A corporate rewards program is one of the simplest ways to ensure that your employees feel recognized and valued. However, you can't just grab a generic template or out-of-the-box software and expect it to align with the needs of your organization. An effective corporate rewards program will achieve these five benchmarks of success.
#1 Engagement With The Program
The first benchmark that any corporate rewards program should be measured by is engagement with the program itself. In other words, you need to measure and track how (and if) employees are actually using the program. To put it simply, if you fail to measure this benchmark, you may very well be wasting money. After all, your corporate rewards program can't do anyone any good if employees are not consistently utilizing it.
On average, only "41% of employees say their employers effectively reward employees for their great work." Those low numbers are usually due to an ineffective corporate rewards program or a lack of one altogether. With a program like CoreCentive, you can expect to see very high engagement rates, which is why our client retention rate across the board is a staggering 98% with a 100% customer satisfaction rate. When you implement a CoreCentive program, you can expect to see results.
#2 Employee Retention Rates
Multiple studies show that a good corporate rewards program directly impacts employee retention. And, that's big news--especially when you consider that the average cost of employee turnover adds up to 6-9 months of salary per employee. This equates to up to $60,000 in recruiting and training costs for every employee with an $80,000 salary. These costs quickly add up, and that means implementing a corporate rewards program that can help boost retention is simply priceless.
Amongst Millennials, who easily remain the most researched generation, most say they are going to leave their job within the next two years. In fact, 4 out of every 10 agree that they don't see themselves working in the same office. If you could do something to help hold on to this group that represents 38% of Millennial workers, you can save your company tens of thousands of dollars while building a more loyal and competent team in the process.
To measure the impact a corporate rewards program can have at your organization, consider the following:
- What's your current employee turnover rate?
- How much are you paying to hire and train new employees?
- What could you save by holding on to your current employees, and what other advantages would holding on to them bring to the table (i.e., experience, loyalty)?
When you consider all of these factors together, the implementation of a corporate rewards program suddenly becomes even more worthwhile.
#3 Workplace Motivation Levels
The most loyal employees stick around because they are motivated to keep coming into work each and every day. However, countless studies have demonstrated that it takes more than a paycheck to motivate workers on a daily basis. The right corporate rewards program will add more meaning to work than just money. It will help emphasize that your company values the same thing that each employees values, including work-life balance.
Work-life balance is continually listed at the top value amongst Millennials and other generations, and a corporate rewards program can go a long way in helping to support that. CoreCentive rewards go beyond gift cards. From branded company swag to digital music, event tickets, movies, games, books, experiencing, and even vacations, your recognition program will help show employees how a job with you equals a rewarding career.
#4 Alignment With Company Culture
The right corporate rewards program will feel like it fits right in with your company. It will reflect your company culture and branding, which is important in appealing to Millennials and other workforce generations today. Your company needs to be highly distinguished from competitors and showcase values that your teams can relate to, and that's what the right corporate rewards program will help do.
By implementing a corporate rewards program from CoreCentive, you can help demonstrate that your company values work-life balance and encourages every employee to have enriching experiences outside of work. By emphasizing the value workers place on friends, family, and a meaningful career, your corporate rewards program can perfectly align with your company's culture. Even more so, it can help you put your written values and promises into practice by actively helping employees achieve the goals and values you strive to support.
#5 Employee Morale Levels
Every benchmark before it helps to support this key measure of success: employee morale. Countless studies prove a notion that companies have agreed with since the beginning of the Industrial Age: happy employees are more product employees. In fact, if you wish to quantify this fact, studies say that happy employees are approximately 12% more productive. That's a figure that can add up to tens of thousands of dollars in profit.
Employee morale also links back to the other important benchmarks your company measures, like employee retention and positive employer brand recognition. By implementing a corporate rewards program from CoreCentive, you can help support employee happiness and high morale by recognizing employees for their good, hard work. This creates a positive work environment in which employees feel consistently recognized for going the extra mile and putting their all into their job.
Likewise, this helps put an end to employees "riding the clock" and doing the bare minimum while at work. When employees realize that they can get more by doing more, they will all begin putting in the extra effort and appreciating the opportunities your company is able to provide to them.
Attract Top Talent for Your Team
Perhaps best of all, when you implement an effective corporate rewards program for your company, you won't just be encouraging your current employees to stick around--you'll also be attracting top talent to open positions. When it comes to attracting the best in the industry, potential hires care about your company's internal culture and programs. Top talent have plenty of options when it comes to a new position, so only the best opportunities can attract them to your company.
By showcasing your corporate rewards programs and all of the perks of being a loyal employee at your company, you'll discover that talent will be thrilled to apply to open positions and see for themselves the benefits of working with your organization. In the long-term, that equates to happier, more qualified individuals who are in it for the long haul--and that means better results across the board.
Learn more about what a corporate rewards program from CoreCentive can do for your organization by clicking here.