Implementing an incentive program can be a powerful tool for driving employee engagement, motivation, and overall business success. However, to ensure the effectiveness and long-term viability of your incentive program, it is crucial to measure its return on investment (ROI). By evaluating the impact of your program, you can identify areas of improvement, optimize resource allocation, and maximize the value of your incentives. In this blog post, we will explore the key metrics and evaluation techniques to measure the ROI of your incentive program. Before diving into ROI measurement, it’s essential to establish clear objectives and goals for your incentive program. Are you aiming to increase sales, improve productivity, enhance customer satisfaction, or foster employee retention? Defining specific, measurable, achievable, relevant, and time-bound (SMART) goals will provide a solid foundation for evaluating ROI. To measure the financial impact of your incentive program, consider the following metrics:a) Revenue Growth: Determine the incremental revenue generated as a result of the incentive program. Compare the performance of participants with non-participants to isolate the program’s impact.b) Cost Savings: Evaluate any cost savings or efficiencies achieved through the program. For example, decreased absenteeism reduced turnover, or streamlined processes.c) Sales Lift: Analyze the increase in sales […]
Tag: Employee rewards programs
Incentive Technologies for Remote Workforces: Keeping Employees Engaged from Anywhere
The rise of remote work has revolutionized the way businesses operate. With the advent of technology, companies now have the ability to tap into talent from all corners of the globe. However, managing a remote workforce comes with its own set of challenges. Moreover, one of which is keeping employees engaged and motivated despite the physical distance. In this blog post, we will explore the importance of incentive technologies. And, how to foster engagement among remote workers and highlight some effective strategies. The goal is to keep your remote workforce motivated, productive, and connected from anywhere. Employee engagement plays a vital role in the success of any organization. Because regardless of whether the employees are working in a traditional office or remotely. However, remote work presents unique obstacles to engagement, such as limited face-to-face interactions, potential feelings of isolation, and distractions in the home environment. To counteract these challenges, companies must leverage technology to create an environment that promotes employee engagement and collaboration. Incentive technologies provide a powerful means of motivating and engaging remote workers. Organizations can foster a sense of belonging, recognition, and reward, which are essential drivers of employee satisfaction and productivity. Let’s explore some effective incentive technologies […]
4 Ways to Measure Your Workforce Engagement
In the wake of the great resignation and the trend of quiet quitting, companies everywhere are fighting to find ways to acquire, obtain, and motivate top talent. All of these goals are supported by an engaged workforce. The question is, how engaged is your workforce? Let’s go over some metrics and questions you can ask to gauge how well your company is doing at engaging your workforce. We’ll start with a fairly obvious one: retention rate. Retention rate and turnover are great ways to check your company’s engagement success. According to SHRM, the basic formula for calculating turnover is:(# of separations during the measurement period /average # of employees during the measurement period) x 100Using this formula, you’ll get a good understanding of how your company is doing in retaining your employees. It is best to also compare this number to the average for your industry, as some companies tend to have higher turnover rates due to the nature of the job. If your turnover rate is higher than the industry average, you’ll want to understand why. This is a big indicator that your employees may not be engaging with your company or their work. If you regularly send out […]
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, […]
Acquiring and Retaining Employees Through Incentive Programs
Every day businesses are trying to find effective ways to acquire and keep employees. Everyone has seen the articles talking about worker shortages. Both employee acquisition and retention are major priorities for businesses everywhere. A huge draw for many employees are the benefits offered by potential employers. Employee incentive programs can be an effective way to stand out from the competition. Employee incentive programs encourage loyalty among your current workers and entice new employees to seek out your company. Employee incentive programs can include things like sweepstakes, points-based incentives, instant win games, or point of sale rewards. Each program should be tailored and branded for your company for maximum effectiveness and to encourage employees to connect with your company. The type of employee incentive program you choose will depend on your organization’s needs and goals. Each type of program engages employees in different ways. Points-based employee incentive programs allow your employees to earn points for engaging in behavior your company finds desirable. Using points-based technology, the points can then be spent by the employees on things like travel, e-gift cards, VISA® prepaid cards, and brand name merchandise. With the right technology, points-based loyalty programs can help to increase productivity and […]
