6 Keys to a Successful Incentive Rewards Program
According to a recent Gallup poll, over 75% of employees 18-34 link their future to a company that offers non-cash incentives. Companies with above average employee engagement see higher profits, sales, customer loyalty, productivity and stock returns.
Every successful reward experience is all about reinforcing positive connections. A well designed online program can create excitement, build trust and motivate personnel within an organization, and let’s face it, who doesn’t want to feel appreciated for their efforts?
Below you will find 6 key points to consider when building a successful incentive rewards program…
- Launch Time! - Positive buzz surrounding the launch of a new incentive program is critical to how well it’s received and how engaged the employees will be. Having high level personnel announce and champion the program will help to build that crucial starting momentum.
- Consistency is Key - Incentives must be awarded regularly and as close to the achievement or desired behavior as possible. Making employees wait too long or too far apart for opportunities to earn rewards can cause a program to fizzle. Consistent and positive recognition will help to keep participants invested.
- Show me the good stuff! - Offering a wide variety of name brand products across multiple categories will help maximize employee engagement. Empowering an award winner with the option to select a gift using the hard earned points they have achieved will ensure their moment of accomplishment is special. Variety is the spice of life...
- Work SMARTER, Not Harder – Design the incentive program around the SMART method of goal setting, making sure the program is Specific, Measurable, Attainable, Realistic and Timely.
- Don’t Cross the Streams! – All successful incentive programs are based on increasing employee performance and engagement. The criteria for any incentive reward should be linked to exceptional performance, not expected behavior. Following this method will create an environment of motivation and increased morale, not entitlement and indifference.
- Psst… - Frequent and consistent communication throughout the duration of the program will help maintain awareness and interest from the employees. For an added touch, have an employee’s manager personally deliver the reward to the employee during a meeting or public setting. Doing this will positively reinforce the investment from the organization and further the commitment by employees to see the program succeed.