Over Half Of Employers Still Don’t Have A Reward Strategy
New research shows that more than half of employers have not got an employee benefits plan in place for rewarding their staff.
A recent study by Sodexo has shown that a massive 55% of HR managers questioned do not have a reward programme in place in their business.
Even more worrying is the fact that 41% of those managers said that they have no plans to introduce one in the near future – only 14% stated that they did have such plans.
Employee benefits are considered as important as ever in 2015 now that staff retention is so important, particularly given that it is estimated to cost £31,000 to replace each departing member of staff – once you factor in recruitment costs, training costs and the learning curve of the replacement.
That so many organisations do not have a reward programme in place is seriously jeopardising their chances of retaining staff and thus the costs to those businesses will rocket.
In addition, those companies which do have reward programmes in place tend to have more incentivised staff which perform more efficiently. Towers Watson has calculated that revenues are 6.6% higher for companies with an incentives programme than for those without.
At DAM we are able to see just how incentivised our clients are and how the companies we work with see their retention rates rise. If you’re unsure about where to begin with implementing a rewards programme or whether your current employee benefits structure is working, we can come and carry out a free employee benefits review to help you understand.
Did you know? At DAM we are running a survey which could win you a weekend away!
By taking 5 minutes to complete our survey on the future of employee benefits you'll be entered into a prize draw to win a weekend's stay at one of Malmaison's 13 UK locations.
Photo credit goes to Got Credit