What are you looking to accomplish with an employee incentive program?
Why are you implementing an Employee Engagement Program in the first place?
What do you think an employee engagement program would do for your company's bottom line and strategic mission?
Across companies, industries and organizations there are many different reasons that a company may implement an employee incentive program.
Some companies begin looking at a program to stay competitive within their industry, others are focused on employee retention, and there is a set of companies who use an employee incentive program to reward their colleagues for safe work practices.
Top 6 Objectives and Accomplishments our clients see with an Employee Engagement Program:
1. Increased Morale
Have you measured your company morale lately? An employee engagement program can ignite the fire within your employees to boost their attitude towards their work and work environment. With everyone rewarded for accomplishing company goals and displaying company values, morale will drastically increase.
2. Showing Concern for Workers
Do your employees know you care? Are you communicating your appreciation in the language that best suits that employee. If you take a macro perspective at your company, pick your top 5 qualitative contributors your company couldn’t survive without. We highly suspect that your employees are going to tie into those top 5 contributors, since employees are your best assets. Don't wait until the end of the year, an annual performance review, or a quarterly meeting to show your employees you care and value you them - foster ways to keep your best employees on your team!
3. Increased Productivity & Additional Revenue
There are several ways to become more profitable as a company: Generating revenue from new customers, capturing more revenue from your existing customers, and lowering your operational costs through efficiency and innovation. Since employee engagement programs are results and goal based, both your top and bottom line revenue will increase.
4. Improved Customer Service
Data from Gallop shows that “Companies in the top quartile of employee engagement experience 10% higher customer ratings.” We see this accomplishment on a regular basis with our clients since they're the closest to the end customer, thus our clients seeing an increase in customer satisfaction.
5. Fostering Peer to Peer Engagement
Collaboration and innovation are key elements to a business's success - often peers are the ones seeing their colleagues go above and beyond the call of duty for the good of the organization. Giving the power for a peer to nominate a colleague will foster a collaborative environment, simultaneously giving management another perspective when approving rewards.
Not only can this come in fostering safe working environments, but it's also seen with a peer taking the time to train or assist their colleague with strategic projects and company initiatives. An On-The-Spot Employee Rewards Program is a cost effective way to accomplish and maximize peer engagement.
6. Working outside of Work
A common thread of companies with an employee rewards program is that their employees are incredibly engaged. When the employee knows they will be rewarded for furthering the company mission and objectives, they're much more likely to be thinking about ways to solve problems, make improvements to the operation, or ways to increase revenue - much of this thinking occurs outside of the office.
“Companies with formal employee engagement programs experience higher annual revenue, revenue from customer referrals, attainment of annual sale quotas and improvement in annual customer service cost than companies without.” - Aberdeen
Employee Engagement Solutions:
Energy 2 Engage’s employee recognition solutions are uniquely crafted to overcome your company’s challenges and create effective motivation strategies. Not only will we help you develop a successful plan, but we will also manage the process end-to-end. E2 makes it easy for your company to implement and see the benefits!