee from the local café. The perks can be customised to fit the culture and atmosphere of a business, rewarding employees in a way that resonates. Offering these kinds of perks can be leveraged to attract the best and brightest in the field and help retain team members who are crucial to your success.
Deliver an exceptional Rewards and Recognition Program with EonX
Recognition for employees is a proven motivator and influencer on performance. Happy staff not only perform better, they stay longer which reduces the cost of re-hiring and training. By creating a participatory and immersive experience for your employees, you will be able to reap the many rewards available for both your employees and your organisation.
With more than 20 years of experience, EonX’s specialists are the go-to strategic and tactical partners for increasing employee engagement and satisfaction.
Are you ready to start your employee recognition journey? Drop us a note, and one of our team members will be in touch.