Time & Attendance
By Jacilyn Bennett
Feb. 16, 2017
With unemployment rates hovering around 4.5 percent and millennials taking over the majority of our workforce, it’s more important than ever for employers to find ways to engage and build loyalty among their employee base. When developing a reward strategy, many HR professionals are looking not only for easy integration with existing platforms, but also the right technology and incentive that resonates with their specific employee base.
For one large employer, this task became even more difficult as it struggled with rewarding employees in all different roles — from the accounting team to the manufacturing floor — and across several countries. In previous years, recognition was fragmented and inconsistent, especially during the holidays. One department would give its team members a ham, while another department might get a tin of popcorn or a physical gift card. Departmental budgets varied and a disjointed approach made it hard to keep track of the incentive program.
In this situation, the company was looking for a gift that made sense for their employee demographics and allowed them to consolidate their approach cross-departmentally for their annual reward. They landed on a digital, virtual gift card reward. This approach worked very well for them for several reasons:
For this program, redemption of the gift went up approximately 40 percent compared to previous years. Although this example focuses specifically on a holiday gift, the premise behind it can help to advise any ongoing reward program.
Companies can use the digital reward approach year-round, replacing outdated, clunky employee recognition programs such as collection of points. Many of these programs are difficult to manage and result in points that can be cashed in for something the employee didn’t really want in the first place.
With the majority of companies downsizing and human resources staff wearing multiple hats, the management of a complicated program alone can become overwhelming. The cost of the program overshadows the rewards that actually go to the employees — negating the overall goal of an employee engagement, loyalty and retention strategy. Less goes to the employees, which means less goes into changing behaviors.
There are several things to look for when choosing a rewards program that will truly work:
Wrap all these benefits with the ability to personalize the delivery with company messaging, look and feel, and digital rewarding is a no-brainer. By looking for the right technology, employers can implement employee incentive and recognition solutions that provide value, selection, reliability and security. These programs can inspire individual departments to meet company goals, safety goals or health goals, and they provide an instant, easily redeemable, companywide employee recognition gift.
Jacilyn Bennett has more than 15 years’ experience in the technology and marketing-based industries, with a focus on loyalty, incentive and recognition program sales. She is based in the Atlanta area.
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