When you are managing a busy company you have enough on your plate day to day without worrying about anything that may be considered out of the box – the way that I once considered a rewards program. It was difficult enough to manage all the day to day happenings of employees without trying to manage their future prospects but in retrospect I saw that I had the whole thing wrong. I was not looking at the bigger picture – I was only focusing on getting through the day; and in the end I probably cost myself some really great employees as a result.

I had never considered incentive programs but it was brought to my attention in a management conference that I attended; a way to reach out to employees who may feel slighted and passed over by the company and a way to reward good work which we had really failed to do appropriately in years past.

I finally slowed down and took the time to really think about what I was doing. By implementing an employee incentives program I could maximize the initial investment by keeping those employees that are paramount to growing our business; the employees that will ultimately mean our long term success. It didn’t take long to realize how important a program this could ultimately be for my business and how I had failed to realize its potential prior to this.

I immediately set to work putting together our own rewards program that would recognize hard work with appropriate tiered prizes. By taking this small step I could not only address the day to day operations of our business today but I could address the future viability of our company for years to come. This was about establishing good habits and I was ready to do it.

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While I love the company for which I work I can say with all honesty that we are more than a little behind the times. I have worked there for twenty years and now, in my role in management, I have made great strides in pulling this company into the new world of business. I have just managed to computerize everything so you can see the dilemma that I face on a day to day basis. But I have to say that everyone has been very open to what they consider to be new ideas and happy to have the guidance that I have offered.

What I’m on to next is the implementation of an employee rewards program that will recognize workers for meeting certain objectives that are presented to them as a part of the incentive programs companywide.

This is not to say that our employees are ignored or that we don’t appreciate what they do. But we have absolutely fallen into an unhealthy pattern over the years. The owners do not come from a generation that gave bonuses let alone offered incentives and as the business got busier there was less time to offer up personal recognition or to pat a guy on the back so to speak. Incentive programs will allow us to that.

The rewards program that I am implementing will include a variety of tiered prizes that employees can win when they reach identified goals. This will allow us to track progress and reward particularly stellar performance. I also think it will go a long way to raising morale and getting a higher level of production from our staff. At the end of the day we all want to do the best that we can but if we don’t hear anything about our performance it’s like working in a vacuum. Incentive programs can put us back on the right track.

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In the last post we talked about the challenges facing businesses right now as they calculate the costs of the services available to them and weigh that against what they are likely to get in return. Return on investment is a huge thing right now with everyone watching their budgets so carefully. Companies want to know that they are doing all they can to remain profitable and efficient.

As we discussed previously, employee recognition programs may appear to be just another bell or whistle on which to spend some money; but in reality they can completely transform the face of any company. They are well worth the cost as seen in the many benefits they bring to the table. Some of the benefits we have already discussed include their role in helping to decrease employee turnover, as well as their role in helping to define goals for employees who know they may be eligible for a particular tier of prizes if they reach a specific objective.

Some of the other benefits of an employee rewards program include:

• Increasing employee morale. When you do what you can as an employer to raise the morale of your troops you will see the benefits in the work that is being done. Happy employees mean more productive workers and more productive workers mean a higher quality of work.

• Reducing time off. When employees are unhappy they tend to take more time off from work reflected in sick and personal days. While everyone deserves a vacation and time off when they are sick, incessant use of days off can slow production considerably. Happy workers who know that their work is being recognized by  incentive programs set up just for them want to be on the job and doing their best every day.

• Improve overall atmosphere. Who wants to go to work in a place everyday where management is apathetic about workers and workers are miserable? Misery does not love company in business; bad attitudes can be pervasive. When there are goals being set and met, employees feel recognized, and management is engaged, the overall atmosphere is much improved.

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When it comes to spending money, companies of all sizes have much to consider – especially in this day and age. Economic conditions have caused us all to watch our spending much more carefully and to weigh the return on investment that we are likely to get from anything that we may be considering. At the same time, companies still need to operate; they still need to make money and pay their employees and get the job done.

An employee rewards program – a tiered recognition program that offers incentives to employees that meet particular goals – may seem like an expenditure that should not be a priority at the present time. But, in reality, the opposite is true. Spending money on your employees – even if you are not able to increase wages or offer monetary bonuses – allows companies to retain good workers and show their appreciation for a job well done. If you consider the cost of a rewards program and then consider what benefits the program provides to the company in return it becomes clear that a rewards program can offer a substantial return on investment.

