In our recent Guide “Leveraging Prepaid Cards as Wellness Incentives: An Ultimate Guide” we explored demystifying the integration of prepaid cards into your wellness initiatives. In this blog we want you to consider how prepaid cards in employee wellness can boost engagement. Do you have an employee wellness program in place? If yes, how effective is it? Better yet, have you ever thought of integrating prepaid cards into your wellness initiatives? Today, we’re diving into why this financial tool can be a game-changer for your employee wellness programs. When we talk about wellness, most people immediately think of physical health. But what about financial health? Have you considered that financial wellness is an integral part of any holistic wellness strategy? By offering prepaid cards as incentives, you’re not just rewarding employees; you’re empowering them to make better financial decisions. So, how can prepaid cards specifically boost employee wellness? Are you curious to understand more about using prepaid cards as part of your employee benefits? Our comprehensive guide on the A, B, and C’s of prepaid cards in Wellness programs is an excellent resource to get you started. But let’s not forget about measuring outcomes. How do you gauge the effectiveness […]
Tag: Employee Retention
How To Gain & Keep Good Employees During The Great Resignation
The old saying was, “Good help is hard to find.” Today, the saying could easily change to “Any help is hard to find.” A recent survey by Korn Ferry showed that of the 50 major US retailers surveyed, over 90% admitted to having at least some difficulty hiring new employees, with over 60% admitting to moderate to significant challenges. Almost every store you go to has a “Hiring Now” or “Help Wanted” sign in their window. On top of that, millions of workers are quitting their jobs. In April alone, there were over 4 million workers who quit their jobs. Many news outlets are referring to this as the Great Resignation. This is particularly true among workers who have been allowed to work remotely during the pandemic but are now being forced back into the office. The question many companies are asking themselves is: “How do I attract workers while keeping the ones I already have?” Although the answer may not be the same for every company, there are some key things that will help, and since this is an All Digital Rewards blog, you can be sure it will include rewards programs. Although this won’t work for every business, […]
How Incentive Programs Can Save Your Business Millions
Incentive programs are everywhere. Companies use them to increase customer loyalty, promote corporate health and wellness, and to increase productivity, but one other use incentives can have is to increase employee retention. It’s no secret that companies want to retain their employees, but many companies don’t understand how expensive losing employees actually can be. The cost of employee turnover can be calculated as: (Hiring Cost + Onboarding Cost + Development Cost + Unfilled Time Cost) x (Number of Employees x Annual Turnover rate) = Cost of Employee Turnover For example, take a company of 200 people with a 12% annual turnover rate. The company spends $27k per person on hiring, $5k per person onboarding, $12k per person on development, and will lose $55k of productivity when refilling a role: (Hiring Cost: $27,000 + Onboarding Cost: $5,000 + Development Cost: $12,000 + Unfilled Time Cost: $55,000) x (Number of Employees: 200 x Annual Turnover rate: 12%) = Cost of Employee Turnover: $2,376,000 Our example company loses over 2 million dollars annually to employee turnover, and that’s not even considering some of the other indirect losses a company experiences as a result of employee turnover. High turnover rates can damage your reputation, […]
What 2020 Has Taught Us About Incentives
The Incentive Research Foundation (IRF) recently released a study on employees’ reward and recognition preferences. This study included around 1500 full-time employees from various backgrounds and demographics. The respondents were given 24 different reward options to rank according to preference. The biggest takeaway from this? When it comes to rewards and incentives, one size does not fit all. For ongoing rewards programs, Gift cards were the top-rated tangible incentive selected by survey participants. For annual rewards, high-value merchandise was popular, along with travel/experiential rewards. However, despite the fact that over 50% of respondents placed all-expense-paid experiences as a reward preference, only 3% of them reported receiving that sort of reward. Rewards programs employed effectively show clear benefits. Employees who felt satisfied with their company’s rewards and recognition efforts reported the following: Despite the Covid-19 pandemic, only 16% of survey respondents indicated their reward and recognition preferences had changed. The 16% showed an increase in interest in monetary rewards, such as gift cards or prepaid cards. The most common reason was because of either an increase or a decrease in work hours. Surprisingly, the interest in travel rewards was not significantly decreased among respondents. Cash-based rewards should be integrated into incentive programs, whether […]
The Key To Retention: Incentives
Use incentives to increase retention. Whether it’s your sales force, partners, research panel participants, or employees, retention is an important part of your company’s strategy. The Bureau of Labor Statistics reported that in 2018, 15.5% of workers chose to quit their jobs, with Millennial workers making up half of those who quit. There are lots of reasons for employees quitting, but with a low unemployment rate, it is a workers job market, and companies have to get competitive in both hiring and retention. Incentive programs are a proven method for retention and acquisition. An incentive program shows your people that you value them and increases their engagement and motivation. According to a study released by Bersin & Associates, there’s a 14% higher rate productivity in companies with incentive programs. Additionally, companies with engaged employees have higher rates of retention. It is worth comparing incentive program technology and management software programs before setting up your new incentive program. To ensure that you’re getting what you need for your program, there are several key features you should look for: Extensive Reward Offerings User-Friendly Security Compliance Flexibility Customizable To increase the effectiveness of your incentive program, you should have an extensive […]
7 Workplace Wellness Trends for 2017
Corporate health and wellness programs are becoming increasingly popular in today’s workforce due to the realization of how beneficial these programs really are. Employees are encouraged to become more mindful about their health and gain so much by harnessing this healthy lifestyle. Companies reap the benefits from these workplace wellness programs by lowered healthcare costs, boosted productivity, and much more! Numerous companies and corporations are putting a plan in place, a plan to create a healthy and encouraging work environment, a plan to open on-site fitness centers, promote meditation breaks, present healthier food options. These companies and corporations are really seeing the success of their health and wellness programs. At ADR we are always on the hunt for great health and wellness trends to keep employees, happy, healthy, and motivated. We have compiled a list of our top 7 workplace wellness trends below! Mind over Matter. These days more and more workplace wellness programs are focusing on mental health vs. physical health. Becoming more mindful of the mental state is crucial because it is what drives us physically, the mind powers the body! Meditation breaks, silent sits, or even beginning each meeting with 5 minutes of meditation can offer tremendous […]
