Employees Want Incentives To Be Accessible Online And Immediately

13 November, 2018
By G-Team in Payroll
Gpayroll payroll software blog - discussion
In a recent paper, "The Future of Rewards: How Consumers Value Rewards and Incentives" published by Virtual Rewards, a digital reward fulfilment company, research has revealed that consumers would rather receive rewards and incentives online. Additionally, consumers would want to receive them immediately.

According to the research results, majority of respondents (78%) mentioned that they would prefer to access their incentives online and right away as opposed to the minority (22%) who would want to receive their incentives via post. Additionally, three quarters of respondents mentioned that they favour companies which offer incentives - an indication that rewards play a key role in boosting a company's branding.

While the study defines "consumers" as broad term for "buyers", the concept and findings can be applied to a workplace context - in which employers can apply the results to the way they market incentives to the employees.

The study primarily focuses on the importance of brand loyalty amongst employees. Essentially, the company's brand can be its biggest asset in employee retention strategies. When employees view the company's workplace environment as positive and in line with how the company treats them, employees and potential candidates associate the company's name with positive branding. On the other hand, a negative branding can drive employees to post degrading comments about the company on social media, not to mention affecting employee retention levels as well.

Raising the company's branding

There are many ways in which a company can boost their brand to both employees as well as to potential talents.

One such way is for HR to conduct internal surveys amongst employees or departments to understand employees' engagement levels as well as their perception of the company's branding. Similarly, these surveys can be used to understand employees' preference towards salary, benefits or even the company's workplace culture.

Alternatively, companies can consider holding quarterly town halls or feedback sessions to share about the company's progress and business goals for the year. At the same time, it provides an avenue for employees to voice out feedback, ideas or even complaints that they might have.

As the compensation for talents continues, it is imperative for companies to build up their branding as part of employee retention strategies. Moreover, companies today tend to rely on word of mouth as a way to attract talent while building up their branding at the same time. If a company chooses to invest in building up its brand, it will ultimately prove to be one of the most effective strategies in attracting and retaining top talents.

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