Lack of Engagement is Killing Your Profitability
Lack of employee engagement is killing your business’s profitability. It sounds harsh, but it’s the truth. Don’t believe it? Take a look at the statistics.
Gallup’s 2013 report on the state of the American workforce showed that companies with highly engaged employees had 22% higher profitability, 28% less theft, 48% fewer safety incidents, and 10% higher ratings from their customers. Those averages were even higher when looking at just Millennial workers. Additionally, when employees are engaged, they’re three times less likely to leave your company. This is another area where engagement will save money for your company. On average, it costs over $4000 to hire a new employee.
Recognition plays a huge part in employee engagement. 74% of employees who receive daily recognition reported being very engaged in their jobs. The more often an employee receives recognition, the higher the level of engagement reported. The question is, what is the best way to engage your employees?
Engage With Incentives
One of the best, easiest, and most cost-effective ways you can engage your workforce is through incentive programs. A 2016 study by DCRStrategies reported that 79% of companies that have used employee incentive programs say that their incentive program resulted in achieving their established goals. Whether it’s an employee health and wellness incentive program, an employee appreciation program, or a channel sales incentive program, incentives, and rewards are key to increasing engagement.
The best incentive plans include strong supporting technology, demographic-specific rewards, and a dedicated managing team. You need rewards and recognition that will surprise and delight your participants. Make your participants feel special and make sure your incentive program is personalized and user-friendly. Remember that your participants need to feel like they are important and valued, otherwise you risk having your incentive program come across as just another corporate gimmick.
Work With Experts
Our engagement experts at All Digital Rewards (ADR) can provide your company access to a best in class reward portfolio, a skilled team to help manage, strategize, design, develop, and implement incentive programs. Whether you need a loyalty program platform, a visa prepaid card provider, instant win game software, or a custom solution, tailored for your business, ADR can provide the solution you need, supported by proprietary advanced incentive technologies.
All Digital Rewards is a leading provider of advanced incentive and prepaid transaction technologies. We offer simple & secure reward experiences, a massive selection of reward and incentive products, the services you need to help build your incentive program, and destinations for processing and payout. We leverage a cloud-based, innovative technology platform and extensive reward incentive partner relationships. ADR lead the way in the field of Reward Management Technology and Incentive issuance. We are constantly evolving and optimizing the ways we serve our client customers and incentive supplier partners.
To learn more about how All Digital Rewards can help you increase engagement among your workforce, contact us today! You can call us at 866-415-7703 or click the “Schedule a Demo” button at the bottom of the page!