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.
I am rapidly approaching my 10-year anniversary with my company. It’s a family-owned business so already has a friendly built-in quality about it that makes it feel familiar before you even get to know anyone. I have made lifelong friends over the years – some have left and keep in touch and some are still here alongside me.
Topics: Employee Motivation, Employee Wellness, Engagement, Blog, customer loyalty, Employee Appreciation, employee engagement, Loyalty, Motivating Employees, recognition, Rewards Program, Wellness Programs
In a previous blog I talked about the importance of measuring results and I still believe that is a key component for inclusion in the creation of a program strategy. Equally as important is the need for a communications plan.
One of the most likely contributors to a failing program is the lack of a communications strategy. We have seen it happen many times – a company launches a program and then “hopes” it essentially runs itself. Many companies believe in the power of incentives, recognition and rewards but often don’t realize the effort that it takes to create, launch, sustain, and enhance a successful program over time. If a program is not communicated on a regular basis in various ways….well then it is essentially out of sight - out of mind (and the likely demise of the program). Consider the program to be the flower and the communication the water – without it, it dies on the vine.
It is not only important to create a communications strategy for the launch but also one that evolves and is administered frequently throughout the life of the program. Communications must be multi-dimensional and targeted. Similar to the need for benchmarking prior to a program launch in order to properly measure results, surveying your audience(s) about how, where, when they obtain information is critical.
For more on this topic click here to read “Great Program Communications Inspire Employees, Drive Results,” a recent white paper published by the Performance Improvement Council, of which All Star Incentive Marketing is a member.
Topics: Employee Motivation, Engagement, Blog, employee engagement, Incentive Marketing, Incentive Program, Incentive Programs, Incentive's, Incentives for Employees, Motivating Employees, recognition, Rewards, Rewards Program, Safety Incentives, Safety Program, Wellness Programs