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Start a free trialThe concept of employee schemes has moved beyond an afterthought to something that your business’ HR strategy needs to succeed. They’re not just nice-to-haves, they are essential to keep your team members motivated, engaged and loyal to you.
Why is that? Because the modern workplace is evolving. Employees are looking for more than just a paycheck, but a job that gives them recognition and value.
That’s why employee rewards programmes are so helpful. In my day-to-day at CharlieHR, I have to decide which combination of the best employee benefits and rewards to offer my fellow team members, in a way that resonates with their needs.
How do you do that? To answer this question, I’d like to dive into some employee scheme rewards examples to inspire you with some ideas and spotlight how CharlieHR can help you choose the right employee rewards discounts to make your company a workplace where people thrive.
An employee reward scheme is a way of rewarding your team members for the work they've done.
That can be because they've given a very impressive performance, or simply because they've been with you for a long time.
Regardless of the reasons, employee reward schemes are here to celebrate your team members in whatever they achieve – whether that's in a monetary or non-monetary way.
Employee reward schemes work differently depending on the company implementing them, but they always align with what the business goals are and how much emphasis they want to put on employee value.
It can be a great way for employees to feel recognised, and make sure the productivity is kept up throughout the year and that no one feels left behind.
But how does it work exactly?
Employee schemes can be based on different achievements:
Following this, you can then decide to implement different types of employee reward schemes – and it's not always about the money.
While some employee rewards in the UK are monetary, others are more quality-of-life enhancements that improve an employee’s day-to-day in the workplace. I’ve listed out some of the most effective employee rewards below:
When you’re an HR associate juggling the needs and priorities of your company and your team members, the most valuable asset you have is your people.
How do you show that you value them? You do that with employee rewards. They’re not just the right thing to do, they show your employees that you value the work they do and give them a reason to stay. That leads to outcomes that benefit everyone, such as:
1. Higher engagement and job satisfaction: When employees feel valued and acknowledged, it makes them want to go the extra mile.
2. Attract the best talent: When employees look for jobs, they look beyond salary packages and at the perks and rewards that enrich their lives somehow. A robust rewards programme can set you apart from your competitors.
3. Foster a positive company culture: Rewards that build in peer-to-peer recognition in some way can promote a culture of collaboration and appreciation.
While the benefits of employee rewards programs are obvious, small businesses grapple with the challenges of implementing them with tight budgets and limited resources. How can small businesses give rewards that compete with larger corporations?
There is good news. Effective rewards programmes aren’t just about extravagant perks or big, meaty bonuses. They’re about recognition and mutual respect. Even with a small budget, small businesses can make impactful employee rewards strategies in a way that is aligned with their team. They can also make sure they have a good small business employee pension scheme, for example – more info in our guide.
The key here is to know what your employees want, and then tailor your employee discount scheme accordingly.
A 2018 study by Glassdoor showed that employee benefits and perks drive employee motivation and satisfaction in a way that results in tangible, positive business outcomes.
Larger corporations might have deeper bank accounts they can use to dish out more posh perks, and smaller businesses have more flexibility and adaptability to give a personal touch to offer tailored non-monetary rewards. This can help them compete when attracting the best talent. A good example of this is CharlieHR’s Perks for work, which gives your team access to thousands of offers and discounts at popular brands - at no extra cost to your business. In fact, CharlieHR is the only HR software with a perks platform included in its standard pricing.