Organizations are aggressively turning to benefits and employee reward programs to recruit and retain workers.
The right employees can make a big difference in company performance. Having talented personnel allows businesses to maintain the innovation and efficiency necessary to deliver continual improvement.
Therefore, it is not surprising that organizations are aggressively turning to benefits and employee reward programs to recruit and retain workers. Potential candidates consider a number of options beyond compensation when reviewing employment opportunities. Company culture, work-life balance and opportunities for advancement all play a role in the decision-making process. Fox Business News reported that a growing number of companies are offering voluntary benefits as a recruiting tool.
Voluntary benefits are programs that employees may choose to join to receive select perks. Organizations usually face little expense for the initiatives and staff members gain access to things like supplemental insurance and identity theft protection. The source cited a Towers Watson survey that predicts these type of programs will become more popular over the next five years.
Transportation firms use reward programs to recruit drivers
One industry that has taken advantage of this trend is the trucking industry, which is facing a large shortage of licensed drivers. The American Trucking Association estimated that 20,000 to 30,000 new drivers will be needed over the next year as workers retire and freight volumes rise. A study by the Texas Trucking Industry found that top firms tend to offer a greater range of benefits than their competitors, and this allows them to reduce turnover and increase performance.
According to the study, 67 percent of successful trucking businesses use employee reward and recognition programs. These initiatives give employees a chance to earn bonuses based on their performance and can contribute to higher levels of engagement. Drivers earn extra pay and other incentives for maintaining clean driving records, which helps fleet managers control risk within supply chains.
Recognition programs are an effective way to motivate workers within any industry. They allow top performers to stand out by acknowledging their dedication. When combined with other engagement programs, these initiatives create an energetic company culture that is appealing to the hard working individuals organizations hope to attract.
Engaged workers help businesses do more with fewer resources, letting organizations to boost their efficiency. Reward initiatives are a fun and simple way to build a positive atmosphere that encourages higher levels of performance from all staff members. Reward and recognition programs are an effective recruiting tool when used in conjunction with other benefits and competitive pay.