Natalie Vescia, B2B marketing & client relationship manager at Wickes, explains why long-termism is important when it comes to rewarding staff and why a quick-fix isn’t the answer.
Giving employees rewards which generate a long-term positive effect and increase their appreciation of the company can prove invaluable for maintaining momentum within a business and ensuring staff remain focused on goals. Long term rewards, when planned and carried out effectively, can achieve great impact and ultimately boost the business bottom line.
Here are the top reasons why businesses should invest in long-termism rewards:
1) Short-term rewards don’t deliver in the long run
Many businesses fall into the quick fix trap, planning only for the short term when rewarding employees. Although a short-term reward scheme does provide an immediate boost for staff, may not motivate the person to go the extra mile in the long run.
2) Cash isn’t creative
Monetary rewards are too easily lost and swallowed up in bills or the supermarket shop. They may be satisfying at the time, but are quickly forgotten about, meaning the message they seek to communicate is rendered ineffective and the impact lost.
3) Long term incentives remind staff of their employer
Incentives which deliver long-term satisfaction serve to remind the employee of their employer and the success that led to that reward on an ongoing basis.
Giving employees the chance to opt for memorable rewards which have an enduring impact shows that the businesses recognition of staff extends across both their short and long term needs.
4) Go beyond one size fits all
A ‘one size fits all’ approach to reward does not work. After all, a reward that will be attractive to a single graduate worker may not appeal to a working parent. If the gift is inappropriate, the impact will be lost and resources wasted. When planning long term rewards, businesses must take into account the different requirements of employees, considering lifestyle, status and family situation.
5) Education training and courses motivate employees in the long run
Long term rewards such as educational training and courses benefit both employers and employees alike. Professional training or qualifications not only boost staff knowledge and confidence, but also ensure they are equipped with new skills to benefit the business.
6) Communication is crucial
Communication is key when it comes to rewards, particularly long term ones. It is vital to create awareness and appreciation of what’s on offer, thereby encouraging a high level of take up.
7) The personal approach
Rewards which encourage the development of employees’ personal skills such as a learning a language or a musical instrument show that the employer is invested in their lives both in and out of the workplace. Overall, employees who are interested in bettering themselves both personally and professionally can be an incredible asset in the workplace, learning new skills which can be transferred to the office environment.
8) Healthy employees mean a healthy bottom line
In today’s hectic world, employees spend an increasing amount of time at work and less time looking after themselves. However with a staggering 23 million working day lost each year due to work-related stress and illness, investing in sports activities or body boosters such as massages can benefit the long term health of employees.
9) Home is where the reward is
When it comes to long-term rewards, one that enables a member of staff to invest in or improve their home really fits the bill. It encourages employees to make their house a calming retreat to relax in after work. With many workers often stressed out after a long day of work, a cosy, welcoming atmosphere at home is likely to boost morale.
10) Quality time with friends and family delivers a resounding impact
Rewards which have long-term resonance are often ones which can be shared with family and friends. By enabling staff to enjoy days out and other experiences, ranging from wine-tasting or paintballing, it positions the employer as considerate towards employees’ valuable time outside of work.