Staff Retention: Points Are Your New Secret Weapon
It’s no secret that employee turnover is costly. The financial burden of recruiting and retraining means it is essential to keep your company’s top talent. Recent findings from the Australian Bureau of Statics found that for the year ending in February 2022, 1.3 million Aussies changed jobs. That is the highest annual changeover since 2012!
Given the current climate, it is now more important than ever for companies to focus on innovative employee retention strategies to retain their valued employees. The question becomes, how does your company ensure the satisfaction of its employees over a competitor?
One way businesses are encouraging staff to stay with their company is by rewarding them either directly or indirectly with frequent flyer points.
What’s so special about frequent flyer points?
The use of loyalty schemes such as frequent flyer points is a smart way to reward your staff without breaking the bank. By using reward programs, your business can accumulate an enormous number of points and not have to deviate from their normal average purchases.
Which means that you can very easily implement ways to reward and incentivise staff without changing anything in your business. What you or your employees choose to do with these points is endless, which is why we have outlined a few explicit examples for you to follow.
The gift that keeps on giving
After a tricky few years, we are all pinching our pennies. Coming up to Christmas it is also an expensive time of year for gift-giving and socialising with friends and family.
By rewarding staff with frequent flyer points, staff are able to have the freedom and flexibility to choose their reward. There are countless experiences, products, flights and accommodations available.
Check out the Qantas Reward Store qantas shopping for all your staff’s shopping needs this Christmas. With a fast array of technology, appliances, homewares and more, there is something for everyone.
For example, if your business wanted to reward an employee who is a foodie, points can be used at restaurants for fine dining, cooking appliances, and cookbooks. Or perhaps you want to treat a staff member with an experience present. Points can be used to go to the cinema, spa, food and wine tours, you name it! Giving back to staff in creative ways will show that your company appreciates and recognises their good work.
Make a Formal Reward System
No matter your workplace, employee motivation and commitment play a key role in the overall morale and culture of an office. A great way to incentivise staff to work towards a goal or profit margin is by setting up a reward system.
Having a formal system in place that allows employees to accrue frequent flyer points for their work would not only bolster productivity but foster a work environment that promotes an ethos that hard work pays off.
An upshot to a system like this means that employees have a goal to work towards and are more likely to be satisfied in their roles. How formal or informal you make this system should be decided based on the existing culture of your workplace.
Using Points for Employee Holidays
You never want your staff to feel burned out and overworked. It doesn’t take a degree in human resources to understand that employees that are well-rested, perform their job better and stay in the role longer.
Companies may choose to reward employees with points for their personal holidays. Points can cover airfare, upgrades, car hire and accommodation. Business owners can either transfer staff your frequent flyer points or directly purchase them aspects of a holiday.
By gifting your staff points that they can use towards a holiday, you are are encouraging an emphasis on healthy work-life balance, rest breaks and a happier work environment.
Celebrating work milestones and anniversaries
People want to be want and deserve to be recognised for commitment. Many employers may overlook the celebration of milestones in the workplace due to cost and times. However, with a healthy balance of frequent flyer points, there is a wealth of options you can use to acknowledge employees.
By celebrating an anniversary such as a five-years in a role, you are showing your appreciation to that person and in turn may inspire other staff members to show similar commitment. Or you could celebrate your staff’s business achievements, such as bringing in a new client, a promotion, or going above and beyond on a project. Frequent flyer points are a cost-effective way of showing your gratitude towards your staff.
The beauty of using reward points is that you can be flexible in what you gift your employee, allowing the celebration to be more personal and thoughtful. Points can be used for everything from a night at a luxury hotel or resort, quality wine, gifts and so much more.
Organise a company retreat or event
All company events are a great way for your staff to bond with each other in a non-work-related environment. By using points to organise a company retreat, you dramatically reduce the costs of taking your staff away for a few days to build teamwork and boost morale. Points could cover part of running a retreat and shows your staff that you are committed to keeping the work culture fun and your employees happy.
Points could also be used to organise outside-of-work events. Whether that includes using the points to organise a meal together or team drinks, it is important for the culture of a workplace for members to have a good rapport and sense of camaraderie. Team building increases collaboration and mitigates any conflicts in the workplace. Use the power of points to empower your employees to feel that they can communicate with each other help and to build an environment where people enjoy coming to work each day.
What are you waiting for?
Implementing strategies to retain staff should be at the forefront of all businesses. Not only does it emit stability in the company, but it is also economical for the running of your business. Frequent flyer points are a commercially viable way to incentivise your staff and reward them for hard work.
Whether that be through running competitions, celebrating milestones, or simply as a gesture of your appreciation to them, by utilising frequent flyer points, you can create a happier work environment that your employees enjoy and are proud of. Rewarding staff with these incentives is a sure way to keep them happy and staying within your company.
