An employee reward program can help firms create a corporate culture that not only assists with recruitment, but reduces employee turnover as well.
The economic recovery of the last few years has given organizations the confidence needed to expand their operations. A recent survey by Michael Page found that 90 percent of companies in North America plan to recruit new workers this year.
While talent acquisition is a top priority for most businesses, the survey found that approximately 50 percent of those surveyed said they faced difficulties in attracting good candidates. Fortunately, an employee reward program can help firms create a corporate culture that not only assists with recruitment, but reduces employee turnover as well.
Using culture to recruit
A strong company culture is seen by most HR professionals as essential to obtaining top talent, and it ranked second behind recruitment as a priority for organizations. Building the right environment depends on being able to properly engage workers. Reward programs provide the tools to communicate values, share accomplishments and improve communication. These factors are a necessary part of building a comprehensive vision for the organization that will guide culture.
When employees feel valued, they are more likely to be engaged by their work. Companies with high levels of engaged employees often have a centralized culture that can be used to recruit new talent. Unfortunately, companies continually struggle with ways to motivate and engage workers. Ninety percent of HR executives stated they were searching for more effective ways to keep staff members happy.
Engaging workers from the ground up
Reward and recognition programs are an excellent tool to boost employee engagement levels. Acknowledging the contributions of individuals and teams increases the sense of pride within the organization. These initiatives can also be used to guide company culture by promoting specific values. Reward programs required strong knowledge of the workforce to be effective, which is why businesses often have trouble implementing them.
One common problem businesses experience in trying to engage workers is a lack of commitment from every level of the organization. Firms that are successful in building a strong corporate identity allow for high levels of input from employees, as this ensures that all voices are heard and the culture is reflective of their needs.
The survey noted that while compensation and benefit plans can have a large influence on recruitment strategies, HR professionals found them the hardest to implement. Working with an incentive planning specialist like Xceleration can help any business maximize the benefits of its reward programs.