Loyalty & Reward Tips
Many employers see reward programmes as an extra cost they can no longer afford. However cutting back on such activities can have a negative effect on morale can may result in disloyalty at a time when the business can least afford it.
Many employees are in fear of losing their jobs due to the current economic climate, leading to increased stress and in some cases, an increased workload due to a reduced headcount. People remember being treated poorly so looking after your staff and recognising their hard work is the best way to keep a loyal and quality workforce, saving you time and money in the long run.
Follow Inconnection’s top 5 tips to ensure you get the most from your reward programme:
1. Align your programme with your business objectives
Every company needs objectives but these must be realistic and reflect the new business reality, objectives based on profit margins from 2 years ago will be unachievable. In addition, other objectives have become increasingly important, such as retaining existing clients and improving service levels.
At Inconnection we create bespoke reward programmes to align with your company objectives and encourage your team to achieve the targets you set. The rewards don’t have to be expensive, even small budget rewards have huge motivational benefits. Over the past few years we have seen a significant rise in small UK-based events, such as a team meal and concert tickets with an overnight accommodation.
2. Communicate
Once your reward programme has been finalised, the framework should be clearly communicated to all personnel. Existing platforms can be used to publish information and inspire your staff – your intranet, social media sites and newsletters are all simple yet interesting ways to communicate your message.
Methods of measuring your ROI should also be outlined at this stage. This will enable you to track the success of your programme and to make changes where necessary to ensure the desired results.
3. Be flexible
Schemes need to be flexible; the past few years have demonstrated just how quickly a business’ situation can change can change and objectives need constantly reviewing to suit your business needs.
Similarly, rewards need constantly refreshing to keep staff motivated. The most effective rewards are issued quickly and are relevant, impact is lost if there is a long gap between earning and receiving.
4. Be sensitive
If redundancies are made in one area of your business, it can create mixed messages if you are simultaneously rewarding staff in other areas. Once big decisions are made and implemented, set new targets for remaining personnel and reward achievements with team building events. This will help to strengthen relationships between the remaining personnel.
5. And finally…be smart with your budget
Avoid only rewarding one element of your business e.g. don’t just reward for sales, reward for good service delivery and customer satisfaction as well. This gives everyone the opportunity to shine and be recognised for their hard work, building motivation across the whole team.
At Inconnection we motivate, reward and incentivise your key people. That’s what we do best and we have the expertise to deliver exceptional results and help you achieve your business objectives.
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