Is a Staff Rewards Culture a Marketable Asset?

Is a Staff Rewards Culture a Marketable Asset?

If it is common knowledge that employees are a business’ greatest asset, it is also worth noting that they are hugely valuable when it comes to marketing a brand.

A company’s workplace culture can be a big selling point, and it can help turn staff into effective brand ambassadors.  But to do this, requires strategies that engage staff fully, to create a positive culture that works for them, so that they become key advocates for the business across social media channels.

One such strategy is establishing a staff rewards culture.

 

Recruitment and Retention

“If you reward and incentivise your employees it brings several crucial benefits,” explains Chris Rigby, MD of Invogue Incentives. “One of these is that it can help you retain your talented employees in the face of fierce competition.”

“While many businesses focus a lot of energy on recruiting the right people, they are not so adept at retaining them,” Chris points out.

 

“If you fail to put measures in place to retain staff, then you risk losing your ROI in recruiting them in the first place”

Chris Rigby, Invogue Incentives

 

Recent research from American Express reveals that 94% of SMEs have some sort of reward scheme in place, and that half of these businesses think that rewarding staff is a good way of motivating them.

At the same time, 44% of employees have felt that they were rewarded, and a third of them felt rewards and incentives motivated them to work harder.

“Businesses can bolster the effectiveness of their internal communications and how they engage with staff by putting a scheme in place that establishes a rewards-based culture,” Chris says. “The result is higher staff retention.”

 

The Marketability of Staff Rewards

If you learn to speak the language of your employees, and communicate with them at a familiar, personal level, you gain their trust.

“Making a powerful, personal connection with employees gives them more of a stake in the business,” suggests Chris.  “They can become a marketing resource if they feel sufficiently motivated to want to spread the reputation of the business that employs them.”

 

“Make your teams feel valued by rewarding them.  Not only can this help you retain your talent pool, but it works to help bolster outward-facing brand building”

Chris Rigby, Invogue Incentives

 

In this sense, establishing a rewards culture is a form of indirect marketing, putting the measures in place to enhance your company’s reputation.

“It’s a form of reputation enhancement, encouraging your employees to publicise your positive culture,” Chris concludes. “And staff rewards and incentives play a key part in this.”

To discover how to establish or strengthen your rewards culture, please call Invogue Incentives on 01772 751175 or visit invogue.co.uk.