Companies are increasingly waking up to the fact that modern employees demand benefits other than pay. Modern businesses are now commonly offering perks that don’t necessarily feature in standard wage packets through an employee reward system.
An employee reward system can range from seriously useful – such as private healthcare or gym membership – to smaller treats such as meal vouchers and discounted trips out. It is not always about giving your employees everything, but the right things.
Online entertainment can be a source of rewards for your employees. Entertainment is a way for people to relax after a long hard day at work. Pointing them in the direction of offers, such as this William Hill Vegas promo code, can lead to hours of entertainment. Your employees can return the next day, relaxed, happy and motivated for the day ahead.
The most popular kinds of benefits, however, are those that are tailored to staff needs. There is no point offering childcare vouchers to young workers without children – new graduates, for example ‒ but then, those with young kids might see lots of discounts on nights out as unhelpful.
Healthy people are motivated people. Health is not just physical, but mental. Having the peace of mind that comes with a good employee reward system with improve happiness in the office.
Insurance is one of the biggest benefits in terms of keeping staff happy. Although not usually mandatory – except for pensions contributions in the UK ‒ and potentially expensive, insurance can form part of a raft of top-quality benefits that will help your company attract and keep high-performing staff. This can range from healthcare provision, retirement contributions, disability benefit, life insurance, and a payout guarantee in the event of an employee’s death while at work.
Staff may also appreciate help towards extra training or gym membership. These might include courses and classes that will give them bonus skills, a better sense of wellbeing, and mould them into a better, more efficient employee at the same time. Most staff, especially if they are consulted on exactly what training they need, will feel valued by – and therefore more loyal and hardworking towards ‒ a company that allows them to progress and relax.
No expense benefits
Rather less expensive, but still much-valued by staff, are benefits such as days off on birthdays, and the chance to take extra days off outside their usual annual leave. Even if these must be unpaid, staff will likely appreciate the freedom to take time out when they need it, and be more productive when in the workplace. Some companies even let staff bring in their pets!
These benefits will not cost your company much in terms of monetary value, but you will get huge rewards towards employee happiness and motivation. It is not difficult to implement and getting in a birthday cake will not just motivate the birthday person, but also the rest of the team.
Employee reward system
Unlike the rewards above, using an employee reward system can fit in all the rewards above and much more.
Other fun but highly appreciated offers, such as shopping vouchers, book tokens, free meals, or event discounts. You can sign up to an employee reward system and get all the benefits in one place. Your employees will not necessarily get anything for free. Discounts or cashback on purchases they make every day can give them something to look forward to and always feel they get a good deal by working for you.
Employee rewards software, like Mo, can help employers, small businesses, and large enterprises build a strong, inclusive culture that cultivates belonging and appreciation. This tool can offer real-time feedback between remote, hybrid, and in-office teams. If you want to see how employee rewards software can improve team motivation and engagement, you can learn more at Mo.
It’s clear: when it comes to keeping good staff from leaving too soon, employers need to consider rewards in other forms than simply hard cash. Benefits – whether expensive, wide-ranging, or cheap-and-cheerful – can foster a loyal workforce, which will quite literally pay off.