Why are some global incentive programs more successful than others? The devil is in the details – and the right partner.
Some company leaders simply run employee recognition programs in the U.S. and ship rewards internationally. Others run separate programs in individual countries in which they have a presence. Progressive leaders now understand the value of integrating and centralizing their workforce programs as part of a total international reward and recognition strategy and employee value proposition.
Employers continue to have to compete for top talent. A 2014 Global Talent Management and Rewards study revealed that, although nearly 65% of the respondents were having difficulty attracting and retaining employees for key positions, most of the organizations didn’t even know whether their career management programs were working; only 27% monitored their program’s effectiveness.
Because of the complexity of international reward solutions, it’s important to partner with an experienced global incentives provider. Such a supplier will be able to guide you through all of the factors you’ll need to accommodate in an international rewards program such as multiple languages, various currencies, reward fulfillment in various countries, taxes, duties, and more. An international online rewards supplier will be able to offer a true global rewards catalog, often with locally sourced rewards.
As many as 30% of employees report that they are not happy or engaged in their current roles, citing the absence of rewards and recognition as the main reason for their dissatisfaction. In order for companies to achieve business objectives, it’s critical that employees are engaged. Successful global businesses understand that a total reward strategy including international rewards and recognition will attract, retain, and engage a stronger workforce. Partnering with an experienced global provider will ensure that international incentive programs will be structured effectively and produce results!