Artificial intelligence (AI) has made many business processes and initiatives easier. From chatbots that improve customer service to programs that help to analyze data better and faster, artificial intelligence technology is changing our business landscape.
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.
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):
Can being charitable and “giving back” attract and retain employees and increase customer loyalty? Research suggests that it does. Charitable giving also plays a role in employee reward and recognition programs.
What’s in a Brand?
Just about everything we consume has a brand name on it, from our favorite breakfast cereal to the car we drive to the cellular service provider we choose and everything in between. A brand name tells us exactly what to expect when we buy that product or service or interact with that company. That’s why it’s SO important that we are true to our brand in every touch point with our customers, and also with our employees. Why would our reward & recognition programs be any different?