Attracting and Retaining High Performance Employees
86% of businesses use employee recognition programs. Rewards and incentives can spur sales, improve retention and employee loyalty, and raise productivity. The Incentive Research Foundation (IRF) reports that incentives can attract and retain good employees, boost team performance by as much as 44% and increase individual productivity by an average of 22%.The right kind of recognition program can provide staggering benefits to an organization. In a recent WorldatWork survey 90% 0f businesses indicated that rewards and incentives improved length of service, 79% of respondents indicated rewards incented employees towards "above and beyond" performance, and 43% of respondents indicated that incentives led to peer to peer recognition. This kind of data reveals that creating programs for employee rewards, recognition and incentives is a small investment that reaps significant returns. Not only keeping employees happy, but creating a work environment where the employee appreciates the company can lead to longer and more prosperous employee employer relationships. Ensuring that these rewards are properly and often communicated from the employer to the employee using different modes of communication such as a company intranet, email, bulletin boards, and the like help to remind employees constantly of the appreciation of the company for their hard work and dedication. Measuring success and gauging satisfaction of recognition and rewards programs is another important way to ensure that as an employer you keep your employees engaged in these programs is important. Rewards do not have to be big, rewards can range from small spot rewards such as a gift card, and can extend all the way to more valuable incentives like a trip or extra time off.
For more tips on engaging employees in rewards programs that drive performance check out this Business Management Daily article.
Helping Employees Cut Daily Costs with Gift Cards
U.S. workers are spending $5,620 a year on WHAT?
The answer might surprise some, but for many, it’s not a shock—coffee and lunch. According to one estimate, the average U.S. worker spends around $5,620 to $7,700 annually on these everyday expenses. If you’re thinking this seems high, consider the costs of your daily coffee run and lunch break. They add up fast.
Engaging the Activist Employee: Workplace Engagement & Corporate Social Responsibility
As the workforce continues to evolve, so do employee expectations for engagement and corporate responsibility. Today's "activist employee" isn’t just looking for a paycheck—they want to align with companies that reflect their values and take meaningful actions on social and environmental issues. Recent trends suggest that effective employee engagement is increasingly tied to how companies support causes that matter to their employees, creating opportunities for deeper connections between staff and the organization.
Remote Employees Becoming All the Rage
Does your company work in the cloud? According to a new Elance Report the number of businesses seeking to hire online contractors doubled in 2011. 83% of the small businesses surveyed by Elance said they plan to hire up to half of their workforce as virtual in the next 12 months. GiftCard Partners was built on a virtual model and has been recognized for its ability to function in alternative ways, free of the constraints of a 9-5 office atmosphere. Here are Elance's predictions for the 10 most popular online jobs going forward
Are You Getting the Most Out of Your Benefits Package?
SmartBlog on Leadership reports that only 1/3 of people feel that their company does a good job communicating their benefits to them…these companies are leaving a great company investment un-leveraged. The benefits and incentives, such as the voluntary health and wellness programs you offer, are a huge asset to your company not only when recruiting, but on an ongoing basis for retaining employees and maintaining employee loyalty. "Loyal employees aren’t necessarily those with the most expensive benefits. Rather, they’re employees who understand how to get the most value from their benefits because they received clear, open communication year-round. Employees who think their benefits communication educates them effectively are more satisfied and loyal: 71% are satisfied with their benefits, and 70% feel a strong sense of loyalty." states Jennifer Benz in
Why you should invest in benefits communication. Did you know that a strong benefits & incentive communication strategy could also reduce health care costs?
Click here to start improving your benefits & incentive communications for 2012.
