What are Loyalty Programs?
‘Loyalty Programs’ refers to the additional incentives that a company provides its employee for staying with the company and being loyal towards the organization.
Implementing good employee loyalty programs not only rewards the employees, but also helps the company in multiple ways. As a satisfied employee, they are bound to spread the goodwill of the company which translates to word of mouth publicity for the company.
On the other hand, satisfied employees are also engaged employees whose productivity will be better than others leading to improved performance. As employees are the most valuable asset for any company, organizations spend a lot of time, cost and energy in training them and if they leave, it is also a loss for the company. Hence, retaining employees helps the organization too.