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The pandemic has given people the opportunity to really think about their jobs and what is most important to them, contributing to the current “great resignation”. Retaining employees is now at the top of the list of concerns for many business owners and managers. How are the most successful companies retaining employees?
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.
Topics: Employee Motivation, Employee Recognition, Employee Recognition Programs, Employee Reward and Recognition Programs, employee engagement, Employee Happiness, Employee Incentive Program, Reward Employees
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.
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.
Just because an employee is happy, does not necessarily mean they are productive; just because an employee is productive, does not necessarily mean they are happy. Despite generation or personality type, we should always be exploring our interests and passions to pursue our own way of life inside and outside of the workplace. That being said, our happiness and employment status are very much related. Our jobs provide opportunities for us to establish connections with others, to utilize and enhance our skills, and allow us the ability to capitalize on our strengths, which ultimately permits us to find meaning in society and achieve our goals. Studies show that happy employees achieve their goals 31% more often, are 36% more motivated in their work, and strive to do the best they can to help to make their organization more successful. In return, they anticipate recognition for the efforts behind their contribution and commitment to their company. Employers who recognize the difference between a happy employee and an engaged employee often create a positive work culture that supports a more creative, productive, and resilient work force.