There are many reasons to reward employees. Not only does it motivate them to go the extra mile, but it also boosts their self-esteem. As a result, they are likely to stay in your organisation longer.
Showing your employees appreciation doesn't need to be expensive. Simply saying thank you is one way to let an employee know you value them, and it doesn't cost a cent.
But we do understand that if you are a larger organisation, you may need a more sophisticated solution, especially if you've got employees who are scattered between offices or working remotely.
This is where all-in-one employee solutions shine. Using just one platform, you can recognise, reward, and motivate your teams. Perkbox, for example, includes recognition and reward functionality, wellbeing resources, perks, benefits, and much more.
It's no surprise that showing appreciation positively affects employee experience. It improves wellbeing, contributes to higher levels of productivity, and increases retention rates.
The three core elements or pillars of employee wellbeing are mental, physical, and financial. When just one of these pillars isn't supported, it can impact on productivity, culture, sick days, and ultimately retention. But supporting employees' wellbeing needn't be a daunting task.
With Perkbox, employees can access a wealth of wellbeing resources, including on-demand workouts, yoga flows, health and financial webinars, and much more. Plus, as all resources are available from the app, employees can workout at home and in the gym. Taking steps to look after your employees' health demonstrates you care about their quality of life and see them as people, not just employee numbers.
Appreciation, in its most basic form, is saying thank you. In fact, appreciation is one of the top reasons employees give when they want to stay and grow in an organisation. Alternatively, when employees feel their manager or peers don't appreciate what they do, it harms their productivity, and they are less willing to give their all.
This is why having a recognition and reward strategy is so important, not just for productivity but also for your culture. When managers lead by example and congratulate their teams for a job well done, they encourage others to do so, whether intentionally or not.
This is why Perkbox includes recognition and reward functionality as standard. Managers can attach points to each recognition they send, which employees can save or exchange for a reward right away. The more points they have, the bigger the reward they can claim. Over the years, we've fostered an extensive network of brand partners, so your teams have thousands of rewards to choose from.
A healthy workplace culture — built on the foundations of a solid recognition and reward strategy, can maintain a healthy retention rate for years to come. Focusing on employee appreciation on all levels, from peers to managers, is the best way to make recognition and reward a permanent part of your culture.
Peer-to-peer recognition is equal to, or more valued in some instances than manager-to-peer recognition, which is why Perkbox includes a real-time recognition feed. Employees can dip in and out of this feed and send recognition as much as they like.
What's more, because each recognition can be tied to company values, everyone knows exactly why their behaviours are valued and how they align with your organisation.
Employee appreciation gifts don't need to be part of an incentive. Giving your teams a reward for a personal or professional milestone shows you value their time at your organisation.
Celebrating birthdays is a must, but sadly, not many organisations have a system in place that captures every employee's birthday. Usually, birthday gifts are organised within teams, and everyone contributes a small amount of money towards a present and card. However, an email or shout-out from the organisation is something employees look forward to and doesn't cost anything, other than time.
A work anniversary award really doesn't have to be extravagant. A simple shout-out on the intranet or Perkbox app is more than enough. For extra special anniversaries, such as 5, 10, and 20 years plus, you could arrange a gift or award a meaningful amount of extra annual leave.
Employee of the month awards should be fun and can span several categories. For example, one month, you may focus on an employee who has helped a colleague deliver a project, and the next month, you could include someone who has made a new joiner feel welcome.
These awards are special and if you have the budget and resources, you could organise an event for them. Annual awards should be taken more seriously than their monthly equivalent and consequently reward behaviours that have substantially contributed to your business. Now, this doesn't have to be a monetary or profit-driven contribution — it can be cultural, too.
Before we start, it's worth stating that there is no quick and easy way to create a positive work environment. After all, if it were that simple, employee turnover wouldn't be an issue.
Creating a positive work environment, well takes work. Moreover, it's not something that can be left, so it's important to collect regular employee feedback via surveys and polls. So you can address any concerns quickly.
To get you started, here are some of the most effective ways to make your organisation stand out from the competition so you can attract and retain the best talent.
These days, employees are placing less priority on salaries but are increasing their focus on perks. That's not to say salaries are less important — you still need to pay the industry standard. However, due to the cost of living people are stretching their salaries further to maintain their current living standards. To support employee financial wellbeing, Perkbox includes over 9,000 discounts and deals across a range of categories, including meals out, holidays, DIY, groceries, and more. There is something for everyone and all budgets.
Focussing on employee wellbeing benefits everyone, and we really mean it. When your employees are happy and healthy they take fewer sick days and are more productive. Research also suggests that when employees have a healthy work-life balance, they are also more innovative, which is, of course, great for growth. At Perbox, we understand the importance of wellbeing, so we offer discounts on healthy subscription boxes, wearable tech, gym wear, and more. Additionally, our platform contains an ever-expanding library of wellbeing content your employees can access whenever they want.
A robust flexible working policy opens up your talent pool and improves the wellbeing of teams who may find it difficult to be in an office 8 hours a day for 5 days a week. Flexible working is associated with many employee and employer benefits, such as increases in retention, fewer sick days, and higher productivity levels. If you have teams that are in and out of the office on different days, Perkbox can help everyone stay in touch with its enhanced culture features. Like a digital noticeboard, you can attach videos, PDFs, and documents to easy-to-use cards, which everyone can view on the app. No more convoluted email lists or relying on regional managers to cascade information to their teams.
A quick thank you note or email really brightens someone's day and makes them feel appreciated. However, we recognise firing off an email can be tricky when one employee is ending their day while another is starting theirs. This is why we developed a real-time recognition feed to remove some common barriers to showing appreciation. Each message sent is displayed in a feed, and employees get an alert when someone has sent them recognition (provided they have notifications switched on!).
Appreciation differs between organisations, some are reward-focused, whereas others prioritise wellbeing and flexible working. Furthermore, each organisation requires a unique solution based on their individual needs. For example, one business may want to overhaul its reward and recognition strategy, while another may strive for a better work-life balance. Either way, Perbox can help every business build a culture of appreciation, regardless of their individual aims and goals.
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