Can Rewards Boost Staff Retention, Recruitment and Marketing?
SMEs rely on having key staff in the right positions to take their business forward. While many businesses recognise the value of recruitment to fill these essential roles, some are not so adept at putting measures in place for staff retention.
In a shifting, sometimes uncertain economy, what appears to be a better offer, or the promise of something different, can attract staff away.
If a business loses its staff this way, it may be failing to get an acceptable return on its original investment when it recruited them in the first place. Plus, it could be left facing a hazardous skills gap that it will need to fill quickly.
However, creating an effective rewards-based culture can do much to retain staff, while also helping with recruitment and marketing.
Staff Retention through Rewards
There are various elements to engaging with employees, from regular feedback and constructive criticism to establishing career progression and sound performance management.
Implementing a rewards-based system to incentivise and motivate them should go hand in hand with this.
Recently, American Express published research that revealed that 94% of SMEs in the US reward their staff with gifts, and that around half of these see the motivational value in doing it.
In the research, 44% of employees felt they were rewarded and a third agreed that it helped motivate them to work harder.
Companies choose various ways of rewarding staff, from spotlighting high-performers periodically, to rewarding long-standing staff for their service.
The importance is in how such systems can build a positive culture, which the employees are then happy to share their opinion of more widely.
Spreading the News
Employees can be effective brand ambassadors, and a rewards-based culture helps to foster the conditions to make this happen.
If staff feel their employer values them, and that they work somewhere that benefits them in ways beyond simply providing wages, then they are more likely to share this through social media channels.
This is a means of brand building through reputation, whereby businesses can use their employees’ positive experiences to reach a wider audience.
It also increases the business’s recruitment opportunities, by spreading the news about what kind of employer it is.
Staff gifts and reward schemes do more than offer incentives. They help underpin a strong, positive workplace culture, and contribute to brand building and social media marketing.
Contact us, to discover how rewards can boost your business.