If you have been working hard on employee recruitment and you haven’t been formally rewarding or recognising people, act now to protect your human capital investment.
Top-performing businesses are spending at least 5 per cent of their payroll expense on reward and recognition activities. Many businesses have spent far less and have also had great success.
HR and operational management need to show an ROI just like the marketing team but their spend also needs to be treated as an investment.
Employee recognition & reward programs can improve business performance in the areas of:
- Employee attraction and retention
- Aligning people with organisational culture and values
- Employee engagement and satisfaction
- Employee recognition and length of service
- Productivity improvements.
Sales Incentives Programs & Channel Programs can help:
- Drive sales targets and milestone achievement
- Retain ‘high achiever’ sales people
- Increase customer and brand loyalty
- Influence reseller product recommendations in the sales channel
- Improve customer service and related behaviours
- Achieve other measurable performance outcomes.
Things to consider:
- Do a few small things often. Notice people; know who they are and what is important to them. A personalised message or handwritten note can mean way more to them than expensive trinkets.
- Make sure you communicate the program. If you are spending your entire budget on the prizes and none on letting them know about the program, you won’t have the opportunity to influence behaviour.
- Many people are challenged by increasing work loads, working harder, faster and longer just to keep their jobs. A token of thanks is essential.
- Maximise what you do by following up the winners and getting them to share their stories. Manage the prize giving-process with the same dedication as you do working out who is going to be a winner. It doesn’t cost anything to put their photo and story in your newsletters or intranet.
- There is no doubt that you reap what you sow; but it’s not always about how much you spend so much as how you spend it.