In September 2021, a report from the Financial Times found that workers in the UK were as happy in their jobs as they were 30 years ago. On the surface, this sounds positive – though, surely, as times evolve, we should want employees to be happier rather than as happy as they were in the 1990s.
Low earners inevitably reported far more stress and less autonomy in their working lives. Even though wages are rising, price increases are currently outpacing this growth when it comes to regular pay, according to Statista. With all of this in mind, the UK is in danger of reaching a crisis point.
Implementing a good employee reward system may seem like taping over the cracks somewhat in light of this, but it would be remiss to underestimate the power of allowing employees to feel a sense of belonging in their workplace. After all, your company is where they’ll be spending the majority of their week.
Adding to the Hygiene Factors
According to Frederick Herzberg’s motivation-hygiene theory, a decent wage and civil working conditions are ‘simply hygiene factors that keep employees from being dissatisfied’. But, surely, life in the workplace should go beyond merely not being dissatisfied. After all, we wouldn’t stay in a marriage if we were simply ‘not dissatisfied’ with it.
This is where an employee reward system steps in to offer incentives that ensure happiness in the workplace beyond mere satisfaction. A good system offers the perfect opportunity to attract the very best talent and to reduce issues such as high staff turnover and absenteeism.
The main factor that should serve as the bedrock of an employee reward system is a sense of flexibility and choice. The days of having a ‘one-size-fits-all’ reward for employees like a bottle of wine or a book voucher should certainly become a thing of the past.
Reward systems should also go beyond simple gifts or gift-cards. Ensuring employees have the time to be healthy within and beyond the workplace is crucial, especially within our modern fast-food culture in which the quickest and easiest solution is often chosen after a long day.
Fit Body, Fit Mind
According to YuLife, 65% of employees say that they would do more physical activity if they were rewarded by their employer for doing so. Employee rewards that account for health and wellbeing are becoming increasingly important in such a pacy and stressful environment.
Cycle-to-work schemes and gym memberships could be hugely beneficial in encouraging a healthy lifestyle. Take for instance one particular benefit from Avios, through which employees can earn points on walking, which can be spent on flights and hotels. Something as simple as this can help promote a healthier lifestyle and provide employees something to aim for.
In turn, good physical health can play a huge role in ensuring positive mental health, which should always be the priority for your employees. Once this is established, factors such as performance will undoubtedly take care of themselves. Ultimately, this is about ensuring that the reward system is tangible, going beyond the ‘casual Fridays’ and pizza lunches that do very little for mental wellbeing.
