29 Mar 2019

How to create a positive work culture through reward

All employers know that, in order to get the best out of their employees, they need to be working in a positive, productive working environment where they feel supported and valued. Studies have shown that work environment is the most important factor in employee satisfaction; so maintaining a positive working culture is imperative.

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So, what do we mean when we talk about workplace culture? In the simplest terms, it’s the values, attitudes and beliefs that sit at the core of the organisation – it’s what makes your business unique. A company with a positive workplace culture is more likely to attract and retain talent, drive productivity, and have a higher rate of employee satisfaction. Furthermore, a positive working environment is linked to lower rates of stress, so you can also expect lower levels of absenteeism.

Objectives
Recognising and rewarding your employees should be a vital part of your working culture. In fact, 69 per cent of employees¹ would work harder if they felt as if their efforts were more appreciated. A reward strategy should take into account the objectives of your business and what your employees want – it should reflect the culture of your business.

Investing in growth
Providing opportunities for professional training is an essential part of a reward strategy as, by investing in your employees’ futures, you are demonstrating that you value their contributions to the workplace. Offering growth and development opportunities such as courses, workshops or on-the-job training, not only keeps existing employees happy, it also makes your business look more attractive to potential recruits.

Similarly, setting out clear objectives that can be attained to get a salary increase will mean that your employees feel as if they are working towards something tangible – progression is important to employees.

Beyond the financial
Although financial incentives such as salary increases, bonuses and commission can be a great motivator, the majority of employees – especially millennial employees – expect more from their employers. Far from being satisfied with the standard wage and holiday allowance, employees look for comprehensive benefits packages that offer attractive perks. In fact, 48 per cent of employees would leave their current job for one with better benefits².

Personalised perks
Employee perks and benefits are an effective way to improve morale. However, you need to offer perks that your employees will actually want to use for them to act as a motivator. Consider exactly what it is that you are trying to reward your employees for, or what their issues at the workplace are. For example, are your employees frequently working overtime? Consider offering flexible working hours and the option to work from home every now and again, to improve your employees’ work-life balance. Some benefits will be universally appreciated – for example, a Health Cash Plan that supports employee wellbeing and covers everyday healthcare needs to address health issues before they potentially become chronic – as you will be showing your employees that you care for and support their health.

Compensation, benefits and appreciation are key elements of a reward strategy to drive employee performance and reach your business goals. A positive working culture where employees feel happy, supported and appreciated is integral to the success of your business as they will be more willing to go above and beyond.

This article is provided by Health Shield.

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