Every business has a specific value they assign to labor. When you’re balancing your books and planning your future investments, there is a concrete dollar value your company marks aside for labor. These numbers are more than just the cost of wages. You have to calculate the cost of training. Of employee retention. Of preventing workplace discrimination. Understanding that ensuring the people who perform labor for you are content in their jobs is essential to maintaining successful operations.
Recognizing Great Work
A recent survey showed that 37% of employees claimed that personal recognition was the most important thing a company can do to produce great work from them. For comparison, the same survey showed that only 4% claimed that a promotion would produce better work from them, and 7% responded by asking to be paid more. Personal recognition is far and away the most important thing you can do to produce great work from your employees.
A well-implemented rewards program can save your business money while at the same time improving your employees’ work quality. Reward programs start with immediate rewards but extend to all other aspects of your business fairly quickly. Another survey found that an investment of 1% of payroll into employee recognition led to 85% percent of businesses noticing improvements in employee engagement. Investments in employee rewards programs led to employees being twice as likely to consider promotions fair, and that the people they work for are willing to go above and beyond.
Value For Value’s Sake
The monetary benefits of employee rewards programs are abundant. You can improve productivity, employee relations, and employee retention immensely by providing employees with some well-deserved recognition. However, there is also the benefit of affirming your business’s values. What does your company stand for? What values do you want people to associate with your brand?
Getting You Started
Establishing your company’s employee reward program can be a challenge. Luckily, you don’t need to do it alone. Care Crate Co.’s Corporate Gift Experts are standing by to help you. Together, we will help you build the perfect gift to reward loyal employees. Our wide variety of care packages and add-ons allows you to tailor your employee rewards program to the preferences of your business. And with our personalization options, you’ll be able to include company branding and personal messages. Your employee rewards won’t just be gifts, but statements of personal recognition. And when your employees feel personally recognized and appreciated, your business shines.