As more companies begin to focus on staff member engagement and morale to bolster retention and drive brand stature in the right direction, employee rewards programs have become increasingly ubiquitous.
As more companies begin to focus on staff member engagement and morale to bolster retention and drive brand stature in the right direction, employee rewards programs have become increasingly ubiquitous. Whereas these initiatives were once put forth by few companies at the top of their respective industries, they have become common more recently because of several major market fluctuations heightening the need for the retention of skilled workers.
In many ways, employee rewards programs will come with benefits that reach far beyond the scope of general staff member engagement, as productivity, efficiency and collaboration gains are commonly enjoyed following the deployment of a well-crafted strategy. Two companies have shared their positive experiences with these programs in the past few days.
Higher education success
Business Insurance recently reported that the Palm Beach County School District in Florida has provided its staff members, notably administrative employees, with the opportunity to acquire direct and immediate cash rewards for stronger performances in their given activities. According to the news provider, once employees reach a certain level of points, they can enjoy a reduction of $50 monthly on their health insurance premium bills.
This essentially translates to the incentive of saving $600 annually on health insurance costs, while the ways in which points are accrued further stimulate wellness among the staff. For example, the source pointed out that taking online health risk assessments and blood tests will provide 100 points a piece, while another physical wellness evaluation will translate to the other 100 points needed to enjoy the savings.
As is often the case with these programs, Business Insurance cited the feedback from the school district that indicated more employees have become conscious of their health in active fashions, leading to fewer costs associated with absence and greater morale among the staff.
More recent success
The Boston Globe reported that Harvard Pilgrim, an insurance company that employs roughly 1,200 workers, has deployed a similar rewards program for staff members that meet certain wellness criteria. This strategy, though, is based on the ways in which workers eat and purchase groceries, as the news provider explained that the employer will offer cash rewards for smart buying behaviors.
In only two and a half months since the program has been in place, the source affirmed that approximately 65 percent of the 400 employees who have participated have received the rewards.