In an increasingly competitive job market, businesses are constantly looking for new ways to attract, retain, and engage employees. One of the innovative solutions that is beginning to develop is the creation of an internal currency.
Internal currency is a virtual currency created by a company to reward employees for their virtuous work, performance, and behaviors. This currency can be used by employees to buy goods and services within the company or be exchanged for other benefits such as additional vacations, bonuses, training, social benefits, participation and incentive plans, donations to associations or experiences, symbols and privileges within the company.
By creating its own internal currency, the company offers its employees an innovative experience but above all contributes to recognizing the commitment and loyalty of its employees. It allows them to enjoy tangible rewards for their work, which helps to strengthen their sense of belonging to the company and to improve their motivation and commitment.
Creating an internal currency is an innovative strategy to recognize and reward employee contributions. It can offer an unbeatable employee experience by strengthening their engagement and retention.
First, creating an internal currency can help attract talent by offering more attractive compensation. Businesses can offer tokens in addition to traditional compensation, which can result in higher compensation. Potential candidates may see this as an added advantage, which can increase the attractiveness of the company and make it more competitive in the talent market. Indeed, a Deloitte study reveals that 80% of employees would be ready to work for a company that offers them personalized benefits, including flexible compensation programs.
Additionally, creating an internal currency can help engage employees by giving them a sense of ownership and involving them in the success of the business. Tokens can be used to reward employees for their performance, loyalty, creativity, or any other relevant criteria. This can encourage employees to work harder and be more involved in business activities, which can improve their job satisfaction.
Finally, creating an internal currency can help retain employees by encouraging them to stay for the long term. Tokens can be used as a retention mechanism by providing long-term benefits for employees who stay with the company. For example, tokens can be locked for a period of time and released gradually, providing an incentive for employees to stay with the company for a longer period of time. Tokens can also be used to unlock company shares.
Creating an internal currency can also help businesses create a culture of innovation and collaboration. Imagine: you could allow your employees to use the currency they earned through mentoring to buy “innovation credits” allowing them to carry out their idea with a defined budget. They could also earn innovation currency by participating in a hackathon, dropping an idea into your idea box, or working with colleagues to develop new ideas and solutions.
Creating an internal currency can also help improve transparency and communication between employees and management. Employees can see first-hand the value of their work and contributions to the business, while management can better understand the preferences and needs of their employees.
Finally, creating its internal currency can help a company promote its social and environmental responsibility (CSR) by rewarding employees for their commitment to sustainable practices and by encouraging the use of internal currency for responsible procurement. For example, a company may offer internal currency bonuses to employees who adopt more sustainable work practices, such as recycling or reducing energy consumption. By offering employee benefits in exchange for internal currency, the company can encourage employees to use that currency for sustainable purchases, such as eco-friendly or fair-trade products.
In addition, creating an internal currency can allow the company to strengthen its brand image by being perceived as a company committed to ethical and sustainable business practices. By using its internal currency to promote social and environmental values, the company can attract new customers and employees who care about these issues, thus strengthening its positive social and environmental impact.
In conclusion, creating an internal currency can offer an unbeatable employee experience. Businesses can take advantage of this opportunity to attract, retain, and engage employees while strengthening their culture of innovation and collaboration. At N01zet, we are here to help you create your own internal currency and guide you in developing an effective strategy to improve the experience of your employees. Contact us to find out more!
