The Great Resignation got you down? Traditional compensation, service awards and annual bonuses are great, but they don't seem to be retaining talent like they used to. Say hello to Awardco Pay, a new, enlightened way to recognize, reward, and retain employees all year.
Awardco Pay is a brand new type of program we call Reward Compensation and it's designed to regularly reward (and retain) your employees. It's given on pay day (or as often as you choose), but it isn't given as regular salary—it comes from your existing bonus, service award, or program budgets.
Service awards and annual bonuses are a great way to say thank you, but they usually last one day. Think of A-Pay as a way to supercharge your holiday bonus or service awards program to retain good people throughout the year.
We call it Awardco Pay, but you can direct your employees to use the “pay” however you want. Give it out monthly as a way to thank and value employees regularly, or tie it in with your existing programs.
Make your bonuses more effective in a year-round retention strategy.
Celebrate and reward your tenured employees regularly.
Encourage PTO by directing reward budget towards hotels and travel catalogs.
Wellness can mean gym memberships or at-home gear. Let your people choose.
Celebrate all year with themed rewards for different months.
What would you do with Reward Compensation through Awardco Pay?
Organizations need better ways to attract and retain good people. Competitive pay, standard benefits, and a ping pong table aren't enough to set a company above the rest. Perks aren't a luxury anymore—they're often what tips the scales in your favor in the war for the best talent.
Bonuses, service awards, and incentives are staples of a healthy organization and values its people, but they have some baggage. Bonuses are given out at irregular intervals and only to certain people, service awards happen once a year (at best), and incentives are often too difficult to achieve.
Reward Compensation was designed to reward everyone. Regularly. And regularly given, Reward Compensation leads to increased employee engagement (2X), reduced voluntary turnover (31%), and increased productivity (17%). Not to mention the money you'll save when you don't have to find and replace talent you've lost. That should help you sleep better at night, right?
