Using a total reward system for employees can benefit an employer as well. Offering rewards and incentives, as well as professional development opportunities for employees, helps control employee rewards cost as well as enhancing employee satisfaction. Incorporating even small rewards such as gift cards for a family meal at the Cheesecake Factory, or a shopping trip at Whole Foods Market or CVS/pharmacy, in addition to regular benefits and compensation can go a long way in keeping employees satisfied and content in their jobs. Here are 4 ways a total rewards strategy can benefit your employees, as well as your business.
- Improving the ease of recruitment: The happier your employees are, the more likely they are to refer friends and acquaintances to your company, making recruitment easier and less expensive.
- Signaling that you’re a progressive company: Consider your company's brand, offering progressive rewards positions your company's brand to prospects as an organization that goes above and beyond to care for its employees.
- Increasing employee engagement without increasing costs: Offering employee rewards increases engagement and cuts costs, while maintaining satisfaction and retention rates.
- Increasing retention rates: Employee rewards programs can show a company is willing to invest in employees' future, all while increasing job satisfaction, and keeping employees in their jobs longer.