Companies of all sizes have so many human resource issues to contend with these days, from ensuring that they are recruiting the right talent to trying to keep a workforce happy, healthy and motivated.
There are many different approaches that organisations can take on such issues, but one strategy that has become increasingly common is the offering of employee benefits and rewards.
A core part of life
It is fair to say that we all love good deals and the sense that we are getting rewarded for sticking with certain brands. In fact, for many of us loyalty schemes and promotions are a core part of our day-to-day lives. For example, how many of us scan a loyalty card or app when we head to a coffee shop like Starbucks? The company arguably runs one of the best-known reward schemes out there – https://www.starbucks.co.uk/card/rewards – with consumers being able to get free drinks and other perks by collecting stars.
The trend is also common in gaming, with Xbox Live Gold members getting access to free games every month and online casinos also offering a range of deals to players. Take Betfair for example – https://casino.betfair.com/promotions – which offers a 100 per cent match bonus up to £100 to its live casino players. Furthermore, banks like HSBC are also well known for offering a range of perks to their customer base.
But while it is common to see businesses offer such rewards to their customers, why has it also become necessary for them to offer similar benefits to their employees?
Big business impact
New research published in the US on https://www.prnewswire.com by branded payments provider Blackhawk Network has put a spotlight on the issue, revealing that more than nine out of ten businesses in the country now offer employee incentives to their staff. Perhaps most importantly, it found that 79 per cent of employee reward program managers believe offering benefits is vital and can even affect business performance.
It also revealed that 92 per cent believe that such schemes can boost employee loyalty, while 95 per cent added that perks can make the workforce feel valued. In terms of the most popular forms of employee benefits, it was revealed that 69 per cent of workers polled feel valued when they receive a gift card.
Furthermore, many of the employees surveyed said that the offering of benefits made it feel like the company cares for them, while it also boosts their loyalty and motivation to stay on with an employer. Theresa McEndree, vice president of marketing at Blackhawk Network, said the study highlighted how businesses are realising that rewards can go “a long way” in terms of boosting engagement.
Food for thought
The findings undoubtedly highlight that while we have become accustomed to being rewarded for our loyalty from a range of brands in our personal life, similar treatment has now become vital in our working lives too.
Such research is undoubtedly food for thought for employers of all sizes and many will need to ensure they have provisions in place if they want their best talent to remain motivated and engaged in their roles