Before implementing any type of employee rewards program into your company’s culture, you need to first consider a few important factors.

Just as investing in asset management, technology upgrades, corporate security, product development, and marketing are all important areas of running a successful business, so too is the investment in creating and fostering the right corporate culture which motivates your employees.  Without a solid corporate culture, which engages your employees, may critically cripple your goals as a company.

Among the most valuable benefits to implementing employee recognition programs into your corporate culture include:
-  Drive employee engagement
-  Decrease attrition
-  Strengthen manager-to-employee relationships
-  Improved peer morale
-  Empower employees to choose their own reward
-  Reinforces existing corporate culture and company values
-  Encourages goal setting and rewards achievements

Establishing an employee recognition program cannot only improve employee engagement and retention, but foster innovation, which will lend itself to improving the bottom line.

Popularity: 35% [?]

Share This

The days of the proverbial plaque on the wall saying, “Sales Employee of the Month” is over.  For a sales incentive program to be motivating, companies must recognize and reward their top-performers, empowering the recipient to choose their reward.

It’s not ‘all about the Benjamins’ any longer.  Cash alone isn’t enough to motivate people.  If you want to really motivate employees for exceptional job performance, remember that not everyone is looking for money. Consider giving them an experience they won’t forget, even if it’s just for one day.

Rewarding your sales force with cash doesn’t have the same impact of sales force engagement in the way that non-cash awards do.  When a sales employee receives cash, it just goes into their bank account, and they forget quickly why the reward was given in the first place.  Rather, if they were given a tangible reward, for example an HD television, every time they turn on that television or have friends over for that big game, they’ll remember why they received the television in the first place – it’s a ‘trophy’.  The most important thing to remember is that the reward leaves a lasting impression on the recipient and motivates them to continue to perform.

Popularity: 27% [?]

Share This

In today’s world, the companies who are staying ahead of the curve are moving a greater amount of resources and budget to bolstering the engagement of their employees through innovative rewards program solutions.    Properly designed employee rewards programs wrapped around existing business objectives can serve as a useful tool in inspiring your employees.

Recognize Your Employees - showing appreciation for employees who excel in their performance or stand out in the crowd can yield dramatic returns.  When the appropriate recognition is extended, such as direct from a manager, the employees feel the value they bring to the table, while inspiring those around the employee to perform at their best as well.

Offer The Right Reward - who are we to determine what is best to give someone who performs at their best as a reward.  Make sure you give them the option to choose for themselves.  Perhaps give them something to work for.  For example, perhaps a particular employee would like to get a certain handbag they have been eying in the department store for quite some time.  Each time they achieve their goals in the office, reward them points.  The employee is more likely to repeat the positive behavior to accumulate more points to eventually redeem for that handbag.

The key to retaining your valuable employees is in showing proper appreciation.  When employees feel valued, they are more likely to outperform even themselves.

Popularity: 32% [?]

Share This

How much does it cost to say ‘thank you’?  Not much.

How much is the return after saying ‘thank you’?  Infinite.

Top companies from around the world are discovering the dramatic returns on the integration of a ‘thank you’ or ‘kudos’ culture into their workforce.  Recently, global giant Hewlett Packard initiated a pilot program within their workforce.  For HP employees who volunteer within their community each month receive recognition in gift cards as a way of saying, ‘thank you’.

The program has received such notoriety that the Harvard Business School studied the program and noted, “when organizations give employees the opportunity to spend money on others – whether their co-workers or those in need – both the employees and the company benefit, with increased happiness and job satisfaction, and even improved team performance.”

When developing an employee recognition program into your own company culture, it’s important to keep a couple of points in mind:
1.  Pay close attention - to the ebb-and-flow of your corporate culture and what the motivational drivers are with your employees
2.  Don’t underestimate the power of simple ‘kudos’.  They don’t cost much, and go a long way towards appreciation.

Popularity: 24% [?]

Share This

We all get it…every company is just working as hard as they can to save money.  One strategy that has been getting bigger press recently seems to be in the department of customer rewards and loyalty programs.  Just 10 years ago, it seemed as if a customer could take their 20,000 air miles points and fly from New York over to Hawaii.  It seems now that 20,000 air miles won’t even get your bag it fly for free (antidotally - of course).

There seems to be a lot more work on the side of customers (and $$ spent) to earn any type of reward what-so-ever.  Some hotels, even are upping the number of reward points needed for a complimentary night’s stay by as much as 22 percent from last year.

It’s important for those companies who are considering to implement a loyalty program into their consumer strategies to avoid making the entire program so confusing and expensive to the end user, that they are turned off by the entire program and leave.

Popularity: 27% [?]

Share This