Employee Recognition and the Power of Rewards

20 November 2017

Recognising and rewarding hard work amongst employees is the number one way to improve engagement, boost morale, and drive improved results across a sales floor. Research shows conclusively that the best way to formalise that culture of recognition and reward is with a structured rewards programme.

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Leaders considering upgrading or formalising their rewards programme should consider some of the huge benefits that the right programme, the right platform and the right rewards can deliver… Let’s take look.

Staff Engagement & Motivation

Staff engagement and motivation can be hard to measure – and often leaders with engagement and motivation issues don’t how to start improving their working culture.

A rewards programme could be the answer. Successful motivation plans have three key traits – focus, repetition and positive reinforcement – that contribute to staff feeling valued and properly rewarded for their hard work. That in turns leads to staff feeling more engaged with key objectives, leadership and your organisation. And engaged staff are motivated staff.

Employee engagement stats make for stark reading:

  • Only 13% of employees worldwide, and only 1/3 UK employees, are engaged

  • That impacts output - the UK economy would be £50 billion better off if disengagement was eliminated

  • 39% of employees feel undervalued at work, and 77% report that they would work harder if they felt better recognised

But rewards make a real difference:

  • 82% of ‘motivated’ employees in a 2015 rewards report received some form of reward or recognition for a job well done

  • 69% of ‘unmotivated’ employees in the same report did not receive reward or recognition for a job well done

That’s why many of our biggest and best clients supplement and support jaw-dropping incentive trips and stand-alone events with our bespoke, managed online rewards platform – Plus Points.

Attracting & Retaining Staff

  • 90% of executives said keeping new hires is an issue in their organisations 

  • 87% of HR leaders say improved retention is a high / critical priority

  • 17% of employees are actively job-hunting and 46% are passively looking

Around half of employees looking to leave their jobs? That's a nightmare for employers. Businesses struggle when staff turnover is high, losing expertise, disrupting relationships and impacting morale. Losing employees is also expensive - the Wall Street Journal reports it can cost twice an employee’s salary to replace them.

With a recent report suggesting that over 40% of new hires consider an employer’s rewards programme when applying for a job, a rewards programme can help attract talent into your organisation. And with the presence of an incentives and rewards programme being a factor for 66% of employees in whether they stay at their current job, it can help keep them there.

Improved Performance

Employee recognition aids staff retention and engagement - helping to create a happy, motivated and capable team who drive improved results and profitability.

A rewards programme that offers the chance to regularly reward, recognise and reinforce the relationships between your people, their work and your organisation keeps staff morale consistently elevated, maintaining a more productive and profitable workplace.

  • Annual revenue increases are 3x higher in companies that use a tangible sales incentive programme over those who don't

  • Companies spending 1% of payroll on recognition are 79% more likely to see better financial results

  • A 5% increase in staff retention can generate 25-85% increase in profitability

Plus Points is Inconnection’s customisable online platform for staff rewards and recognition. It’s an online points banking tool that we can design, deliver and manage to your budget and specifications, helping your rewards programme deliver tangible results and exceptional ROI.

We’ll work with you to source and select the rewards that work for your people, from high street vouchers and meals out, to the latest gadgets, trips away and unique experiences.

We would love to tell you more about Plus Points – get in touch by clicking the button below for an informal, no-obligation chat about how we can help you drive the results you need.

Contact Us About Your Rewards Programme & Plus Points Now