The year is 2022, and competition is even more fierce for businesses fighting to get to the top. Those who are winning have learned the value of implementing employee reward programs.
Think about it.
The modern workforce has higher expectations, and they are willing to explore greener grass elsewhere if they’re not receiving recognition and rewards for hard work done.
While employee rewards can seem costly, don’t forget that poor employee retention and dissatisfaction can cost you even more. So, what does the alternative involve exactly?
Check out these impactful employee reward programs that create an exceptional working experience for employees moving forward.
Thank you bonuses
Thank you bonuses are performance-based employee benefits. For example, most companies give out gift cards as a quick way to say “thank you.” Thank you bonuses are also a type of employee additional compensation, separate from end-of-year bonuses.
That way, employees don’t have to wait to receive recognition for their work once a year. Instead, employers can give immediate thank-you bonuses – also called spot bonuses – after noticing outstanding performance.
Bonuses for employees are beneficial because they are given to individuals that have accomplished a specific goal or objective. The reward is not only justified, but it encourages employees to go above and beyond and continue meeting goals set for them.
Gamification/prizes for competitions
Gamification can be used to incentivize and improve employee engagement by adding a little fun to the work experience. For instance, you can gamify special company events such as anniversaries and other company holidays. You can hold competitions, such as asking teams to come up with the best name for a new product.
You can also engage teams in a race to make the most sales by offering them a worthy reward at the end of a specific period. Employee additional benefits that include fun contests, games, and competitions are highly engaging and boost employee satisfaction.
The modern workforce doesn’t like to be bored, so providing an interesting work experience is one way of boosting employee retention.
Cards loaded for work-related expenses
Employee reimbursement is a common occurrence in businesses, but the problem is it punishes employees rather than benefits them. Employees have to use their own cash to cover work-related expenses.
This messes with their finances and leaves them with less disposable income. Moreover, employees have to submit paperwork and wait to get reimbursed.
Instead of making life hard for employees, you can provide them with a better experience by rewarding them with payout cards that are preloaded for work-related expenses. Combined with pre-approval, this is a more proactive system that takes the financial burden off employees’ shoulders. Your workers will consider this a great perk that enables them to perform better.
Cards loaded for fitness/wellness purchases
Helping employees establish a better work-life balance is essential for healthy workplace culture. In toxic workplaces, employees rarely have the time or money to work on their health and fitness. Therefore, it’s best to reward employees with cards they can use to sign up for fitness/wellness subscriptions like Peloton memberships.
Employees that take time to focus on their health and wellness perform better at work. They’re able to keep their head in the game, which is a plus for you and your business.
Cards loaded for professional development purchases
One of the best benefits for employees is providing the opportunity for professional development. Employers can assist workers to cover online courses, books, and other educational expenses. When you invest in your employees’ careers, they transform into better and more qualified assets for your business.
Professional development also opens up the chances of in-house, so employees are more likely to stick around as this means more growth. Cards loaded with money give employees the flexibility to choose how best to advance their careers. As you encourage employees to keep learning and achieving, you’re helping build a culture of recognition and rewards.
Ask how Juice Banking can help you put these reward programs in place
When it comes to monetary employee rewards, you can do much more with payout cards. Take Juice Payout Cards, for instance. You can order cards that specifically cover benefits for employees. All you have to do is load money onto your employees’ payout cards via your computer or mobile device. Your employees will receive the money instantly and shop online and redeem rewards that are due to them.
While your employees are enjoying these additional and convenient benefits, your business can also smile all the way to the bank. That’s because great employee rewards inspire better productivity, put a positive spin on your earnings, and increase Employee Retention & Satisfaction.
Sign up for Juice Payout Cards today. Establish a streamlined, comprehensive employee rewards program with one easy but innovative solution.