Why Do You Need an Employee Rewards Program?

Is your company doing enough to recognize its employees for their hard work and achievements? According to an Achievers survey, 44% of employees switch jobs due to a lack of recognition.

When employees feel recognized, they work harder, stick around longer, and feel happier with their job. 

Why You Should Care About Employee Engagement, Turnover, and Wellness

According to Gallup, employee turnover costs U.S. companies $1 trillion every year. Another study revealed that disengaged employees cost companies $450 to $550 billion each year. Companies that prioritize their employees’ well-being with strategies like recognition programs are more profitable as their workers have higher engagement, lowering the cost of churn and increasing productivity.

Strategies for Employee Retention

1. Reward your employees.

If you want fulfilled employees, give them the agency to work on projects on their terms and reward them for their efforts. If someone works overtime to plan a company event, reward them with a gift card to say thanks! 

2. Provide clear paths for growth.

Burnout is a real problem, and it can make even the best employees drop out. You can prevent this by providing career development opportunities, assigning mentors, or increasing salaries and promoting workers when they deserve it.

3. Offer good pay and employee perks.

Competitive pay and exciting perks, such as rewards for achievements and anniversaries, go a long way toward making your company a place where everyone wants to work. 

How To Incentivize Employees With Gift Cards

Giving your employees gift cards as a reward for good performance, birthdays, or exhibiting company values is a great incentive to keep them engaged at work. It gets them excited about their achievements and encourages other team members to match their performance. 

You can use gift cards to motivate your team by using tools like Giftbit to reward employees automatically when they reach a specific benchmark or let them redeem a gift card of their choice as a thank-you gift.

How To Encourage Workplace Wellness

A rewards program gives your company an excellent opportunity to encourage workplace wellness. Aflac’s summary of benefit trends found that workplace wellness programs led to 61% of employees making healthier lifestyle choices. 

Employee health has a significant impact on how engaged your team members are at work. To encourage wellness, you can offer gift cards for wellness brands as rewards for maintaining healthy habits, such as walking a certain number of steps per day.

How To Build an Employee Rewards Program Into Your Workflow

How you choose to implement an employee rewards program depends on the size of your business and what you want to reward your employees for, such as behaviors you want to encourage or tasks you want to incentivize.  

You can try the following strategies:

•     Give rewards for standardized events like work anniversaries
•     Use the tools you already use to trigger rewards via Zapier
• Integrate directly with a gift card API
•     Schedule gift cards to be emailed 

Create a Simple and Effective Employee Rewards Program

Giftbit allows you to recognize and reward employees without adding to your workload. To enhance your employee rewards program with the ability to send gift cards in bulk, integrate directly with your app, and more, sign up for free today!