CEO, Matt Norbury, Shares Why Investing in Employee Reward and Recognition Schemes is Good for Business

Today’s workplace culture is constantly evolving. Organisations are increasingly challenged by the demands of human resources. Among the strategic developments that have been implemented in response to these challenges is the adoption of employee rewards and recognition programs.

We reached out to Matt Norbury, an experienced entrepreneur and advocate of building a positive workplace culture for insights on this matter. With nearly two decades of experience in technology start-ups and a commendable track record of raising over £20 million in venture capital, Matt Norbury brings a wealth of knowledge and experience to the table.

We had the pleasure of hearing his expertise in employee rewards and recognition programs, whilst exploring compelling statistics, and actionable strategies by the UK entrepreneur which promise to revolutionise workplace cultures.

Understanding Rewards and Recognition Programs

Employee rewards and recognition programs serve as strategic initiatives to celebrate and acknowledge the invaluable contributions of a company’s workforce. These programs are meticulously designed to uplift morale, foster motivation, and enhance engagement by offering incentives, accolades, or expressions of gratitude for outstanding performance, unwavering dedication, or significant milestones achieved by employees.

The Impact on Company Performance

The statistics regarding the positive effect of investing in employee rewards and recognition programs truly speak volumes, painting a vivid picture of their transformative power in driving organisational success:

• Businesses prioritising employee engagement outperform their competitors by a staggering 21% in profitability.
• Meta-analyses reveal a remarkable 27% improvement in employee performance attributed to using competitive reward programs.
• A resounding 83% of HR leaders confirm that utilising employee recognition programs strengthens organisational values.
• The correlation between recognition and financial performance is evident, with as little as a 15% enhancement in recognition translating to a 2% increase in margins.
• There is also a strong correlation between recognition and employee energy, with organisations seeing an increase of 14% better employee engagement, productivity and customer service compared to those without.

Fostering Engagement and Productivity

Beyond utilising reward and recognition schemes to improve company performance, they also enable your business to create a culture of engagement and productivity:

• Organisations boasting highly engaged workforces witness a notable 17% increase in productivity.
• A well-crafted recognition program can lead to an impressive 11.1% increase in average employee performance.
• The productivity, performance, and engagement metrics of organisations with recognition programs are on average 14% higher than their competitors who lack such initiatives.
• A simple gesture of gratitude from a figure of authority can boost productivity by a staggering 50%.
• There is a clear correlation between recognition and engagement, as companies with robust recognition strategies are 48% more likely to see high employee engagement rates.
• An overwhelming 78% of employees are motivated to work harder and with greater enthusiasm when their efforts are acknowledged and rewarded.

Implementing a Reward and Recognition Program

Improve your workplace culture, productivity and performance by implementing a bespoke reward and recognition program, below are 5 key steps to consider when creating one for your employees.

1. Define Clear Objectives: Begin by defining the specific goals you aim to achieve with the program, whether it’s boosting morale, enhancing productivity, or aligning employees with organisational values.
2. Secure Leadership Buy-In: Gain support from top-level management and key stakeholders to secure the necessary resources and formulate a budget.
3. Tailor the Program: Recognise the diversity within your workforce and tailor the program to resonate with the organisation’s culture, values, and employee preferences.
4. Communicate Effectively: Launch the program with a comprehensive communication strategy, ensuring all employees understand its purpose, the criteria for recognition, and what benefits they are entitled to.
5. Measure and Evaluate: Implement robust tracking methods to measure the program’s impact and gather feedback from employees, enabling you to amend and adjust the program over time.

The Each Person Effect

Led by CEO Matt Norbury, Each Person has undergone a remarkable transformation, transcending from its origins as a simple coupon company to emerge as a comprehensive rewards and recognition platform with a mission far beyond the simple thank yous. For example, Each Person stands out as a pioneer for employee rewards and recognition platforms, deeply committed to combating climate change through tree planting initiatives.

Each person contributes to positive climate outcomes by supporting eco-causes that align with their people strategy and the planet. To reflect Each Person’s commitment to their eco initiative, they also donate 5% of their profits back to Carbon Footprint.

Embodying a holistic approach to workplace wellbeing, Each Person serves as a bespoke platform for expressing gratitude and strives to deliver inclusive, accessible, and achievable benefits that prioritise the wellbeing of both people and the planet.