Why You Need Reward & Recognition to Retain Top Talent

Retaining top talent is one of the most crucial challenges in today’s working landscape. Find out more.

Employees are the driving force for business success, and without employee benefits that engage your team, you may struggle to retain them. Not only this, but a high turnover rate caused by a lack of employee engagement may impact your business reputation, making it difficult for you to attract new employees in the future.

When you recognise your employees, it gives them the positive reinforcement needed to remind them that their work is appreciated and has value. This results in an increase in morale and motivation, which enhances the loyalty of your workforce. With a supportive and collaborative atmosphere, employees feel appreciated and secure in their role, which will significantly improve your businesses retention rate.  A study carried out in Journal of Governance and Regulation found that reward and recognition were some of the factors business leaders must address in order to minimise voluntary turnover and retain top talent in the workforce.

 

Why is it important?

A common reason for employees leaving a workplace is a lack of reward and recognition. Without it, even if you manage to keep your employees within the business, productivity is likely to be affected. In fact, socialcast found that 69% of employees would work harder if they felt their efforts were better appreciated. Competition for top talent is high, so it’s imperative to rethink the strategies in place to show employee appreciation.

 

No longer just about salary

Many businesses offer competitive salaries, especially in industries where there are skill shortages. Although salary is important in recognising your employees for the contribution they bring to your business, it is now no longer enough to secure loyalty.

Exclusive reward packages which illustrate employee appreciation and show your workforce that they are valuable is key in employee retention. These reward packages improve overall office atmosphere and employee satisfaction, revolutionising company culture and building a reputation that sets your company apart from the rest. They can also work as part of your wider reward strategy if you offer them alongside other benefits such as healthcare and insurance which give employees overall security both inside and outside of the office.

 

Methods to increase employee retention

There are many ways you can reward and recognise your employees, starting with something as simple as stopping by to congratulate them on a particular achievement or complimenting staff at meetings. These small acts can quickly show someone that the work that they have been doing has been noticed and is making a positive difference to the business.

To become an employer of choice, it’s imperative that you do more – this is where having an effective reward and recognition structure in place can really pay off. Not only will a thorough strategy help you to retain top talent, it can also boost employee productivity, motivation and overall engagement.

With our reward and recognition benefits, you can reward your employees for their hard work or special achievements with fantastic financial incentives which help to boost motivation and morale. The scheme is set up to that you can provide rewards through digital gift cards, tickets to events, travel cards, flowers and gifts and personalised certificates. Our schemes structure is a great way to show employees how much you appreciate them.

Our reward and recognition scheme can be aligned to your wider benefit strategy in order to reward your employees, keeping them motivated and feeling valued. If you are interested in providing your employees with incentives and retaining your top talent, talk to a member of our team today on 0330 333 9100 or email us on information@busybeesbenefits.com