How To Boost Corporate Innovation
Surprisingly, we've found that fixed pay (salary) and individual performance pay have little affect on innovation, while variable group pay and indirect pay (employee benefits) have a much stronger impact.
Evolving Past Employee Loyalty
Employee loyalty is harder and harder to come by these days. And it has been for a while. There's no such thing as working at the same place for 30-40 years and retiring with a pension anymore. So how can employers keep employees engaged and hungry for more within their current company?
You reward them. However, the rewards are no longer for longevity. No 5, 10 or 20 years of service luncheons. Since employee loyalty is no longer a motivator, with the average junior employee holding a single position for only an average of 18 months, it's time to evolve past employee loyalty.
Identifying desired behavior and rewarding execution and consistency is the new "loyalty." You can't help that careers are ever-shifting and people get restless (which is more encouraging in today's job market). So worry about what you can control. Make your employees the best they can be, and when they are, reward them for it. Use what is beyond loyalty, short term performance, to motivate your staff toward organizational goals. Employee loyalty doesn't need to be paramount to run a team full of people working well together towards a common goal. If longevity isn't in your organization's 2015 outlook, don't panic. Just find employee motivators you can control and look to performance, even short term, to reward employees for good work.
Dangers to Avoid When Gifting Gift Cards
It’s no secret that gift cards are the most popular item on almost everyone’s wish list this year. Innovations in the gift card industry have made gift cards more secure and easier than ever to use. The average gifted gift card is around $50 and the most popular categories are restaurants, department stores, and coffee shops. Though your gift card will be a well-received gift, there are a few things you should know about this year’s gift cards before you make that final purchase:
Gift Cards + Smartphones= Mobile Payment Adoption?
We are about a quarter of the way through a very intense holiday shopping season. It's time for a check in on what
consumers are talking about buying, and what devices they are talking about buying them on. What consumers do this holiday season is a good indicator of how employers can and should distribute gift cards for employee rewards next year. According to a
new study from
InComm, a point of sale provider, 74% of consumers are planning to buy a digital gift card this year. Even more interesting is that 90% of millenials (shoppers 18-35) indicated more interest in digital gift cards this year than in 2013.
Fun fact: Gift cards came in 2nd, topped only by clothing for the gift internet users plan to give this season. If the post-holiday numbers hold these predictions true, we could have the catalyst for the shift to mobile payments. While some of these digital cards will be used for online (desktop) purchases, 79% of millenials have interest in using gift cards on their phones. If consumers use gift cards on their phones, it may reduce the anxiety about mobile payments. However, more immediately, it may provide a more convenient delivery method of employee rewards. Delivering gift cards directly to smartphones and tablets helps prevent lost cards and unused rewards, reducing the trophy value and lasting memory of the employer's investment.
