Employee Reward Programs

What is the Importance of Employee Reward Programs?

Introducing Independent Jewellers’ New and Improved Corporate Rewards Program

Whether you’re celebrating years of service, major milestones, or rewarding achievements, you need an easy to manage employee incentive program. Read about ours.

 We’ve been hearing for years that businesses are struggling with employee retention. And with the changes in how we work since 2020, some businesses are struggling to find talent in the first place. Gen Z and Millennials are only staying in their positions for 2-3 years before they move on to “greener pastures,” and research is showing that it’s not necessarily about the money. So, what do we do?

Many companies are looking for ways to add extra value, to find how to answer, “what’s in it for me?” beyond the salary. While it’s not a new concept, employee recognition programs are quickly becoming the go-to, and we can see why.

What is an employee recognition program?

Employees that feel appreciated and recognized for their efforts are more likely to work harder, be more productive, stay longer, and help boost company culture. So, how do you make them feel appreciated beyond their regular salary? Employee recognition programs!

The recognition program for your employees can work in a few different ways, but at its most basic, it’s a plan for celebrating your employees for their milestones and achievements. You can celebrate years of service, promotions, achievement of sales numbers, achievement of new certifications, moments they went above and beyond what was asked of them, or a combination of these. To celebrate, the business gives the employee a gift to celebrate their achievement, encourage further engagement, and incentivize other staff members to do the same.

Why do you need employee incentive programs?

You might be wondering, “why do I need an employee incentive program?” Studies are showing that salary isn’t the only driving factor for engagement and retention at work.

Younger generations are looking to establish their careers with an organization where they feel their work is important and appreciated. In many cases where an employee quits their job, it’s not for a higher salary, it’s to find a better working environment. Employee incentive programs can help create that.

Employee Retention – We don’t have to tell you how expensive employee turnover is. Between the time spent on interviewing and training and the money spent on potential hiring bonuses, the costs really add up. Holding onto your star employees is essential to growing your bottom line, and employees stay where they’re appreciated.

Employee Recruitment – Job seekers know that the interview process is not just about the company getting to know them, they’re getting to know the company too. It’s becoming increasingly common for potential employees to ask about benefits beyond the basic salary. Having a recognition program for employees is exactly the type of benefit they’re hoping to hear about. Not to mention, when your current employees are happy and appreciated, they’re more likely to recommend your company to friends and family.

Employee Productivity – Employees that feel appreciated and recognized for their efforts are more likely to work harder. Your incentive program gives them a goal to strive for, and with the right reward in place, your employees will stay engaged and work hard to hit that goal. Plus, feeling good about work helps employees “buy in” to the company’s overall goals.

Company Culture – Appreciated employees are happy employees. And happy employees contribute to an overall positive company culture.

Attract and Retain Customers – Consumers care more now than they ever have about the culture of the companies they purchase from. Customers know if your employees are happy, they get better service, faster responses, and the “above-and-beyond” we’re all looking for. Helping you keep your ideal customers coming back for more, which costs less than attracting new buyers.

Read the statistics HERE.

Employee Recognition Programs Don’t Work

Do you believe that employee recognition programs don't work? Perhaps you've tried one before and it failed? It comes down to a few main issues:

  • Finding the right rewards
  • Return on investment
  • Building a program with the right tools

Finding the Right Rewards

Is the reward something your employees actually want? Will they remember it six months from now? This may come as a surprise, but if the reward you’re offering is cash, that could be the issue. When it comes to employee incentives or rewards, cash is no longer king.

Cash is already the main driver for engagement at work; salary is the reason your employees are showing up every day. If your employees wanted more cash, they’d negotiate that at their next performance review. Plus, cash rewards are often just put towards bills and quickly forgotten. There is no lasting value or tangible reminder of what they worked so hard for.

Studies have shown that employees value tangible rewards above cash bonuses. Especially if the reward is something special that they likely wouldn’t have splurged on for themselves.

Like a trophy, a luxury item helps your employees feel special and unique. Every time they look at, use, or wear the item, they’ll remember this special moment and feel proud. An emotional value that is perceived as more than and lasts longer than cash, motivating your employees to hit more milestones.

Return on Investment

Have you used the excuse that a rewards program for your employees is too expensive? We’d like to challenge you to look at it in a different way. Sure, a luxury item has a higher purchase price. But it’s not about the cost, it’s about the return on your investment.

In the above section, Why do you need employee incentive programs?, we discuss many of the reasons why the investment is worth it. Low turnover, attract star employees, higher productivity, and loyal customers. The increase in your bottom line will more than make up for the initial cost.

Building a Program with the Right Tools

Many of you have tried employee recognition programs before and they didn’t turn out, so why would it work now? Poorly designed and hard-to-manage programs will almost always fail. A well-built program shouldn’t require a full-time employee to manage or even a part-time employee. That’s where Independent Jewellers comes in.

Independent Jewellers Corporate Rewards Program

We’ve created a platform for our Corporate Rewards Program that takes the task out of your hands and puts it into ours. Our goal is to make the process as easy as possible while offering the customization options that you’re looking for.

Our corporate specialist will meet with you to discuss your goals and the options you want to offer. We’ll then create a custom landing page with a link for you to send to your employees. They’ll make their selection based on the custom offer we put together for you and submit their request. You’ll get an email to review and approve, then our staff will get to work. It’s just that simple.

With options like custom rings or pins, designer jewellery, or personalized watches, you get to customize the options available to your employees. Our in-house designers will work with you to create the perfect custom design to match your business. Our production machines with the latest technology and in-house goldsmiths will bring your ideas to life, while you’re a part of the process every step of the way.

Summary

Businesses are looking for ways to retain star employees, recruit top talent, and increase productivity. Employee incentive programs have provided a way to do all of that while helping to increase your bottom line. Here at Independent Jewellers, we’ve created a Corporate Rewards Program that takes the management off of you and puts it on us. We’ve simplified the process to save you time while offering custom solutions that will help your employees feel appreciated and maybe a little spoiled.