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Why re-focusing on rewards will be essential in 2022

Chris Brown - Loytech

While it may be a cliché to say, new year can be a momentous time for businesses. It’s often an uninterrupted break for employees and the opportunity for them to come back refreshed. And for business leaders, it’s a chance to adopt an “out with the old, in with the new” philosophy. 

This is one of the reasons why it is considered the busiest times of year for the employee rewards sector. While some may attribute this simply to the fact that many contracts run on a 12-month annual basis and will likely expire in January, Craig Unsworth, Co-CEO of Mór, believes there is more to it than that:

“There is a generational shift in attitudes to employee rewards: We believe the next generation of talent is looking for something different in their employee reward. They want to take advantage of excellent deals while also ensuring the businesses they support are aligned with their own values.”

“We often say, ‘we work to live and not live to work.’ But how many of us do that? Our business is changing that culture of negativity by creating a corporate membership that rewards employees and actively encourages a positive work-life balance.”  

Much like the influencers on Instagram posting the “new year, new me” quotes, business owners and leaders will also want to capitalise on the significance that the changing calendar can provide. There is no better way to welcome people back from their festive break than with some positive news, and a new or refreshed rewards scheme to set them up for the year ahead can do just that. 

As a motivational tool, it’s beneficial regardless of your team’s attitude to the new year period. For many people, this is a time to prove themselves. They will want to come back and make an impression in the new year, filled with a renewed sense of purpose. What better way to welcome them back than with an unexpected reward. 

On the other hand, it’s also one of the most popular times in the calendar for people to start looking for new jobs. Whether you are hiring, or people in your team are starting to get itchy feet, it’s a welcome time to introduce rewards for staff retention and recruitment. 

The break doesn’t always leave people relishing the return to work, and those who truly believe this is a time for self-reflection and betterment may start looking to pastures new.

To underline the importance of organisations providing their employees with relevant rewards, research conducted by Paychex and Future Workplace of 603 full-time workers found that 62% of employees identified well-being rewards and benefits as a key factor in deciding whether to apply for a new job.

It is predicted that 2022 will see an even greater number of businesses extend their employee rewards and benefit programmes specifically to include health and wellbeing, but that employers will also become more discerning in the quality of support services they offer. 

Craig added, that: “While employee rewards and benefits are designed to be an addition to your business that sets it apart from competitors, they don’t need to be soulless additions. By understanding what people are looking for and what interests them, you can offer something which will help make your place of work even more appealing.” 

It’s important to choose the right reward. Bear in mind what your people will be looking for after the festive break. They may have had their fill of chocolate and wine and are now looking for a new regime. Or the overindulgence of the period might have made them cautious of their carbon footprint and start to look for sustainable alternatives.

Be smart in your choice of provider and ensure you listen to what your employees want. One decision at the start of the year might be the difference between making 2022 a good year or the year best yet. 

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