Employee benefits are a given in any professional workplace. Your staff expects your company to offer the usual medical and dental benefits, and they may also hope you provide other benefits, such as sick time and holiday time.
However, going beyond the standard employee benefits package could be the critical step needed for attracting and retaining the best employees in your industry. A superior benefits package also sets the right tone for a productive company culture. One program you should consider offering as part of your total employee benefits package is a rewards program.
Why add a rewards program to your employee benefits plan?
People don't exist on pay alone. Every worker wants their bosses to recognize them for their efforts. People do appreciate good pay and benefits, but they also like being singled out for their contributions.
In fact, employee recognition is a great way to increase employee engagement, and it certainly will help by demonstrating your support for drive and determination. Rewards and recognition allow employees to experience approval of their co-workers, receive appreciation from their leaders, and they benefit from having their work ethic validated by their bosses. In other words, they get to experience the saying, "Hard work gets noticed".
Additionally, a rewards program is one of the most cost-effective things you can implement. According to a study from the Society of Human Resource Managers, a 1% increase in recognition expenses leads to an 85% impact on employee engagement.
How To Set Up A Rewards Program
Setting up an awards program shouldn't take place in a vacuum of closed-door management sessions. Create a committee of employees, managers, and executive staff and consider a few of the following points. After all, they are all going to benefit from the program.
Culture Insurance is one of the top employee benefits providers in the San Diego area. However, we go beyond simply providing insurance policies for businesses. We are experts in providing comprehensive protection for a company and providing unique solutions for employee benefits programs.
If you would like to know more about how we can help your company, we encourage you to contact us. We can help you create a company culture that is inclusive, company-focused, and employee supported.