Many recruiters and hiring managers have cited a definitive trend known as job hopping. Some refer to this as rapid employee turnover. The phenomenon is a serious risk that business leaders work feverishly to mitigate. With National Leadership Day on February 20th, learning how to run a strategic employee rewards program could not be a more timely topic. The way to combat job hopping is to build employee loyalty and retention. Smart leaders do everything possible to retain workers because the cost of losing them is too great. That’s why having an employee rewards program is a meets-minimum requirement today.
Employee Rewards Payoff
A world-class strategic employee rewards program is designed to attract, retain, and motivate top talent. One of the best ways to earn their loyalty and motivate their productivity is with gift card rewards. In fact, the Visa eReward Card is among the most popular.
Here are some best practices to follow when creating and managing a strategic employee rewards program:
- Align rewards with organizational goals: The rewards should reinforce the behaviors and outcomes your company is trying to achieve.
- Regularly review and adjust the program: The rewards program should be reviewed on a regular basis to keep it relevant and effective.
- Offer a variety of incentives: Select a platform like eGifterRewards.com, with a vast catalog of gift cards that appeal to different employee needs and preferences.
- Recognize and reward performance: Recognize and reward high performers in a timely and meaningful way. Celebrate their achievements and make them feel valued and appreciated.
- Communicate!: Personalized messages let your employees know that you are serious and care about them, specifically. The more personal your message, the more appreciated they will feel. Loyalty and retention will grow from there.
- Measure the impact: Measure the effectiveness of your rewards program and its impact on employee engagement, retention, and performance. Use this data to adjust the program as necessary and continuously improve.
- Make it fair and equitable: Ensure the rewards program is fair and equitable for all employees.
By following these best practices, you’ll create a world-class strategic employee rewards program. That means you’ll attract and retain top talent. And your business will rely on the power of an effective workforce, the strategic underpinning for every successful operation.
Take the Next Step
Schedule a free consultation today. Your employees want to feel appreciated, recognized and rewarded. Engaging them with gift card rewards is easier, faster and more affordable than you think.
