Reward and recognition programs have been shown to encourage workers to stay with their existing companies.
With the economy strengthening, there will be more job openings, which creates new opportunities for top performers. As a result, many executives have become concerned about their ability to hold onto talented workers. A recent survey by Robert Half found that 38 percent of respondents stated employee retention was their main concern. Fortunately, there are strategies that can boost engagement levels and reduce turnover.
Reward and recognition programs have been shown to encourage workers to stay with their existing companies. Taking the time to acknowledge the contributions of staff members helps create an environment in which employees feel valued and appreciated. These programs can be used a number of ways to generate more employee loyalty. For example, the Principal Financial Well-Being Index found that 45 percent of workers agree that a wellness program would encourage them to stay in their current position, according to HR BLR. Tailoring the initiatives to meet company objectives can bolster the return on investment for an organization, while engaging workers.
Wellness programs have become popular solutions for organizations looking to reduce insurance costs. By rewarding employees for participating in exercise programs, visiting their doctors regularly or stopping unhealthy habits, the risk of major health issues is reduced, which lowers insurance premiums. Participants in these programs gain a number of advantages, including increased enthusiasm for their jobs. More than half (59 percent) of surveyed participants stated that wellness programs provided them with energy that boosted productivity.
These benefits would help with the second main concern for business leaders – maintaining productivity. Twenty-seven percent of executives told Robert Half that productivity was a top concern for their organizations. By implementing employee reward programs, companies can create additional support for wellness initiatives and other efforts that could ultimately improve employee loyalty.