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.
Topics: Employee Reward Programs, Non-cash Rewards, employee engagement, Employee Incentive Program, improve employee engagement, Incentives for Employees, Motivating Employees, tangible rewards, lower turnover
The Incentive Research Foundation has recently completed a study on U.S. Federal Regulations on non-cash rewards. According to those surveyed, 70% are “extremely” or “very” knowledgeable about the tax and other regulations regarding non-cash rewards. That same percentage reports that they are proactive in their approach to program design - and change the design frequently in order to comply with regulations.
“If you build it, they will come….” Not so true today in the Casino industry. Casino operators are becoming more and more customer centric, investing heavily in customer loyalty programs in an effort to strengthen their relationship with players. Personalizing the experience will help to build an emotional connection with your players to keep them coming back and spending more.
Topics: Gaming, Non-cash Rewards, Blog, Customer experience, customer loyalty, Customer Loyalty Programs, customer relationships, emotional engagement, Holiday Gift Promotions, Holiday Shopping Event, incentives and rewards, loyalty and reward programs, merchandise rewards, positive gaming experience
According to the Incentive Federation Inc.'s 2013 Market Study 74% of U.S. businesses use non-cash rewards to recognize and reward key audiences in the form of incentive travel, merchandise, or gift cards.