6 ways an engagement and rewards program can reduce employee turnover
Knowing how to spot employee turnover is the first step on the path to a brighter and more engaged workforce. Luckily, there’s one solution that can be tailored to suit your business type and industry. Here’s how an engagement and rewards program can boost morale and reduce turnover.
What is an employee engagement and rewards program?
An employee recognition program is a system designed to engage and energise your staff to not just work harder, but work better. When achievable goals are set and workplace wins are celebrated across the entire company, it can lead to staff having better autonomy and more self-belief in taking on new challenges.
A program like Redii offers a range of recognition features that can be aligned to fit your workplace culture. Be sure to find a solution that is fully customisable, provides onboarding integrations and – most importantly – puts your people first.
How can this type of program reduce turnover?
Once you’ve decided that an engagement and rewards program is the best solution for your business, you’ll learn that it can reduce turnover in a number of positive ways, such as:
1. It makes staff feel recognised
No one wants to secure a major client or complete an impossible task before deadline without any recognition. While there will always be quiet achievers, that doesn’t mean they don’t want their superiors – or their co-workers – to acknowledge all the hard work they’ve put in. Incorporating a recognition wall into your engagement solution means every employee can see recognition as it happens, whether it’s on your intranet or across social media channels like Yammer and Slack.
2. It helps staff aspire towards a goal (reward)
In much the same way as workers thrive on encouragement from their bosses and co-workers, having a goal in sight helps keep them focused and always moving forward. Rather than a simple ‘deadline’ as the only target, you can set regular milestones for individuals and group projects, and when they hit their goals they can be recognised – and rewarded – for their efforts.
3. It encourages staff during busy periods
Whether it’s EOFY or the holiday season is approaching, every company has busy periods. The worst possible thing that can happen when it’s crunch time is for your team to slack off or – worse – become so stressed by the overwhelming amount of tasks that they simply shut down.
An engagement program boosts employee morale by giving them a specific target to drive towards, with rewards and regular encouragement along the way. Even better, when the entire business is part of the program, each individual is given a sense of camaraderie and a knowledge that they are not alone, despite how time-strapped everyone is.
4. It boosts motivation levels
There’s no better feeling in the office than finishing a major task and getting a word of congratulations or a pat on the back. A rewards and recognition program multiplies that tenfold with recognition walls, leaderboards, multiple award types and more. When staff are appreciated they are more likely to put in the hard yards for their team.
5. It inspires friendly competition between co-workers
While a manager never wants their team to bicker and argue in the workplace, particularly when working on important projects as a team, a friendly sense of competition can actually be a key driver behind better productivity.
By generating competition around awards and leaderboards, employees can challenge themselves to go the extra mile in order to finish the day, week or month in the number-one position. A little competitive push can go a long way to boosting camaraderie and, subsequently, staff retention.
6. It gives managers an opportunity to ‘coach’ their team
Being a busy manager means you can’t be everywhere at once. But with recognition software, all the important data is at your fingertips. See who’s smashing targets and who might need a little incentive, and use the ‘goals board’ as a team-building exercise.
With all the information in one location, it’s easy for managers to see exactly where they need to be and what they need to communicate in order to boost productivity. ‘Coaching’ your team has never been easier.