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The Latest Incentive Industry Resources & News

What Millennials Want

Thursday, December 15, 2016

Published by: Online Rewards Employee Recognition

Do we really need a new workplace model that caters to Millennials? A recent article in Fortune magazine says “yes.” Millennials look for a corporate culture of appreciation and social value.

The reality is that Baby Boomers and Gen X also crave recognition, but Millennials are demanding it -- and they’ll go elsewhere if they don’t get it.

For a long time, we’ve known that Cash is NOT King in the world of corporate rewards and recognition: studies continually prove that employees perform at higher levels for tangible rewards. Yet many organizations continue to offer recognition programs that reward employees for just showing up, such as attendance programs and years-of-service rewards. And when they use cash as the reward vehicle, it’s easily confused with compensation.

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A note of caution: don’t try this at home! We also know that all incentive, reward and recognition programs are not created equal: the program design matters. Partnering with an experienced rewards and recognition program provider will ensure that your incentive programs are properly designed to meet your objectives, improve performance, and you won’t experience any unintended consequences.

Engaged employees are more productive employees; incentive, reward and recognition programs are proven to increase employee engagement. The reward selection is important, and the way in which the reward is presented is almost as important. A global incentive provider that offers a customized selection of online rewards can provide guidance.

If your organization is still providing plaques and pins as a reward for attendance or length of service, you may want to re-think your strategy. Contact a progressive incentive, reward and recognition provider to design an effective program that will attract, engage, and retain your workforce -- Millennials and all!

The Key to Effective Global Incentive Programs

Wednesday, December 7, 2016

Published by: Online Rewards Employee Recognition

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.

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Key Factors

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!

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