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Five Reasons to Invest in Employee Rewards
Setting up an employee rewards system is an essential part of team management. A token gift to say “thanks” or “well done” can payback tenfold - and not just in gratitude. Check out the ways that employee rewards can actually improve your business performance.
1. They encourage loyalty.
According to research undertaken by American Express, 94% of employees say that they’re more likely to stay with a company that regularly rewards its staff.
2. They show appreciation.
Of the employees who responded to a 2017 workplace happiness survey, 50% said that feeling appreciated was the factor most responsible for driving happiness in the office.
3. They’re good for your company culture.
An SMU study demonstrated a clear link between reward systems and company culture. It found that performance-based reward systems encourage independence and entrepreneurship, while hierarchy-based reward systems promote a sense of community.
4. They can help to boost productivity.
A report commissioned by O.C. Tanner asked employees what causes them to produce great work. The highest percentage of respondents (37%) answered that it was personal recognition.
5. They’re tax-free (sometimes).
Gifts deemed trivial by HMRC are exempt from tax. This might not include a full food hamper, but it does cover a bottle of wine, or perhaps a little box of chocolates.
Now convinced that you need to implement employee rewards but not sure where to start? Get in touch with the team at Hay Hampers and we’ll be happy to help you find something to suit your needs and budget.
Posted By Hay Hampers
at 02/03/2018
