Are you rewarding your employees?
Here's why you should.
Companies spend a great deal of time and money on the development and well-being of their brands. For good reason, too. Your brand is your identity – and a positive impression can be a major factor in the purchase decision. That’s why the people who represent your brand – your employees – are so important. Every member of your staff has a role to play. From assuring product quality, to offering customer service and support, many customer-touchpoints are owned by your employees. This has led to the growth of employee-based incentive and loyalty programs.
Motivation makes a big difference.
The biggest benefit of an employee-incentive program is more motivated employees. It’s a natural result, but one that can’t be understated. In 2016, the Society for Human Resources found that incentive programs increased productivity by 52%. Enhanced motivation is a key component of that result. Your staff enjoy the opportunity to aim for something and receive recognition for their efforts.
Help boost sales and reach objectives.
While these programs can be constructed in any number of ways, often they are tied to sales or earnings. How directly they’re linked may vary. A sales team could be rewarded with movie passes or eGift Cards for dinners at a local restaurant for reaching a certain sales goal. But, rewards could also be received for things like promoting the company’s values, attending training sessions, independent business development, as well as their efforts to build team togetherness and company culture. These, while not directly linked to sales and profit, have an established link to business health. This has the ability to make employee incentive programs self-sustaining – a win-win proposition.
Retaining your talent is an ongoing benefit.
Rewards and recognition will also help you retain your top talent. Anyone who’s ever done any hiring can attest to how taxing it can be to find the right candidate for an open position. According to USA Today, “66% will stay with their current organization if they feel they are receiving the right rewards and recognition.” And, to complement this benefit, businesses with an established employee-incentive program have found it to be a helpful asset during the hiring process.
Share the development and the success.
Similar to rewarding customers, learning about what’s motivating to your employees is key to a successful program. Working with your staff to determine the structure of your program, as well as the incentives, can enhance the effectiveness. Not only will staff feel more invested in the success of the program, their input will ensure it’s rewarding for everyone.