A recent case study reported a 30% lift in sales by switching staff from pre-defined incentives to providing employees with freedom of choice.
Should employers offer their employees the freedom to choose when it comes to incentives? Employers are under immense pressure to find staff reward and recognition programmes that will lead to increased employee loyalty, staff retention, increased production and overall work-life balance.
The latest studies suggest that employees - like consumers - want choice. They prefer to access their rewards, in their own time and on their own terms. Incentives that speak not only to aspirations and ideals, but also the everyday needs of both the employee and their loved ones, are the most successful. "It is not a question of finding a particular reward to suit all employees, but rather to provide a range and allow employees to decide which ones suit their lifestyle and circumstances - which change on a daily basis" says Camron Pfafferott, General Manager of The Rewards Factory.
The Rewards Factory works with companies to design and develop reward and recognition programmes aligned to corporate objectives such as culture, values, productivity and retention (long-service). Programme design takes into account employee demographics, location, corporate values, existing initiatives, identity and communication.
The Rewards Factory offers the option of an admin portal with permission levels enabling employers to submit points to their employees. Modules for peer-to-peer recognition and isolating performance in specific teams or groups are also available. The programme offers meaningful rewards, which cater for employees across all income levels and interests. Rewards are provided across a range of channels including web, mobile, call centre and on-site channels, ensuring everyone has access - all the time. The points for performance are uploaded real-time, can be viewed immediately, and incentives are delivered virtually and redeemed directly at point of sale in most instances. "The points are redeemable from any phone - not only smart phones and the journey from earning points to redemption is short and simple" he says. The programme provides managers the ability to easily administrate incentives for specific behaviour at any time through the allocation of points.
"Because we understand the multiple facets of any award or reward programme, our approach is to either provide an end-to-end solution or simply assist with the components required. When the right incentive is available the right behaviour will follow," Pfafferott concludes.