By Bhuvana Raghunathan
Sometimes a pat on the back just doesn’t cut it.
There are those special moments when an employee jumps in to take a shift for a sick coworker or when a customer acknowledges an associate for going above and beyond the call of duty. As an employer, those are the moments you relish and take pride in. Sometimes, you want to show your gratitude with more than just a simple thank you.
But, rewarding those employees financially is never as easy as it should be.
A recent edition of Deloitte CFO Insights illustrated the power that a dynamic and transparent awards program can have on employees. The research shows employees who receive regular small rewards are 8 times more likely to be engaged in their work. Sadly, only 8% of those polled said their organization’s rewards program is “very effective” in retaining talent, while only 6% said it was “very effective” in attracting talent, and a mere 3% said it was effective in motivating talent.
Those miniscule numbers reveal an area that is not being properly addressed, yet it can have a transformative effect on companies. A robust rewards program can boost employee engagement and that, in turn, has a direct effect on employee retention — an area that can cost companies millions of dollars in recruiting and onboarding costs.
However, rewarding an employee with an on-the-spot financial bonus can be quite a challenge for your payroll and finance teams.
The solution to an effective rewards program can be found with the simple press of a button.
As part of its award-winning platform, DailyPay, the recognized gold standard in the on-demand pay industry, has created REWARD — a solution that gives managers the ability to instantly and effortlessly incentivize their staff with on-the-spot payments for everything from bonuses for exemplary work to special incentives for picking up additional shifts.
In a time when the bond between employer and employee has been frayed because of layoffs, shift reductions and extensive new work protocols, REWARD by DailyPay gives HR executives and field managers the power to mend those relationships in a meaningful way. Plus, there is no extra work for the payroll team, and it’s the easiest, most compliant way to distribute and track rewards. This is a win-win for everyone.
Today, our employees live in a world where they expect instant everything in their lives via their phones. The instant gratification of receiving a bonus can be profound. It conveys a sense of gratitude and reaffirms their value to the organization.
It’s a way of saying thank you — in a most rewarding way.
Bhuvana Raghunathan
Head of Enterprise Product
DailyPay
