How Year-End Rewards Benefit Your Business
In light of the holidays, companies who show a kind gesture to their employees see many advantages that go beyond the holiday season. And rightly so, a good worker must be given the “pat in the back” for all the work he has done during the year. But still this is not a common practice among companies.
According to Parago Inc., a Texas-based benefits consulting company, who surveyed 600 workers online—69% of employees do not expect their employers to give them year-end rewards. As the study further showed, workers are not at all anticipating any holiday incentive from their employers and would be so grateful if they even get as much as $25 prepaid gift card.
So what’s the point of this article, you ask? It’s not merely just giving your employees free holiday ham or wine, but showing a genuine gratitude for the work that they have done. Allow us to explain how having a year-end company rewards may benefit your business…
Good motivation for job well done.
Year-end rewards that highlight good work habits can boost their morale and encourage them to continue doing it. Grant a suitable reward for each commendable character like monetary incentive (or prepaid gift card) for those who maintained good attendance or freebies for teams who hit an important target metric. When employees see that these efforts are appreciated, they are motivated to keep it up or even surpass themselves.
Win loyalty for valuing your employees.
Value is one thing that most employees want to see from their employers. They want to feel their worth and to have their work validated in such a way that shows the company’s personal connection with each employee. Employees who feel valued take pride in being part of your company and will promote and protect it as a family member would. This lessens your company’s attrition rate, which means less time, effort and budget to hire and train a new worker. It also increases your value as a company for the employee engagement you do through an efficient year-end reward system.
Foster positive outlook in spite of tough economy.
Most companies cut back from year-end rewards in their budget because of the struggling economic conditions. It may seem to be a good move to cut costs, but truth is it will be more damaging to the morale of your workers in the long run. Show your employees that regardless of the economy’s standing, you are still after their welfare. Year-end rewards help assure them that with their contribution to the company, the business will fare well whether the economy is up or down. In turn, this will instill optimism among your workforce which will be a good push for them to face post-holiday workload and targets.
Truth is, you don’t have to shell out so much to reward your workers during the holiday season. With mindful planning and efficient implementation of your company’s year-end rewards system, you will gain motivated, loyal and positive employees that will help your business meet new goals in the coming year.