What are Employee Rewards?

What are Employee Rewards?

Employee Rewards are perks that a company delivers to its employees to motivate, engage, and retain their workforce. It’s that simple. Rewards will likely look different from company to company; for example a large group of retail workers will likely appreciate high street store discounts, and employees that work in an office may appreciate Monday morning coffee orders or Friday catered lunch.

But what is truly considered rewarding to your employees? Of course everyone will have different incentives, but there will always be certain benefits that will be universally appealing. Finding employee rewards that will give your team the feeling of being appreciated is critical. Some key things to keep in mind when scouring the available Employee Rewards Schemes, is are they:

Incentivising

Keeping your employees motivated is key to maintaining productivity and employee satisfaction. Aim for employee rewards that provoke an ‘ooh’, that be thought of by employees as a reason to work hard – not impersonal, unpopular rewards that will go unused. Not only is that a waste of money, but also staff will feel that they aren’t being seen.

Flexible

Just like snowflakes, every workplace (and employee) is unique. Because of this, ensuring that your employee rewards programme can be adjusted to match your employees needs is fundamental. In order to achieve this, you need to be able to select specific perks to suit your staff, rather than be stuck with a one-size-fits-all scheme.

Engaging

A good rewards program is one that is well used. When you communicate your employee benefits platform, ensure that it is accessible and easy to use, and provide perks that can be used for the everyday, you should see employee engagement and benefit uptake increase.

Useful

Shopping discounts for all of the major UK supermarkets, for example, will be a beneficial resource on a weekly basis. Everyone needs groceries, so providing savings on UK  supermarket shops is a fantastic reward to offer staff. Ask yourself, are your rewards useful to all of your team, providing regular advantages?

Appropriate

Offering discounts for luxury brands and premium products may be not only useless to your team, but may even be insulting. Granted these may be utilised by a small number of employees within your workforce, Know your audience and ensure that the rewards are suitable. 

Why offer Employee Rewards?

The proof is in the pudding – companies with Employee Rewards have 14% higher engagement, productivity and performance. And with Gallup reporting that only 23% of UK employees are actively engaged at work, clearly there’s room for improvement.

Quiet Quitting and Job Hopping is on the rise, and long-term commitment to companies has staggered to a low point, so evidently there is a need to reassess what it is employees want. Offering up a comprehensive, flexible, employee rewards platform can help in making employees feel valued, and boosting both morale and engagement.

How can I provide Employee Rewards to my Staff?

Look no further than here! My Staff Shop offers companies a flexible, multi-faceted employee benefit package that includes a Everyday Shopping Discounts, Employee Assistance Programme and Salary Sacrifice.

If you’re interested in learning more about our rewards scheme, we can get you acquainted with one of our friendly experts, and they can give you a demo or the platform!

Simply fill in our contact form and we’ll be in touch.