Targeting Smaller Workplace Incentives as a Strategy
In this slow recovering economy, trends in the incentive industry are leaning towards caution and scaled back rewards programs. Safety rewards, which used to garner large incentive travel programs, or other large rewards, are now are being scaled back to much smaller incentive rewards programs. According to the latest Incentive Research Foundation survey, incentive rewards program administrators' confidence levels are down to lows not seen since 2008. The survey indicated the following specifically about travel rewards programs:
Employee engagement is down...what does this mean for your business?
It is widely known and accepted that employee engagement is critical to productivity and improving your company's bottom line. As 2011 draws to a close and we look to 2012, and a (hopefully) improving job market, employment agency Randstad released some concerning numbers this week. In their annual "Employee Attachment Index" survey, which measures employee-employer attachment, it appears that employee engagement is decreasing and that many employees are looking to move on, as soon as the market is more stable.
Are Year-End Rewards Coming Back?
As the economy starts to recover and 2011 comes to a close, more employers are bringing back the year-end reward. This often comes in the form of a bonus or a small gift. These types of rewards had tapered off during the recent recession, but are now coming back to the workplace. According to a new Careerbuilder.com survey, 40% more employers are planning to give bonuses this year, which is a 7% increase from 2010. What is almost more compelling is that 73% of that group is giving the same amount of year-end reward as last year, with 14% of employers giving an increased reward from 2010. This survey and similar research have proven that simple rewards are appreciated and motivating to employees. 81% of employees think that rewards are a nice thing to do for employees but should not be expected, so giving small simple rewards such as small bonuses, or a small denomination gift card, will still provide the motivation and desired outcome employers are looking for. So, as 2011 winds down, make your employees a priority in planning for 2012 and let them know how much they matter to your company.
To learn more about the comeback of year-end rewards check out the ThomasNet News article.
Keeping Workers Happy During Holiday Shifts
For many small businesses staying open on the holidays is a key way to compete with major retailers. In doing so, this often causes obvious strain on employees and employee relations. It is essential to the success of the company that these difficult situations are handled properly, and that employees needs are kept in mind. There are some pretty simple ways to say "thank you" to employees. When assigning holiday shifts, keep flexibility in mind. Things like allowing employees to request certain shifts or switch off holidays among employees can go a long way toward boosting morale and making workers feel appreciated. Another way to say "thank you" is by giving small denomination gift cards, as a token of appreciation. Giving small gift cards is like a small bonus, and the trophy value makes employees feel like they have done enough to earn something as a reward. This motivates employees beyond the holidays, and into the new year. Be sure to be sensitive to your employees this holiday season and it will benefit your organization long after the holidays have ended.
To read more about employee rewards and holiday shifts check out the Fox Business article.
Employee Engagement at a Low
According to a new Gallup poll 71% of employees indicated they do not feel engaged, or feel actively disengaged at their jobs. Employees that do not feel engaged are often far less productive than employees who feel engaged and connected to their position within their company. This staggering statistic is indicative of employers needing to make more of an effort to engage their employees at work, and recognizing their hard work. Tom Agnew author of "The Enemy of Engagement: Put an End to Workplace Frustration--and Get the Most from Your Employees" identifies three causes of disengaged employees: poor communication about goals and performance, resource constraints that make it more difficult for employees to do their jobs, and employees who feel that they do not have the authority to do their jobs effectively. In order to engage employees it is important to keep open communication lines, and ensure that employees know when they are doing their jobs well. Giving small spot rewards such as a small denomination gift card to useful retail outlets such as CVS/pharmacy lets employees know that an employer is noticing their work, and empowering them to do their jobs to the best of their ability. Do you think your employees feel engaged? How do you think you can engage your employees better?
For more information on employees engagement from Business Finance magazine click here.
