How does your organisation reward a job well done? Acknowledgement in a company newsletter? A simple thank you?
Some companies think that a competitive salary is enough recognition alone. But your employees don’t, and if you don’t have a robust reward strategy in place you’ll struggle to retain your best talent for the long term.
There’s no one-size-fits-all approach to reward strategy, but to achieve the best outcomes it should combine both monetary and non-monetary rewards, incentives and benefits. When well implemented, reward strategies can have a significant impact on employee satisfaction, wellbeing and staff retention.
Here, you can learn more about how pay and bonuses impact employees, why is a strong reward strategy important for your business and, how to develop a reward strategy.