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Companies with defined incentive, reward and recognition programs enjoy a higher market share, lower turnover rates, a more highly engaged workforce, higher productivity and a host of additional benefits, so it makes sense that an increasing number of companies are turning to these programs. But very few company leaders know which reward vehicles work best, understand the legal tax and regulatory issues involved, or employ staff with relevant experience to properly design programs. Yet, despite this, many still attempt to do so using in-house resources.

An article entitled Five Secrets to Motivate and Retain Employees was recently published by ThriveGlobal. The author is a career coach…but notably, not an incentive professional or specialist in the reward and recognition field.

The Incentive Research Foundation (IRF) has completed their survey of incentive buyers, suppliers and professionals in the industry to provide their merchandise outlook for 2020. Some key points follow:

What is the perfect reward for employee recognition programs that target performance in areas like safety, wellness, customer service and training?  Let’s start by defining what we mean by “perfect.” The “perfect” award would be one that is both highly desired by the award recipient and one that will easily be remembered by that recipient for a long time to come.  Without that in mind, let’s first consider what award structures do not work (and yet are still commonly used):

February 7, 2020 is the compliance date for entry level driver training (ELDT) regulation changes for new drivers. The Federal Motor Carrier Safety Administration (FMCSA) has amended the regulations, adopting a new Class A Commercial Driver’s License. This includes a theory instruction upgrade curriculum that reduces training time and costs currently incurred by upgrading a Class B commercial driver’s license (CDL) to a Class A CDL.

Attracting and retaining key talent has always been a top concern for business leaders and it is especially so in these days of historically low unemployment. Without accurate intelligence, business leaders are tempted to throw cash at the retention problem. Cash is King, right? So why not use cash to reward employees? Because research shows that tangible rewards are far more effective than cash.

Studies and experts confirm that companies with higher employee engagement are more profitable, have lower turnover, higher shareholder value, greater productivity and more. Companies with a positive corporate culture enjoy higher levels of employee engagement and better attract and retain talent. In the years since these initiatives have surfaced in corporate America, Human Resources has typically been charged with both increasing employee engagement and building a positive corporate culture. Are these initiatives better suited to the Marketing department?

At this time of year many individuals and companies are exploring new or updated health insurance programs. Insurance companies offer significant benefits to companies that have documented wellness programs, so companies are making a significant investment in improving the health of their workforce. A study conducted by Fidelity revealed that over half of employers (56%) offer a wellness program to their global workforce, with 40% of the budget directed at incentives for employees to participate.