Using incentives to increase engagement and retention

In today's competitive business landscape, it is more important than ever to keep your employees engaged and satisfied. A corporate rewards program that offers incentives to celebrate employees who go “above and beyond” their normal job duties is one key mechanism that increases staff engagement and retention.?

Setting up a corporate rewards program needn’t be complex, yet, there are a few things to consider.?

• Reward type. What types of rewards will you offer? Common options include physical or digital gift cards, paid time off, and bonus opportunities.
• Performance tracking. How will you track employee performance? Will you use a simple points system, or a more robust loyalty program??
• Reward distribution. How often should the rewards be distributed? Common choices are on a monthly, quarterly or annual basis.

What to Consider When Choosing Corporate Rewards Program

It is no secret that employee engagement and retention are vital to the success of any organisation. It is important to find ways to boost employee morale to keep your employees engaged and motivated. By offering incentives for employees to achieve certain goals, you can encourage them to put forth their best effort and stay with your company for the long haul.

Corporate rewards programs can be used to increase engagement and retention in a number of ways. For example, you can offer rewards for employees that reach certain milestones, such as sales targets or customer satisfaction scores. You could also offer rewards for employees who refer new customers or clients to your business.?

There are three key factors that should be considered when implementing these programs:

1. Praise publicly. Celebrate any accomplishments in front of an audience to make them feel valued and recognised. This action will encourage the others to work harder to earn similar incentives.
2. Provide choice. Giving the gift of choice will enable more flexibility and engagement for your employees. They can choose to interact with their preferred brands to make it more personal.
3. Deliver rewards on-demand. Get the rewards delivered in an instant to eliminate waiting times.

How to Get Started

No matter how you choose to use corporate rewards programs, the important thing is that you offer them in a way that will resonate with your employees. Be sure to tailor the program to fit the culture of your organisation and the needs of your employees. With the right approach, corporate rewards programs can be a powerful tool for increasing engagement and retention.

At iGoDirect, we offer corporate rewards programs that allow companies to fully customise and personalise their rewards and incentives. Get in touch with the experts today to see which rewards programs will suit your objectives and increase engagement within your business.