The Importance of ARR
No, it’s not National Talk Like a Pirate Day (although that is one of our favourite celebration days). Rather, ARR is what should always be at the forefront of the minds of any HR department when it comes to decision-making for their people: Attract, Retain and Reward.
The employment market is a fickle thing, and it’s never enough to just offer above average salaries. You need to give people what they want in order for them to choose your business, or feel valued enough to stay.
Here we explore each of these key areas of hiring and retaining staff to give some insight into how you can improve each area with your employee reward scheme.
While it is easy for some eye-catching businesses to attract talent due to name or product alone, many businesses can't rely on name alone.
Hiring people isn't as easy as just offering the highest salary in the market; rather it’s about what else the business offers to ensure a healthy working life.
This is where your employee rewards scheme can come into play. Providing potential employees with something that helps them enjoy their time outside of the office, or helps them with their family and home life, positions you as an employer that cares about their wellbeing.
It’s easy to fall into the trap of offering novelty benefits. Let’s face it, people aren’t going to join your company because you give them free coffee or have a breakfast bar. And, thanks to the pandemic, having a table tennis table in the office sounds like more of a potential hazard than a benefit. Additional benefits need to be tangible, useful and based on what people actually want.
Employee benefits should be something a business is proud of. Recruitment company Page Personnel notes that almost half of all job adverts fail to mention the company’s benefits. Compare this with the fact that over 60% of candidates believe employee benefits are a major factor when considering their next move, and you start to see a disconnect.
To put it bluntly: offering employee rewards that you’re proud enough to shout about from the rooftops could be the deciding factor in attracting the best talent.
Another difficulty in the job market is retaining talent. It's noticeable when the team around you is clicking and working well together and, with the difficulties of hiring noted above, it's important to try and keep your team working well together as long as possible.
It’s important to remember that, with the rise in professional social media usage and the bounty of opportunities on the market, highly skilled and well-regarded employees will always be approached with new opportunities. So how can employee rewards help you retain talent?
As mentioned, the reason your staff are leaving is not just down to salary. A Glassdoor survey found that 80% of employees would choose additional perks over a pay rise. Basically, it’s important to value the people you have, and this can be expressed through meaningful benefits. It's not all about the attraction phase: you need to treat your people well when they are in the business to ensure they want to stay.
Loyalty isn’t just built over time; it’s built by giving people what they want and ask for.
This might seem similar to Retaining Talent for some, but there are differences. While employee benefits can help you retain talent across the business at large, you might want to save some additional perks for employees that stand out.
‘Employee of the month’ schemes feel a little outdated these days. A more modern approach is the ‘surprise and delight’ method of offering small perks to high-performing employees on a seemingly random basis. While focused on customers rather than employees, this infographic using Oracle data helps show how Surprise and Delight can be a truly effective rewards approach.
Finding something to reward people with can be tricky. Playing it safe with a nice coffee might not cut the mustard, and it can be challenging to offer something which meets everyone’s tastes.
Again, employee benefits can be an easy solution to this challenge. If your provider offers solutions that your people actually want to use, you can encourage higher usage of the platform and trigger random rewards easily.
It’s just about finding the right provider…
How The Mór Card Suits ARR
Mór offers The Mór Card as a members-only platform and a corporate reward scheme. Built to be different, we focus on perks offered by the best independent brands from across the country, rather than the usual suspects and uninspiring names. We partner with vendors who provide experiences, as opposed to just products. This means that your people will be able to make purchases that promote a healthy work-life balance.
What’s more, we provide exclusive corporate benefits that are designed to benefit employees. Maternity and fertility support and discounts, mental health and wellbeing, environmental guidance and resources for businesses and a host of other unique benefits help round out the platform.
You can even schedule individual rewards and random acts of kindness, a perfect way to encourage usage and provide a small token of appreciation to your people.
If you’re interested in learning how The Mór Card can help you win and reward talent, speak to one of our team.