Is your business trying to source the best talent – and struggling? According to HiringPeople, 87% of companies have found it difficult to fill job openings in 2022. So, why do many businesses hide their rewards and recognition schemes? Why do others fail to understand how beneficial these can be for business growth?
Keep reading to learn how employee rewards transform your talent strategy and help you get the very best people on your team.
Why You Are Struggling to Hire the Best Talent.
Engage found that 8 in 10 employees agreed that employee benefits were a major factor when deciding on joining a new company. So, if you’re hiding your current rewards and recognition schemes, you could be losing out on potential talent.
There are many factors that attribute to the hiring struggle such as; remote working preferences, a rise in the self-employment workforce, and a lack of brand reputation. Hiding your reward schemes or not having these in place at all can seriously harm your talent acquisition strategy. You should also update your reward schemes to gain the greatest benefits as a company. Each Person offers a diverse and unique approach to employee perks that will make them feel more valued, and help you fill those open vacancies.
Why do Companies Hide their Reward + Recognition Schemes?
If you already have a great rewards scheme in place, like the perks we offer at Each Person, do not hide it! The majority of potential talent believe that perks are a major factor in accepting a new job. Start shouting about yours and get the best talent on your team.
Many businesses have a rewards scheme in place but do not understand the incredible influence on workplace culture, sourcing talent, and employee retention. To put this into perspective, a report by Forbes found that more than 70% of employees said “thank you” was enough to make them feel appreciated. Imagine how impactful your rewards scheme can be for hiring the best people and enhancing your talent strategy.
How Do Reward Schemes Enhance Your Talent Strategy?
The influence of employee perks does not stop there. Reward schemes also can have a direct correlation to the ease of your hiring processes. Let’s take a look.
- 1. Excellent benefit packages are a simple way to enhance your business’s reputation. This helps attract ideal employees, which leads to a well-rounded and qualified team that supports your business goals.
- 2. Rewards and recognition schemes are key in retaining your talent once on board. Psychometrics reported that companies with a recognition culture have a 31% lower employee turnover.
- 3. Great rewards help create a fulfilled and motivated workforce. This can lead to an increase in word-of-mouth marketing and future referral hires.
Each Person platform can help you hire the best talent in your industry. Our excellent rewards and recognition schemes enable your business to attract new talent and keep valuable people on your team. You can learn more about our mission to help you support your people, your business, and the planet on our website.
Do you want to find out how Each Person can help you? Contact us today at [email protected].
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Sources:
- The employee perspective, ‘Work, Health and Wellbeing Engage’, Engage Health Group – https://www.engagehealthgroup.co.uk/wp-content/uploads/2022/06/Engage-Workplace-Survey-Results-7.6.22.pdf
- ‘Recruitment News – Outlook For The Remainder Of 2022 Hiring People’, Hiring People – https://www.hiringpeople.co.uk/blog/recruitment-news-outlook-for-the-remainder-of-2022/#:~:text=87%25%20of%20companies%20are%20struggling,hire%20because%20of%20skills%20shortages
- Debra Corey, ‘Five Reasons Companies Hold Back On Employee Recognition’, Forbes – https://www.forbes.com/sites/forbeshumanresourcescouncil/2018/11/15/five-reasons-companies-hold-back-on-employee-recognition/?sh=55b3b3171fc5
- Tom Conran, 21 employee recognition statistics worth memorising, Reward Gateway – https://www.rewardgateway.com/uk/blog/21-key-employee-recognition-statistics