Designing a reward and recognition package for your workforce can be complicated, there are so many benefits to choose from, but what businesses you need to ensure that whatever they decide on is the best fit for both them and their employees. Offering the right reward and recognition package can provide an array of organisational benefits:
- Motivating staff to work to their best ability and in the right direction, aligned to business objectives
- Attracting the best calibre of new employees
- Increased staff retention rates
- Fostering a happier, engaged and productive working environment
- Encouraging positivity to work challenges
- The sense of equity across the workforce
- Ensuring better manager-employee relationships
It may be tempting to only offer financial rewards to employees who have consistently performed well in their work, but this isn’t actually the most successful way to reward staff.
There’s no ‘one size fits all’ solution, so you need to consider the purpose of the reward, the recipients and the easiest way for both your HR/ management team to handle and administrate the scheme.
Non-cash benefits help to increase your productivity and sales output, as well as retaining valuable employees by offering something in return. Whether you want to reward behaviours or congratulate milestones; these all help to motivate your workforce in a more effective way.
By creating a culture of reward & recognition you’ll save when it comes to recruitment, holding on to the resources and skills that you’ve already invested in creating a culture that your employees won’t want to leave.
A key challenge for business has always been getting the reward package right and one tool that is increasingly used is benchmarking to stay in line with competitors.
Finding out what is offered in competing organisations and comparing this with an employer’s own benefits package is a vital part of developing and maintaining a reward and recognition programme.
By using benchmarking, this gives the advantage of an organisation being able to say, ‘this is what the market is doing’ and ‘here’s how we are matching (or beating) it’ if it’s appropriate to do so.
Undertaking a benchmarking activity can help employers to understand where they are in the marketplace, ensuring competitiveness and fairness. The bad news is that the process of benchmarking can be fraught with difficulties due to the lack of readily available data and is often resource intensive.
The more data you have to compare the better the benchmarking exercise will be, but it is often the case that employers lack the time and resource to carry out this research.
Napthens People Projects have developed a Benchmarking Support service which enable a business to outsource an entire benchmarking project, our professional accredited People Consultants have access to salary data from over 1 million employees to support accurate results. Simply provide us with information about the role you would like to benchmark, such as a job description and we will do the rest.
We can even filter down to include locality, company size and skill level, ultimately providing you with insight that you know is relevant, reliable and up to date. In addition, if you would also like to know some of the other benefits which are typically offered by employers, and at what level, such as average company car allowances, pension contributions, bonus payment rate we can provide an increased level of insight in this area.