We've gathered together some statistics on why a Rewards and Recognition scheme is a good thing to do for your business and employees. Struggling to convince your boss of its benefits? This is the place to be.
Keep Your Best Talent Around For Longer With Rewards And Recognition
68% of organisations with recognition reported a direct positive impact on retention, meaning that setting up a Reward and Recognition scheme shows that you value your employees enough to keep them around and engaged.
High recognition companies have a 31% lower turnover than companies with poor recognition cultures, so by spending on recognition you can save money on recruitment – and it can cost up to 20% of an employee’s salary in recruiting and training costs to replace them.
Recognise Your People And Get Them Fully Engaged And Motivated
Employees that are engaged with the company they work for tend to bring in more for their business – companies with highly engaged workforces outperform their peers by 147% in earnings per share, and as a bonus their employees are 87% less likely to leave. Recognition schemes can increase your engagement, with companies reporting a 14% higher engagement level than their competitors after implementing such a scheme.
High Return On Investment With Rewards
38.5% of companies indicate the investment in employee recognition programs represents between .01% and .5% of total payroll. Those in the “very effective” category invest .76% or more of total payroll. Overall, companies with incentives programmes commit less than 1% of turnover to the cause, so it’s inexpensive – and with Virgin Incentives that’s even more true.
How We Can Help
Our Virgin Experience Days, Virgin Gift Card, Leisure Vouchers and bespoke Events engage your workforce by being memorable. Experiences save you money by having a high perceived value regardless of the actual cost, and they give your employees an unrivalled access to the best the UK has to offer and the wider world of Virgin businesses. Say thank you with a supercar drive, say congratulations with a spa day, and reward loyalty with dinner at The Ritz – all through Virgin Incentives.
Want to find out more, possibly to hear more statistics effortlessly segued into conversation about Rewards and Recognition? Give us a call on 0330 111 3030 or email us at firstname.lastname@example.org and we'll happily take you through why our products are great for your business and employees!
- Globoforce/SHRM, the ROI of Social Recognition. 2016
- Deloitte US, A new model for employee engagement. 2015
- Zane Benefits, The Real Cost of Losing an Employee. 2016
- Forbes, Employee Engagement vs Employee Experience. 2017
- Bersin by Deloitte, The State of Employee Recognition. 2012
- Maritz Motivation Solutions, Employee Engagement and Recognition. 2017