Prioritizing Employee Incentives

Good Morning SkedX'ers!

Today I wanted to share with you all another article about how increasingly important employee motivation/engagement is this year. Many organizations are taking the same strategies they use to attract and retain customers and use them for employees instead. So far only select organizations have been successful at doing so, and many are still unsure how to truly engage their employees to achieve the greatest results possible.

In a recent Canadian Incentive trends survey conducted by Berkeley Payment Solutions, 429 business leaders were polled and the results showed a large number of organizations are increasing efforts for employee incentive programs.

"What we're seeing is unemployment rates are falling and when unemployment rates fall there's usually a bit more focus on employee retention," said David Eason, CEO of Berkeley. The focus shifted from revenues to combat the effects of the recession last year to now developing employee’s true potential.

"Last year, because of the uncertainty of the economic times, people were more focused on 'We need revenues, let's drum up revenues and let's use incentives to help us do that.' And what we're seeing with the unemployment numbers falling is they're kind of taking the approach like 'OK, we've got some good people, let's make sure our employees are happy now so they stay with us," said Eason.

88% of respondents expressed increasing employee motivation/engaging employees as the top priority for the next year.  Organizations are recognizing that employee focused programs to develop their skills drives bottom-line results.

"There's lots of reasons for doing, it, lots of reasons for having a happy employee base -it makes for a fun place to work, people are incented to reach their strategic objectives, people are more motivated to help out with (increasing revenues), lots of good reasons," added Eason. Results also showed 54% of those surveyed believe employee incentive programs give them a competitive advantage over competition.

"Executives are recognizing that a motivated workforce translates into increased performance. This is directly leading to a renewed commitment to incentive programs that foster relationships and strengthen employee dedication," says Eason. Employees still feel disconnected from the incentives provided and are left feeling unmotivated, as 52% of respondents said they use merchandise as part of their programs.

As I said yesterday, monetary rewards are no longer enough to reward/recognize employees. Employees seek to be recognized for there good work and how it directly relates to achieving the organizations objectives.  We here at SkedX understand the need for an engagement program that helps build your organizations culture, to increase revenues, engagement, and retention. By increasing those three alone your organization can see a drastic improvement overall.

If you would like to learn how we here at SkedX can provide a customized engagement solution for you, please click here.

Above post contains excerpts from: http://www.montrealgazette.com/business/Employee+motivation+priority+coming+year/5076370/story.html

Above image taken from: http://empxtrack.com/blog/wp-content/uploads/2008/12/reward-employees-using-compensation-planning-software.jpg

Happy Engaging,

Aman

Did you like this? Share it: