Rewards play a huge part in fostering a positive work culture in business, ensuring employees feel that they are valued and their hard work is recognised. At a time when businesses are struggling to attract and retain talent, ensuring that employees feel valued and rewarded is paramount. 

According to a study showed that 68% of UK employees would consider leaving their job due to feeling undervalued and under-appreciated for their work. The study found that aside from pay, the most important factor (39%) that would influence an employee’s decision to remain with a company was feeling appreciated and valued at work. These statistics coupled with the fact that it is much more expensive to replace a member of staff than to retain them, reveals how important it is for businesses to ensure their employees feel appreciated. So what can businesses do to ensure their reward strategy is effective? Here are five top tips to make sure your business doesn’t fall short:

Personalise your rewards
One of the biggest mistakes companies make is giving all employees the same rewards. When the aim is to make employees feel appreciated for their individual contributions, a blanket ‘one size fits all’ reward scheme isn’t going to cut it. Taking the time to understand what is going to be enjoyed by individuals will really make a difference in how valued they feel in the business. This goes for benefits too – £30 off a gym membership is no use to someone who prefers to get their exercise through outdoor activities, so why not make it £30 they can put towards a health & wellness perk of their choice? Employees will feel much more appreciated if their rewards speak to what they really want and need.

Make your rewards inclusive
There are many different types of workers and often rewards can focus on certain types, those who produce impressive results and have the loudest voices. And while these are definitely worth celebrating, so are other types of employees, who keep the wheels turning and the business functioning as it should. So as well as rewarding the biggest win or most impressive achievement, you should also reward consistency, organisation and other important attributes. This will mean that employees feel that all achievements are valued, encouraging a collaborative and positive work environment.

Don’t reward over-working
Many equate hard work with over-working, and practices such as staying longer hours, working over lunch and finishing projects over the weekend. However, over-working does not equal the best levels of productivity, and often leads to burnout. If the role of rewards is to encourage a positive work culture, then rewarding employees for ‘hard work’ resulting in working long hours and being tied to their desk is the antithesis of an effective reward strategy. Business should reward hard work and smart outcomes, and that which has been achieved through good time management, organisation and managing expectations as the norm. Encouraging work-life balance is a great way to improve overall employee wellbeing and retain talent.

Make rewards a regular occurrence
An annual awards evening, while glitz and glamour, is unlikely to keep employees feeling valued and motivated throughout the entire year. In order to do so, businesses should ensure that a culture of thanking and recognising employees is built into the fabric, so that people are regularly given the boost of seeing their work rewarded. In a competitive market where businesses are taking a hard look at what they offer their staff outside of just pay, regular rewards are a simple way to attract and retain a talented workforce. Little lifts make all the difference and don’t have to cost the earth.

Incorporate team feedback into rewards
A great way to build a culture of appreciation into your business is to encourage employees to give positive feedback on their colleagues’ work and incorporate this into rewards. For example, at Prezzee, we have a ‘Happiness channel’ on Slack where colleagues can thank and celebrate each other by sending a ‘buzz’ bee emoji. When an employee reaches 50 bees, this is instantly converted into a Prezzee Smart card to redeem where they want. Having this online space for employees to thank each other and shout out great achievements not only builds a positive culture, but also lays the foundation for a successful rewards programme. Additionally, it lets employees know that their voices are heard and their feedback makes a difference. We swarm over 3,000 bees a month across the globe, visible to each and every one of us.

In summary, implementing an effective reward programme is key to retaining talented employees. With most businesses offering various benefits, it is a competitive marketplace and your rewards need to show employees that they are valued, all year round. Businesses should ensure their rewards are regular, tailored to the individual, inclusive, and encourage work-life balance – appreciation should be in our culture and our DNA. Those that do so, and invest in their rewards programme, will reap the benefits of a more motivated workforce and lower staff turnover.