The million dollar question: "how should I reward my hardworking staff?"
When it comes to saying thank you to employees, it can be a bit of a headache to find the right balance between the perfect reward and the budget. However, this should never stop a manager from rewarding his or her team.
Research has shown that 50% of employees agree that receiving gratitude and recognition from management, improves their relationships with company leaders. By acknowledging hard work and effort, organisations enjoy higher rates of productivity and loyalty from their people.
But what kind of rewards will resonate with your employees?
Cash incentives aren't always as effective because they lack personalisation. While money can be spent on miscellaneous purchases that are quickly forgotten, using vouchers as a motivator in your recognition programme is an effective way to treat your staff, helping them to make the connection between the gift or experience, and the employer. This reinforces the relationship and makes a lasting memory for the recipient.
Rewarding employees encourages them to continue smashing their targets and helps to create a healthy company culture that people want to be part of – and stay a part of. If you're keen to encourage positive behaviour in your organisations, vouchers may be the right approach for you.
Why are vouchers so effective?
Vouchers offer the kind of flexibility that allows a number of fantastic things to happen:
- Managers can personalise the gift by giving the employee a voucher to use towards a purchase or experience that they know would mean something to them.
- There's no waiting period; opting for eVouchers means the gift be issued and redeemed immediately when the employee has decided to use them.
- If you have a geographically diverse or remote working team, eVouchers help you to reward remote employees in real-time – just as you would an on-site team member.
- If increasing wages isn't a viable option for your business right now, vouchers work as a useful tool for motivation without overstretching your budget.
- Vouchers are simple, secure, and reloadable, giving your employees more buying power and access to great discounts.
- eVouchers and gift cards help businesses to lower their carbon footprint by making these types of rewards digital.
Vouchers are a great way to help employees celebrate milestones or give acknowledgement for a job well done.
Individuals can choose something special like an item they've always wanted, or they can break up the weekly routine with a fun movie night – whatever the voucher gets used towards, it will be a perk that stands out.
As part of an employee-centric reward and recognition strategy, vouchers can help to inspire success and improved practices within an organisation. Amongst the many benefits such as increased retention, fewer absences, and higher productivity, engaged employees generate 43% more revenue for businesses when compared to companies with disengaged workforces (Hay Group).
so, WHAT ARE YOU WAITING FOR?
If you'd like to find out more about the benefits of using vouchers to motivate your employees, get in touch with our friendly rewards team today.
We offer a vast range of online and in-store voucher for top UK retailers and attractions, giving you a wide variety of rewards. Whether you're a large organisation with a broad employee demographic, or a small company of individuals with similar tastes, our voucher selections have something exciting in store for everyone.