Best-selling author Simon Sinek puts it this way, “When people are financially invested, they want return. When people are emotionally invested, they want to contribute.” And recent studies seem to agree. In fact, about 84% of HR leaders have reported that their employee recognition and rewards program significantly helped with employee engagement.
When you treat your employees well, they become more productive and treat your customer base better, naturally resulting in a higher return on investment (ROI) in the process. Case in point, recognition and rewards programs have been found to drive business goals 2x more. Furthermore, implementing employee rewards in your strategy can:
Reduce turnover rates: Oftentimes, the real challenge lies in retaining top talent. Employee turnover is costly and can affect your organization’s overall productivity and morale.
Improve innovation: Remember what Simon Sinek said about employees being emotionally invested? Improved innovation and creativity are by-products of companies tangibly appreciating their employees who are more likely to go above and beyond with positive reinforcement
Strengthen your employer brand: Your employees are your best asset not just because they help achieve ROI. They also accelerate your business growth by upholding your brand value. This is why employers that put their employees first are the ones that usually make a bigger impact.
How can I start?
Now that you’re well acquainted with how employee rewards can increase your organization’s ROI and more, it’s time to revisit your organization’s existing efforts on the matter. Start by asking these questions:
1. Is my organization leveraging employee recognition for an improved recruitment and retention strategy?
2. How aligned is the organization’s employee recognition program to our organizational values, mission, and vision?
3. Does my organization have effective strategies in place for culture management?
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