Latest Benchmarks for Employee Rewards
Latest Benchmarks for Employee Rewards
For a growing number of companies; the next step in the employee engagement continuum is to translate the emotional and intellectual connections they have built with employees into more tangible outcomes. 2014 Trends in Engagement, Incentives, and Recognition as per theirf.org found that businesses that had invested in building, what some call a “culture of appreciation”, are now looking for employee engagement to manifest itself into more immediate, recognisable and revenue-related results.
Some such outcomes include:
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Brand authenticity
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Effective change management
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Efficient cross-company collaboration
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Front-line innovation within the workspace
Theirf.org also states that in our knowledge-driven economy, employees are the drivers and keepers of the brand’s promise. In the business to consumer sphere “satisfied customers are worth more”, they purchase more and remain loyal even in the face of modest price increases. In a talent-driven economy, employees are the critical variable in the customer-equity calculation. Organisations also wrestle with the impact change has on their operation. Most change initiatives fall short of the mark, with only a small percentage yielding the type of impact senior management had forecast.
According to McKinsey of the Incentive Research Foundation, most change initiatives fail not due to a lack of thinking through the technical considerations; rather, most failures are the result of targeted employees not receiving enough rationale and personal motivation to embrace the change. As organisations become more virtual in structure, they have become hungrier for new ways to build trust, teamwork and camaraderie.
Engagement as an aspiration measure is shifting focus and becoming a way to drive better outcomes. Results matter and driven engagement efforts represent a new opportunity for incentive travel and recognition programmes for more tangible outcomes.
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Source: Theirf.org
Tags: Employee Rewards, Nomination Programme, Reward and Recognition