If you’ve waited this long to create a “Total Rewards” program that recognizes and rewards your employees in order to keep them more engaged at work, it’s ALMOST too late!
The effects of the pandemic have come at employers in waves, and some of the largest and most disruptive waves are still on their way. As Gallup points out in this article, employees these days have more options than ever and one of those options for many is simply to retire.
Look around your organization and you’re likely to see the early effects of retirements (and turnover as a whole) and ask yourself, “How much does it cost the company every time we lose a valuable seasoned employee?”
If you have never put a properly structured employee recognition/rewards program in place, you’ve lost the opportunity to blunt this first wave, but if you put one in place now you can at least stem the losses going forward and set your company on the right path for the future.
The 'Great Resignation' Is Really the 'Great Discontent'
Very! Gallup reports that U.S. workers are among the most stressed in the world: 57% of North American workers (U.S. and Canada) report feeling increased stress as a result of the COVID-19 pandemic, compared with 43% globally. Experts predict that a focus on the health and wellness of employees will be a key predictor of future success.
In a previous post, we found that organizations that are diverse and inclusive enjoy a higher level of employee engagement. Highly engaged employees perform better, are more innovative and respond to organizational change more easily, resulting in better overall company performance.
Employee engagement is defined as the extent to which employees feel positive about their jobs, are committed to the organization and put extra effort into their work. Because organizations with high levels of engaged employees enjoy a host of benefits, company leaders are seeking any initiatives that improve engagement. A focus on diversity and inclusion can do just that.
Earlier this year, legislation was introduced in Congress that would have effectively banned independent contractor classifications under federal labor law. Those in the incentives, rewards & recognition marketplaces would have been adversely affected.
Our CEO, Brian Galonek, gave the Keynote Address to the Institute of Electrical and Electronics Engineers (IEEE) virtual conference, outlining the strategic path to employee engagement, and how increased engagement impacts safety and wellness.
Because we’re in the business of helping companies improve business, we are especially skilled in structuring effective employee programs that improve engagement, increase sales and achieve other metrics and improve business in general. (There are many reasons why improving employee engagement is beneficial.) This recent article suggests that some company leaders may be unclear about the difference between corporate gifting and properly structured employee incentive, recognition and reward programs.