Running employee loyalty programs is an excellent strategy to promote staff engagement and retention in your firm. Research suggests that engaged employees are 17% more productive compared to dismissive co-workers. They consider company success their success and work hard to help their organization accomplish its business goals faster. Employee involvement is good for a firm in many different ways.
It enhances staff retention rates, lowers employee turnover, and most significantly, motivates people to be more productive at work. However, research reveal that only 34% of employees are engaged at work (as of 2022). A low employee engagement rate frequently stems from a lack of appreciation and incentive at the job.
Employers must ensure that they make their workers feel valued, and promote employee engagement. Here are some excellent employee loyalty programs and events to enhance employee engagement:
1. Joining Benefits
While hiring key resources for your organization, recognize that they might be considering other job offers from your competition. Offering a joining incentive is one technique to have them select your organization. You can also utilize the joining bonus as a bridge between your employee’s projected income and the amount you are offering.
You can even pay it as compensation against any excess benefits that your employees were obtaining in their prior employer. Generally, a joining bonus is 10% to 20% of the yearly CTC of an employee. A joining incentive establishes a solid anchor for the path of your employee.
2. Rewards for Personal Occasions
Recognizing your colleagues on their special days, like birthdays, work anniversaries, etc., is another wonderful method to improve employee engagement in your firm. You can send them personalized messages, host a party, and ask them to share their experiences at your workplace.
Gift your staff something worthwhile, such as paid time off, gift cards, discount coupons for restaurants, etc., for key occasions. You can also acknowledge and award your staff when they achieve a new milestone. No employee loves a workplace without any emotions. Celebrating their joyful days makes them feel valued and motivates them to stay loyal to your firm.
3. Festive Bonuses
Studies have demonstrated that employees’ engagement rises when they feel a sense of belongingness to the firm and its leaders. Providing festive bonuses or gifts is a terrific approach to develop a solid relationship with your staff. Organizations should aim to make employees feel that their organization cares for them and not simply about their work.
Offer them a reasonable bonus or valued gifts, such as gift cards, as a festive season advantage. When employees feel good about your firm, employee engagement grows and increases productivity.
4. Milestone Rewards
A milestone-based incentives program can help you develop a healthy competitive environment for your employees. Recognize their accomplishments at work and present them something worthwhile, such as a certificate of appreciation or a little gift. For example, you can thank your employees for finishing a huge project successfully.
Another example is thanking them for completing their work within the timeframes. These prizes drive your personnel to perform even better with dedication in future initiatives. Running continuing employee loyalty programs with different tiers is also a fantastic idea.
5. Performance-Based Incentives
Performance-based bonuses are another strong motivational force for employees to work hard. These awards are reciprocal for both employers and employees. Performance-based incentive account for employees’ contributions to the employer’s success. Most firms have developed KPIs (Key Performance Indicators) for every role in the organization.
Performance-based incentives will often stay tied to these KPIs. Anyone surpassing the KPIs can drive the following actions:
Renewed or improved KPIs
Surprise rewards or bonus
Promotions or role upgrades
These incentives can be common or extraordinary financial bonuses that the employees receive alongside their fixed income. You can provide these incentives to praise employees for working extra, finishing their jobs on schedule, producing more than the planned sales, and being timely.
6. Peer-to-Peer Recognition
Peer-to-peer recognition refers to the appreciation amongst co-workers who may not have a direct rapport. Generally, employees anticipate feedback from the employer. However, earning recognition from co-workers can be equally amazing.
You can inspire peer-to-peer appreciation in your organization by acknowledging your employees publicly and frequently. Organize team meetings to let all your employees about the accomplishments of their co-workers. It promotes organizational culture, strengthens team morale, and boosts staff productivity.
7. Annual Perks and Promotions
Studies reveal that even the most engaged employees often feel demotivated at work. This can happen for numerous reasons, including if they do not receive gratitude or promotions in appropriate time. Employers must ensure that deserving employees are promoted adequately and within due time.
You can advance them designation-wise, salary-wise, or both. Offering annual incentives at the end of each financial year is also a terrific method to inspire your workers.
8. Referral Incentives
Referral incentives are the monetary or non-monetary benefits employees receive on referring qualified individuals for empty positions in the organization. Your employees may have a good network of qualified prospects, which include their college peers, former co-workers, etc.
Referral bonuses might encourage your staff to refer your company to their connections. This is one of the most cost-effective strategies to acquire potential employees. Well-executed referral programs are also beneficial in enhancing employee satisfaction and retention rates.
9. Long Service Rewards
Long service benefits incentivize the service length of the personnel at the firm. These can be considered a token of thanks to the personnel for their devotion to the organization.
Generally, these prizes are granted for completing 5, 10, 15, and 25 or more years with an organization.
As a long-service incentive, you can give financial bonuses, discounted loans, family vacation packages, home buying aid, etc. Synchronizing this incentive with the employee’s ongoing financial or personal demands will ensure that the employee continues with the firm longer.
10. Sales Incentives
The position of a salesperson is one of the most stressful vocations. It is natural for sales professionals to feel demotivated at times. Offering sales incentives is one of the finest methods to assist them deal with this stress and keep them engaged.
Along with their fixed income, you can give monetary incentives for fulfilling milestones, producing more than projected sales, and attracting potential clients onboard.
11. Retirement or Exit Rewards
Retirement rewards are the perks employees will earn on completing their years of service at the organization. It is a terrific approach to recognize your staff for their ongoing hard work and dedication towards your organization.
You can offer monetary benefits or administer pension systems as retirement benefits. Great retirement awards also inspire other employees to stay loyal and work for your company longer.
Why Choose Pine Rewards for Employee Loyalty Programs?
Pine Rewards is one of the top rewards and loyalty solutions providers in India. Pine Rewards can operate loyalty programs that work best for your firm. Some of the features of Employee Loyalty Programs by Pine Rewards are as follows:
Culture of appreciation
Imbibe company values
Lead to employee retention
Gamification for a higher engagement