So what are some of the benefits of an employee program?

• Decreased turnover. It costs money to hire and train new workers. Losing those workers and having to train additional staff just winds up costing more and can seriously decrease productivity in the meantime. An employee program can be one of the ways that companies can show their appreciation for their employees and employee satisfaction is bound to increase as a result – thus decreasing turnover.

• Defined goals. Goal setting is a significant part of running a successful business. With a rewards program you can define your goals for your employees and offer incentives for reaching those goals.

More benefits to come in the next post…

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Working for a living isn’t always a barrel of laughs but it sure does help if you love what you do. We don’t mind working hard when we are doing something at which we feel challenged, and more than that, our efforts are being noticed by those for whom we are doing all this work. Employees – no matter what their rank, salary, or industry in which they work – want to know that what they do matters; that the place where they spend the majority of their week is at least conscious of their existence. When you work in a vacuum – not getting any feedback at all – then you are likely, at some point or another, to burn out. On the flip side, employers may recognize the need to give their workers feedback but may worry that positive encouragement may cause them to anticipate an increase in salary. Companies are so worried about the bottom line that they often forget what’s really important in making sure their business runs smoothly from day to day.

Employee incentives are the perfect way to integrate employee recognition into the overall philosophy of a company without breaking the proverbial bank. Employees want to be recognized; employers want to watch their spending but still want to do the right thing. An employee rewards program allows for gifts at all levels pricewise and still gives companies the ability to reach out to their employees and let them know they are doing a good job.

Setting up an employee incentives program is easy enough especially when working with a professional company that can help organize everything according to their client’s precise specifications. There can be different tiers of employee gifts that can be adjusted at any time so that companies can adjust their program whenever they see fit. But most importantly, such a program allows companies to do the right thing in terms of their employees.

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When you think about the process of making a new hire for a company you can see how this can backfire almost as easily as it can be successful. For companies today – especially right now when things are so tight – there is a need to do things as cost-effectively as possible. It takes a lot of money to make a hire. There is marketing for the position alone and then there is the cost of taking on someone – of training them and supplying them with a competitive salary, benefits, and the rest.

Conversely, for the new employee this is a trial time period as well. They are looking around them at their new corporate home and deciding if it was what they expected and if they are likely to be able to fit in there and use their skills most appropriately. If not, they may instead choose to move on to something else.

This is a courtship phase to be sure; and no one wants to be on the unfortunate end of a courtship gone wrong. For companies that are trying to woo talented, exceptional employees they need to be able to come to the table with everything from salary to extras that will entice employees to stay and work hard for them. Employee incentives can help.

Employee rewards programs are those that are set up by employers to make sure that their employees are recognized for their work. Incentives can be anything from jewelry to trips – it is all up to the company, their budget, and the type of employee recognition program that they would like to establish.

Professional companies can help their clients set up an appropriate employee rewards program that are in keeping with industry expectations, budgetary guidelines, and personal preferences. But no matter what kind of program is chosen the objective met across the board will be the awareness by employees that their work matters and is recognized.

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When I bought this existing business last year I had no idea what I was walking into; it was right before the economy completely bottomed out so no sooner had I taken over ownership than I was facing financial obstacles that I couldn’t have imagined. To make matters worse I was taking on a staff that was less than enthusiastic about the takeover and had been treated less than stellar by their previous employer.

I was in a bind to be sure. I had to somehow gain the trust of my new employees and keep a steady eye on the bottom line. I couldn’t afford to lose financial ground and I didn’t want to come into the business and immediately begin layoffs. I needed to get my staff working hard for me right out of the gate. What were my options?

From the research that I did I found that by simply implementing an employee recognition program I could start fresh with my employees – instituting a rewards program that was affordable and was within reach of each and every person that worked for me.

I worked with a professional company that helped me to determine the best employee incentives program for my particular business and helped me set milestones for each reward. The best part was that the employee program that I chose was very affordable allowing me to recognize workers’ efforts without breaking the bank. In the future, as the company grows and I am able to invest more money into an employee recognition program I can change the rewards accordingly.

In the meantime our new employee incentives program shows my staff that I am serious about working hard and recognizing their efforts. With this small effort I am able to build a foundation that helps to foster trust between myself and my new employees; an effort that has shown in their improved attitudes.

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