The global job market is tighter and more competitive than it’s been in decades. The fight for talent in certain key areas of business such as technology, engineering, finance and analytics are at a fever pitch, making recruiting and retaining employees in these disciplines a mounting challenge. Organisations both large and small are struggling to fill their talent gaps and constantly looking for creative ways to attract and retain the A-team that can guide them toward success.
Perks have been the trendy way to impress candidates that range from unlimited vacation to ping pong tournaments too, even, free beer! The truth is top candidates are seeking more than just superficial benefits like free snacks and on-site happy hours. These creative perks may even have the opposite effect because savvy employees want to grow their careers, be enveloped in a positive culture and be rewarded for their hard work much more than they want to spend their lunch hour playing billiard games. And, throwing cash at the problem, in the form of high salaries, doesn’t seem to be enough to solve the problem. In fact, Glassdoor reports that over 35% of the employees recently surveyed prefer performance-based incentives than higher pay not tied to their work.
4 Ways Rewards Programs Can Give Your Company Its Recruiting Edge:
- You reward the right behaviour. The problem with company-wide perks is everyone gets them. The hardest working member of your team gets the same rewards and incentives as less-than-stellar performing employees. The “broadcast” style perk program does not encourage the behaviour that you desire in your team.
- Your employees will strive to go above and beyond. Your employees want recognition and reward, and they’ll be willing to go the extra mile to get it. If implemented properly and consistently, your employee rewards and recognition program will create the ultimate win-win. Your employees will feel proud of their work and appreciated by their employer, while your organisation will benefit from a high-performance team.
- You’ll create a culture based on performance and reward. With your rewards program in place and incentivising your employees, your company’s culture will turn into a positive, performance-based environment that new employees will admire.
- Tech tools can help you get there. Rolling out a full-blown rewards program is not easy unless you use the right platform to help you. Employee Incentives are the best way to drive best practice behaviours when you rely on a Rewards Management System like the one offered by StaffCircle.
How StaffCircle can help you layer on workforce incentives, staff rewards and employee recognition:
- Log Personal Goals – Your rewards management system will allow your team members to log their objectives in a uniform way, so no effort slips through the cracks.
- Assess Progress – Using the easy-to-use technology of StaffCircle, you and your employees will be able to track progress made toward goals every step of the way.
- Provide Deep Analytics – The dashboard of analytics will help you understand how your team is excelling and where it might need additional resources to get to the levels of success needed to reach goals.
- Offer Rewards Points Systems – Using a highly-configurable rewards points system, you’ll be able to provide an easy way to calculate annual bonuses, commission or a simple bonus for managers to assign with configurable authorisations.
Combining public recognition in form of employee of the month programs and departmental or company-wide award initiatives with incentives for excellent work or going beyond the call of duty can result in a performance culture that permeates throughout your organisation. This will create a more productive and innovative workforce as well as become a powerful recruiting and retention tool in today’s tight labour market.
Get started with a free demo with StaffCircle Team today.