Rewards aren’t new to employee recognition and retention programs, but they are growing in popularity. Over 80% of businesses use rewards to overcome their business challenges today. They’re a perfect tool for recognizing top-achieving performance, boosting morale, and creating a supportive work environment.
The truth is, people want to work at companies that care about and invest in their employees, and they make judgments and form opinions about where they work every single day, from the first day they’re hired.
According to Gallup, 57% of baby boomers, 76% of gen Xer’s, and 81% of millennials say that receiving recognition better connects them to their organization’s products and services. Working rewards into your company affects your culture, and not just for the recipients. In fact, 80% of millennials say that the act of giving someone else recognition makes them want to stay at a company longer.
Rewards can be used to:
- Increase engagement in company initiatives, like taking a company survey, signing up for a service, or joining a committee.
- Recognize top-performing employees for a job well done, or thank loyal customers and partners for repeat business and referrals.
- Show appreciation and build a company culture where employees and customers feel valued.
Corporate rewards come in many different shapes and sizes, so you can find which is the best fit for your culture, employees, or program and get the results you want. When you take the time to show your appreciation to your employees, they are more likely to feel good about where and for whom they work.