How Your Company Can Make More Money by Rewarding Staff

There’s a modern movement in the business world that is constantly pushing for happy workers, increased morale and rewards for staff. For some businesses and business owners, this idea may still sound novel, but it’s fast becoming widely accepted that creating a positive organisational culture and cultivating satisfaction amongst the ranks is not just about satisfying the Human Resources Manager.

Studies and surveys are constantly upturning proof that having happy employees has a direct and positive effect on productivity and, subsequently, profit. The practice of rewarding staff in the workplace with the aim of increasing your bottom line is mutually beneficial for workers and companies alike. This works in several ways:

Rewarding staff - courtesy of ohwhatachristy on flickr

Mutual Respect

When an organisation and its management show a genuine investment in the interests of an employee, the employee will, in turn, foster a genuine investment in the interests of the organisation. This means that, by feeling the company cares about him or her personally, that worker will care about what the outcome of the work they are producing means to the company, and will work toward fulfilling the company interests. If sales are the goal, the individual will work toward better sales. If production is the goal, the individual will work toward increasing production.

For this approach to be effective, management should demonstrate care for the individual’s personal and working life. This can be done in many ways, from granting time off when applied for, to sending flowers when sick, to rewarding workers with goal-driven incentives, or even a simple face-to-face chat with management.

Training

Training staff and increasing their skill sets goes a long way to increasing job satisfaction and is personally rewarding. Workers are happier within an organisation when they feel they have opportunities to progress. Not only does this increase morale and retention rates, but this works in favour of the business too because workers are more skilled, more efficient, more capable and more productive.

Providing training for staff also opens up opportunities to recruit from within, saving time and money on external recruitment and training.

Compassion and Attention

Compassion for staff members is important for efficiency and efficacy too, not just morale. When management talk to employees and really listen to suggestions and complaints, they are able to find out what is important to workers, what they need in order to carry out their job better or more effectively. If your staff are producing results more efficiently, then your company will be saving time and money.

When these suggestions are heard and actions are taken, this also provides workers with a sense that they have the ability to change factors in the workplace, to improve practices or procedures, and to be heard on a personal level, thus increasing morale and providing a sense of ownership.

Give a Little, Gain a Lot

Small incentives and rewards programs for your workers may have a little impact on the bottom line but they can also have an exponential effect on loyalty and productivity. Loyalty will mean you save money on external recruiting and retaining with better retention rates within the organisation. Losing a staff member can make a big dent in productivity when schedules are tight and replacing them is costly and time consuming.

By the same token, when you increase productivity as a result of goal-based incentives and by generally increasing worker morale and job satisfaction with rewards programs, this means you’re producing more for less and winning out overall.

Rewarding staff will mean that your business, management and staff will all feel the benefits and the workplace will become a positive environment, not just on a personal level, but also in productivity and profit.

If you haven’t got anything in place yet, a great idea is to work with an incentive company who can help you structure incentive and rewards programs that suit your organisation and budget. With benefits so widespread, you’d be crazy not to get started right away, and your staff will love it.

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