You may not realise how much you rely on your top employees until they leave for greener pastures. When you've invested in training and developing the perfect team, losing members can materially affect productivity and slow your growth for an indefinite period.

It comes as no surprise that more businesses are embracing employee rewards and recognition programs to help their staff feel valued and incentivise them to give their best. Here are 5 reasons why you should consider introducing an employee rewards platform in your organisation.

1. Increase engagement

Lack of employee engagement is one of the biggest problems many businesses deal with when it comes to retaining and motivating staff. Employees who don't feel engaged in their work are less likely to excel and more likely to jump ship if they find a better offer.

Reward and recognition schemes can show every member of your team that they are valued and encourage them to take pride in their work.

2. Encourage teamwork

As well as motivating employees to achieve their personal goals, reward programs can also promote teamwork and collaboration across departments to help unify your business.

An employee rewards platform can automate rewards for you, as well as remind you about birthdays, anniversaries, and other opportunities to show your appreciation for your hard work. 

3. Retain employees

Recruiting and onboarding new employees can be expensive and time-consuming. If this is a problem you deal with on a regular basis, reward and recognition programs can improve employee retention – by as much as 21%, according to Sodexo's Workplace Trends Report 2015.

The cost of implementing an employee rewards platform is insignificant next to the cost of retaining talent rather than losing it to the competition.

4. Attract the best candidates

Recent graduates and other job candidates expect more from their prospective employers every year. Simply offering a competitive salary is no longer enough if you want to attract the best talent over competitors.

When you do need to hire new personnel, having a transparent rewards program in place can make your vacancies more appealing to the high standard of applicants who will add value to your business.

5. Build a positive culture

Even more than salary, workplace culture can make all the difference in attracting and retaining employees.

Employee rewards schemes do more than offer financial compensation – they also help to create an open and positive environment where your team can feel valued, respected, and happy.

Why use an employee rewards platform?

Rewarding hard work has been made simple and efficient with dedicated reward software that can be customised to your needs.

Barclay Pearce Capital's client My Rewards International Limited is a leading provider of loyalty, reward and engagement programs for businesses and consumers in Australia.

Founded in 1999, My Rewards International provides customised white label solutions to help organisations build meaningful relationships with their employees, members, and customers. They now serve more than 4.6 million members with discounts and special offers from a network of over 4,500 suppliers. These services are delivered through a self-managed cloud-based eCommerce platform.

The My Rewards IPO is now live

Barclay Pearce Capital is pleased to be acting as lead manager for the IPO of My Rewards International Ltd. The prospectus offer is for the issue of 25,000,000 fully paid ordinary shares at $0.20 (20c) raising $5,000,000. The Company will accept oversubscriptions of up to $2,000,000 issuing an additional 10,000,000 shares.

To learn more about the exciting investment opportunity My Rewards presents, subscribe to the company's chairman's list