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.
Gift Card Marketing as an Advertising Strategy
Retailers' preparation for the holiday shopping season is now in full swing, and as retailers look for last minute ways to boost their year end revenue; gift marketing becomes a very effective option. Gift marketing uses gift cards as a device for loyalty and rewards. Giving bonus gift cards to shoppers for spending a certain amount turns a gift card from a one-transaction device into a revenue boosting loyalty device that keeps shoppers coming back. It shows appreciation and gives the essential value-added incentive that shoppers look for as they shell out their holiday gift spending.
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.
Using Holiday Employee Recognition to Motivate for the New Year
All employers use the upcoming holiday season as an opportunity to recognize their employees. Whether it is a holiday party, bonuses, or rewards such as gift cards, holidays are the time to say "thank you" to your employees. But more and more companies are using the recovering economic climate as a tool to recognize employees and energize them for the year ahead. Instead of just saying "thank you" retroactively employers are now using holiday recognition to renew employee commitment and drive, and catapult the momentum into the year ahead. Boosting employee morale at the end of the year is a way to boost morale and confidence in the year ahead. "If business is moderate or down, there's an attitude that develops and you are not in a good place when you look toward the next 12 months." says Robert Preziosi, professor and chair of management at Nova Southern University. Confident employees who feel valued reduce fear and increase productivity. Does your company try to close with a boost in revenue? Do you make an effort to recognize employees to increase confidence and productivity? Let us know what your company is doing for its employees this holiday season.
For more about holiday rewards as motivation for the new year click here.
