Imagine a pat on the back that equates to a designer handbag, an iPad, or even a pair of round-trip airline tickets and hotel accommodations. We know that positive reinforcement is part of the psychology behind motivation but how can we obtain tangible proof that it correlates to a positive impact on your business goals?
Incentive solutions, such as ASPIRE by Core Rewards, help to put rewards within reach, making it easier for employees to visualize success. It also provides them with the power of choice in selecting their incentive, driven by their unique motivation. This benefits companies as studies show that merchandise and travel rewards create an emotional connection that is more likely to lead to improved performance than monetary gifts.
Measuring the Engagement of
Your Incentive Gifting Program
What are the business goals that you're hoping to accomplish through a performance improvement program? Are you looking to increase sales for a particular product? Or perhaps, place a focus on workplace safety? Establishing the ROI is a crucial first step in designing an incentive program. Then, once your program is live, there are various ways to track and understand its impact.
To track the direct results of your program, analytics are the answer. This is one major benefit of using a program such as ASPIRE, since its technology includes the necessary business intelligence to track program KPIs (key performance indicators). For example, view in real-time revenue generated by a sales incentive program, overall or by participant. Likewise, these employees will also have visibility to their progress.
Increase in Retention
Employee retention may be an indirect measure, but worth tracking in comparison to the pre-program rate. Has your company's retention increased since the onset of your program? This could show that internal teams feel valued and motivated by incentives and thus, more willing to continue their career with the company. Encourage retention by gifting points to employees on their anniversary that they can use to select desired merchandise from the online gifting suite.
Since your staff represents your program's target audience, it's crucial to understand their experience. Design your incentive program to include a communications campaign with employee satisfaction surveys. This provides an anonymous opportunity for employees to provide genuine feedback. Ask them to score how valued they feel to the organization, types of recognition they prefer and, include open ended opportunities for further explanation or ideas.