A few weeks ago my 19-year-old daughter walked in and proudly showed me the button she had gotten at work for her first year anniversary, from the well-known chain restaurant where she works at. What got my attention is that although she takes her job very seriously, she takes it as a completely temporary thing while she is going to College. Yet the little pin with the restaurant’s logo made her feel very special.
Is Cash A Good Incentive?
Although when asked, employees claim they prefer a cash prize rather than an award, cash incentives tend to be aggregated with overall compensation, seen as an entitlement and perceived as income, while tangible awards are perceived as a trophy and tend to generate positive reactions toward the item and the company.
What’s In It For The Employer?
In a recent Gallup survey of 80,000 employees, which identified 12
Workplace areas that correlated with higher employee retention, customer satisfaction, productivity and profits, employee recognition and praise ranked fourth highest on the list.
In today’s market’s conditions, where businesses might not be able to increase salaries, the best way to improve morale and performance is through the use of recognition programs.
A Case Study
A great example of an employee recognition program that proved highly effective and low cost, is one implemented for an assisted living facility for seniors, were every care giver seen going the extra mile for a resident would get a silicon wristband bracelet, imprinted with the facility’s name and a slogan praising the employee’s extra care. The results were outstanding, as employees quickly went on board with the concept of giving the best of them and feeling proud about it, with a high level of enthusiasm to “earn” the wristband. As added value, it became a strong brand reinforcement and selling point, as both, families of residents and prospective residents, would see the personnel wearing the bracelets as proof of how well their loved ones were being taken care of. This is a perfect example of a small investment delivering high returns.
Take Action
Every business can benefit for the use of premiums in a tangible way, when programs are properly implemented. If you’re thinking about putting together an employee recognition strategy, you’re better off taking the guesswork out and working with an expert that will help you develop a successful program with tangible results.
Tags: Employee Loyalty, Employee Recognition, Incentives, Promotional Products
