Improved rewards programmes crucial to employee retention and company growth

The solution to the lack of employee engagement companies are currently experiencing is through improved rewards and recognition programmes

March 10, 2014

According to a recent survey conducted by Accelir, the solution to the lack of employee engagement companies are currently experiencing is through improved rewards and recognition programmes.

With the tough economic climate that businesses have faced over the recent years, companies have experienced cuts and cost reductions which have led to employees’ concerns around job security. Due to this we have seen an increase in stress levels and a decrease in company and job loyalty. As a result, employers are challenged with low productivity, negative attitudes, increased absenteeism and reduced employee retention rates in the workplace.

According to Jerome Lucas, executive at Entelect, it is imperative that companies invest time in creating a positive employee culture and focus on recognition as it represents a large area of growth and tangible benefits for a company and its employees. “We have experienced the changes of employee engagement through the use of tailored reward and recognition programmes with many of our clients as well as with our own employees.”

Interestingly, less than half of the companies surveyed have programmes that reward employees based on performance indicators. “A rewards programme that monitors and acknowledges employees who have worked over time, reached their target or have introduced new business to the company, can assist in improving employee retention, resulting in decreased turnover and recruiting costs and increased productivity,” says Lucas.

“By making use of effective rewards programmes, not only are insights gained on the increase in employee engagement but they also provide employers with the ability to monitor behavioural changes of employees over a period of time,” says Lucas.

Adding to this is the opportunity to gauge whether certain employees will benefit from additional training and mentorship, as these programmes will show where individual employees strengths and weaknesses lie in certain tasks.

“However, for these programmes to work there needs to be executive leadership buy-in, training of managers, and support and involvement of everyone throughout the organisation. A clear tie to the company’s core values is also an important component when implementing these programmes,” explains Lucas.

“It is recommended that a survey is conducted amongst employees prior to implementation of the programmes to determine what employees consider an achievement worth being rewarded and how they would like to receive their recognition,” concludes Lucas.

Entelect offers a full range of services covering all the aspects of loyalty, rewards or incentives programmes to its clients. For further information on the above please contact Jerome Lucas on: [email protected]