Employee turnover is expensive for businesses. The knowledge loss from a high performing staff member can take some time to recover from. The costs of recruiting new staff can have significant impact on your bottom line.

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The research is definitive that recognising achievement and rewarding staff positively influences retention.

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However, a Deloitte’s survey of 9,400 business and HR respondents revealed that employees didn’t feel that their rewards strategy was aligned with their organisation.

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In building the strategy you’ll want to consider:

• Getting your staff involved in building the programme.

• Your company values and purpose.

• Your brand personality and attributes.

• Surveying your staff as to what they want.

• Performance related KPIs for staff, particularly how they are measured.

• Individual vs team vs company goals

• Existing partnerships and relationships you have within the business.

• How to recognise milestones or tenure.

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You’ll want to think about how to deliver a combination of rewarding activity. Whatever you choose to do, consistency is key.

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1. Ongoing social recognition and rewards for:

• Performance – individual, team and/or company.

• Contributions to culture or demonstrating the company values.

• Positive behaviour or effort.

• Milestones within the business, such as work anniversaries, birthdays or awards.

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2. Supporting your staff and their wellbeing

• Rewarding and using incentives to support the mental and physical well-being of your staff.

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3. One-off campaigns with specific criteria e.g. improvement in workplace safety, sales of a particular product

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4. Corporate discounts and perks

• Rewards, discounts and competitions just for being part of the team.

• Potential for tiered perks based on tenure, seniority or other factors.

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5. In office perks e.g. parking, birthday cakes, snacks, group lunches, Friday drinks.

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6. Training and Mentorship

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7. And probably most importantly, recognition e.g. personal letters and notes recognising individuals or teams.

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For more information why and how to get started, click through to our blog How to get started with Employee Benefits and Rewards