Why are employee incentives and rewards so important?

Why are employee incentives and rewards so important?

There’s a thousand things to think about when you’re at the head of a modern business. Clients. Costs. Pitches. Payroll. But unless you make it a priority to keep your staff motivated, incentivised and working towards a goal, you’ll never achieve the bottom-line you want. New research shows that 6.5 million UK employees are unhappy at work – and it’s no coincidence that British workers are around a fifth less productive than in other G7 countries. But it doesn’t have to be this way. By setting up employee incentive schemes – and using staff incentives to reward hard-working employees with sports hospitality packages, spa days and more – you can transform your office culture and the performance of your business. Here’s how.

#1. Employee incentive schemes… increase your sales

It’s official: happiness affects how well your staff perform at work. In fact, recent research by the University of Warwick found that happiness led to a 12% increase in productivity (while miserable workers were a disastrous 10% less productive). If your staff merely clock in and out, and have no reason to perform, they’ll soon lose motivation and do the bare minimum. But if they’re counting down to a day out at a Premier League football match for hitting their sales targets, they’ll go above and beyond the call of duty.

#2. Employee incentive schemes… boost morale

You’d be amazed at the buzz in a business where employee rewards are up for grabs. Maybe you’ll create a mood of friendly competition by offering individual incentives for star performers: for example, sending your employee of the month off on a city break around the UK, Europe and beyond. Or perhaps you’ll take the whole team for an adrenaline-fuelled day out, and watch as the bonding experience feeds back into a healthier office environment.

#3. Employee incentive schemes… help retain your star employees

The average employee turnover rate is around 15% a year – and there’s nothing more frustrating than losing your best people to the competition just as they’re hitting their stride. Staff incentives could make all the difference. Let Gala set up your tailor-made employee recognition programs and you’ll create a positive community atmosphere that gives your staff another reason to stay.

#4. Employee incentive schemes… help attract new talent

In a global marketplace, the competition to attract top employees is growing fiercer by the year. Of course, any business needs to offer the right financial package and growth opportunities – but don’t underestimate the pull of employee rewards. With your existing employees tweeting about their incredible experiences at top restaurants and West End shows, your firm will get a reputation as a dynamic place to work – and the talent will follow.

For further information about incentivising employees or high value customers, please call one of the team on 0800 1954250, or visit our dedicated website here