Awardco Pay Follow
Traditional compensation, service awards and annual bonuses aren't retaining people like they used to. We've released Awardco Pay, a new, enlightened way to recognize, reward, and retain employees all year. The following article will explain what Awardco Pay is, why it's valuable, and how you can implement it in your organization.
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 a regular salary—it comes from your existing bonus, service award, or program budgets.
Instead of saving that budget for one big holiday bonus or service award (then seeing employees leave after they get it), spread that love throughout the year. We make it simple, you make it shine.
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. Below are some suggestions of how to use Awardco Pay.
Bonus Pay-Make your bonuses more effective in a year-round retention strategy
Anniversary Pay-Celebrate and reward your tenured employees regularly.
Travel Pay-Encourage PTO by directing reward budget towards hotels and travel catalogs.
Wellness Pay-Wellness can mean gym memberships or at-home gear. Let your people choose.
Holiday Pay-Celebrate all year with themed rewards for different months.
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 have long been used to put a band-aid on this wound. But 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.
How to Implement
If you’d be interested in implementing Awardco Pay or learning more, please reach out to your Awardco Account Executive, Implementation Consultant, or Client Success Manager. They’ll be happy to partner with you in helping increase employee retention at your organization.
If you have any questions, please contact our Awardco Support Team.