How to Reward Employees without Breaking the Bank
Rewarding employees within a tight budget is a common challenge in today’s HR climate. Employees want perks and employers want to maintain employee satisfaction and loyalty without going over budget on those employee perks. Here are three ways to reward employees without breaking the bank.
Incentives Industry Breakdown 2016
The incentives industry is thriving with 84% of U.S. businesses now using non-cash rewards to recognize and motivate their key audiences. Non-cash rewards come in many forms: from award points, gift cards, incentive travel, to merchandise, and more. In 2015, businesses spent $90 billion for these rewards and sales and employees are the largest audiences targeted when it comes to these non-cash rewards.
Using Gift Cards For Employee Travel Expenses
We recently discussed how 63 percent of companies were spending more than $100,000 annually on employee travel expenses. With more and more employers using telecommuting and teleconferencing, the need for business travel has slowed down, but not by much. Employee travel has grown by about 3 percent in recent years, while the average travel budget has stayed the same.
HR Initiatives and Employee Engagement
According to the new #HRWins study done by George LaRocque, employee engagement is a top priority for HR departments. But when it comes to Finance dedicating dollars, core HR initiatives like professional development and learning and training initiatives still garner more budget than engagement initiatives.
3 Ways Loyal Employees Make Your Business Better
Loyal Employees are important for a number of reasons. It’s always better to have happy people working for the health of your business. Having loyal employees makes your business better and stronger over the long term. Here are three ways employee loyalty can actually improve your business.
