The IRF reported that 84% of all U.S. businesses are using non-cash awards, and their executives are recognizing this as a competitive advantage. Among those non-cash awards programs, employee recognition is at the top. These kinds of programs can be critical in motivating employees to meet their goals, as well as those that extend beyond their typical job scope.
Interestingly, the IRF reported that the most common objective of employee programs is improving morale, productivity, and customer satisfaction. If you are looking to improve those aspects of your business, employee recognition is a great place to start.
As we are in the throws of the holiday season, non-cash awards, such as gift cards, are especially motivating, and account for 71% of employee program award types. They offer choice and flexibility in rewards spending. Another effective way to utilize non-cash awards is implementing a points-based program where employees earn points and redeem them for merchandise, prepaid cards, and gift cards.
Marketing Innovators maximizes your choices with options from more than 200 top retailers. Our awardvouchers allow you to recognize your participants how they want to be recognized. It can be completely customized to fit your budget and needs. Our platform caters to recognition and incentive programs, service anniversaries, and on-the-spot recognition.
It is important to not only recognize and reward those top-performing employees, but also offer the opportunity to your other employees. Knowing that the awards are attainable maintains motivation across all staff. In addition, it is important to ensure your program’s effectiveness.
Top performing companies also use their data and analysis to drive decisions in employee programs. A study cited by the IRF reported that the three performance metrics that are most often used to evaluate the effectiveness of an employee recognition program are productivity, employee tenure, and employee satisfaction. Frequent and consistent check-ins for employee feedback can go a long way in assisting you with this.
If you are ready to jump on board with non-cash awards and boost your employee recognition programs, give us a call today.
TheIrf.org: Designing for Successes: Effective Design Patterns for Employee and Sales Programs. October 26, 2017.