In a world of rapidly-morphing job markets
You may find yourself constantly on the run to ensure your business has a steady and reliable pool of skilled employees.
Long gone are the days where loyal workers would keep clocking in and out for 5, 10, 20 or more years at the same store, office, or company. Millennials love flexibility and tend to be idealistic, which means, in real terms, that if they're not happy where they are, or don't agree with a company's values or culture, they won't stick around for long.
In fact, this article written by Jeanne Meister for Forbes, describes just how much "job-hopping" the modern day workforce gets up to: a staggering "15-20 jobs over the course of their working lives!"
That's a lot of wasted training time (not to mention money - or patience).
BUT - there is something you can do that will increase worker satisfaction and boost your retention rates, ensuring that your company's workforce stays strong, stays together, and doesn't wander.
The answer? An Employee Benefit platform.
Why a platform? Can't I just reward my employees without one?
Sure you could. Companies have, and always will, reward their workers for outstanding behaviour or achievements. Everybody knows that in order for your business to succeed you have to invest in your people by encouraging and supporting them. They are the backbone of your business. Without them, achieving stable growth and excellent ROI is impossible.
Most employers then choose the following methods to reward their workers: "Worker of the month" awards, commission bonuses for exceeding sales targets, pizza and bowling nights are some normal examples. And they're nice. Everyone likes them.
But an Employee Benefit platform takes rewarding your staff to the next level, as it "game-ifys" your workplace. This works toward actively engaging your staff, and it makes your business the kind of place they'd like to be, even on their days off.
Not only will a dedicated Rewards platform empower your workers by letting them choose from rewards that are relevant to them (Jenny from Sales might love a cashback offer while Mark from IT would love a gift card from JB Hi-Fi), but you will be able to view their progress as well. This will encourage them to continually improve themselves in order to unlock their next reward.
Employees who know they can grasp tangible rewards for their work performance don't just look forward to turning up, but they are more eager to do their best in every shift.
Here are 4 ways in which an Employee Rewards platform directly benefits your business:
It encourages a positive work environment
If each and every one of your employees is happy from the moment they walk in your door in the morning, your workplace's mood will be that much brighter and more energetic.
Happy people smile naturally and smile more frequently, thus creating a welcoming and warm business environment that customers love. They're also generally more patient and attentive in comparison to their more subdued counterparts. This means that your customer service systems will run far more smoothly - resulting in happier customers and boosted sales.
It lowers your employee turnover
If your workers are leaving as quickly as they're being hired, your business is potentially wasting thousands of dollars (as well as hundreds of working hours and truckloads of effort) in HR, recruitment, and training.
Employees that know their hard work will be recognised - and rewarded frequently - are more likely to stay put.
It increases job satisfaction
As your employees have the ability to earn rewards that are relevant to their specific interests and hobbies, they're more likely to be satisfied by their work. After all, some people don't like pizza, or bowling - or a combination of the two.
So aside from their salaries, knowing that they can choose from their favourite types of gift vouchers, coupons, cashback and card-linked offers is incredibly empowering. This dynamic makes workers feel far more satisfied in their respective positions.
In addition to this, a Rewards platform taps into promotional mechanics. Participants will feel as if they are being "promoted" every time they claim a reward - which hugely increases their job satisfaction.
It builds strong teams
Building viable teams within your workplace is crucial to the success of your business. Each employee is another piece of your company's puzzle. If they don't feel like they get along with their coworkers, then running teams, office branches, or storefronts smoothly becomes a near impossible task.
But with an Employee Rewards platform, you can unite employees into teams and help foster camaraderie and harmony as they work together to achieve specific goals and earn their favourite rewards for their efforts.
Weekly sales goals, customer satisfaction targets, and monthly quotas suddenly become challenges that unite, not divide, workplace teams. Everyone hops on board to push towards achieving a common goal. And even those workers who may feel more 'on the outside' suddenly find themselves encouraged and cheered on by others members as they close in on their joint achievements. All of this helps to create much more deeply connected teams.
And these deeply connected teams will become a wellspring of strength and energy for your business, helping drive growth and achieving you an excellent ROI. One of the key indicators of a great business is the strong teams that are behind it (such as at Google, Inc.)
Though we've covered 4 ways an Employee Rewards platform can boost your business in this article, in truth, the real benefits are infinite; for yourself, your company, and your employees. To learn more about how an Employee Rewards platform can benefit your business, get in touch with us today.