Just as potential employees have to compete for jobs, businesses must vie for the most talented employees out there. For some of these companies, this is a simple matter. Prospective employees want to work for these businesses because they have a reputation as being a great place to work with a culture people want to participate in.
It is virtually impossible to deny the worth of the right work culture. Staff members are highly motivated to contribute to the company’s goals, which they fully support, and because they feel a sense of purpose in their roles.
How can a company go about enhancing its culture? Reward systems can play a major part in this regard. We delve more deeply into the topic.
A Purposeful Culture
While every company has its vision, mission, and values, there must be staff buy-in. Usually, these items are written into the business plan but many companies fail to align their employees to them. Employees need to feel connected and part of a larger purpose.
Even if a company gets its culture to a positive state, this is not sufficient on its own. To sustain the culture, employees must receive recognition for their work. Being noticed and appreciated motivates staff members to give their best continuously.
Using Rewards to Sustain Culture
A purposeful culture can be sustained with two powerful keys. These are recognition and reward. It is all very well to state in open meetings that the employee values the work their staff are doing. But this is meaningless without something more substantial.
When employees perceive that their employer is consistent in recognizing and rewarding good work, the purposeful culture is sustained.
How to Reward Employees
Recognition may be as simple as thanking an employee for a completed task and complimenting them on how they carried it out.
Rewards, on the other hand, are more substantial. Money remains the biggest motivator. Market-driven salaries and annual bonuses that are linked to performance are the best way to retain effective employees.
Some rewards have a monetary value without any payout, such as time off work and employee discounts. Some providers provide incentive solutions for large businesses, such as gift cards, so you can reward employees en masse.
Retention is Enhanced by Rewards
Companies cannot afford to keep on losing employees who go off in search of greener pastures. It costs time and money to conduct the hiring and onboarding process and get new employees up to speed. But businesses can spare themselves these expenses and delays by rewarding deserving employees.
There are many advantages to staff retention, aside from the savings. Employees are more likely to be invested in a company the longer they work there and to be aligned with its culture, for better or worse.
Four out of five employees stated that when they received recognition and rewards, it spurred them to work harder. However, two-thirds of respondents in the study noted that they would consider leaving a company that did not appreciate them.
A purposeful company culture is achievable through a sound rewards and recognition program.