Incorporating Virtual Rewards into Your Incentive Program for Remote Workers
As vaccine rates rise and life begins to return to a more normal state, it is clear that some changes brought about by the pandemic may be permanent. A PWC survey showed that around 80% of companies are planning to maintain some amount of remote work post-pandemic. Additionally, a PR Newswire survey showed 1 in 3 employees would consider changing jobs if the company they are working for makes them return to the office. In the face of this changing workforce, companies are looking for ways to retain and motivate their employees. Employee recognition and engagement is essential to the morale of a company and in maintaining high standards of productivity from their workers. Remote Employee rewards programs are excellent for employee recognition and with the right employee rewards program, you can see higher levels of retention, engagement, morale, and profits. You may also see higher levels of customer acquisition as motivated employees often prove to be the best brand advocates. Remote Employee Incentive programs benefit employers by: A points-based incentive program can be incredibly effective for remote workers. Your workers will adore earning points in incentive programs, which can be spent on an extensive range of prizes such as […]
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, […]
Why Choose Gift Cards and Prepaid Cards For Your Incentive Programs
Gift cards, virtual gift cards, and prepaid reward MasterCard or Visa card virtual and physical rewards are always popular. All Digital Rewards is proud to offer a wide range of gift card and prepaid card options. Whether you’re looking for employee recognition ideas for sales incentive compensation, adding new options to an existing employee rewards programs, customer acquisition programs, or as part of your channel marketing strategy, we have options for you. For physical options, you can order bulk gift cards, mail individual gift cards and prepaid cards to incentive program participants. Virtual visa prepaid cards and virtual gift cards are emailed to recipients immediately through the All Digital Rewards instant redemption process. The end-user, within minutes, will have their reward and can activate it online or by phone to use immediately. The effectiveness of your gift cards or prepaid card incentives depends on the perceived value viewed by your participants. Virtual rewards, like egift cards and virtual prepaid cards, are some of the most popular, especially now. Primary Benefits of Virtual Incentives: Virtual incentive rewards such as virtual visa prepaid card rewards are an excellent choice for any incentive program as they are viewed as a cash equivalent by […]
Incentives In a Changing World
The world is changing, and with it, the way we conduct business is changing as well. Companies are seeking new methods of customer acquisition. Employee recognition ideas are a high priority. Sales incentives are becoming more common as part of channel marketing strategy. Virtual incentive options are being sought out. You can spend thousands on advertising, but that doesn’t guarantee customer acquisition. You can experiment with both new and existing models to retain employees. You can look into new ways to increase sales from your direct channel marketing. All of these are reasonable ideas, but you could say yourself some time and money and use a strategy that works: Incentives. As we go forward in the years to come, incentives are going to continue to be an essential part of daily operations for businesses in nearly every industry. If your company is needing a change, and you have the budget and organizational support to execute, it may be time to either start an incentive program or upgrade your existing program. One of the biggest challenges facing businesses is choosing the right rewards and technology to manage their incentive programs. Incentive programs, whether sale incentive programs, employee recognition incentive program, customer […]
Review Employee Engagement Solutions
There is no better time than now to review your employee engagement program. A recent Forbes article highlighted the importance of employee engagement. Higher levels of employee engagement are key to your organization’s success. A 2013 report on the state of the American workforce, conducted by Gallup, showed that businesses with high levels of engaged employees had 22% higher profitability, 48% fewer safety incidents, 28% less theft, and 10% higher ratings from their customers. Those averages were even higher when looking at just Millennial workers. According to the Forbes article, the first step to increasing your employee engagement levels is to assess current levels of engagement so you can identify the pain points that need answering. It is good to survey your employees to get a pulse of your company’s employee engagement. Are your employees happy? Are they motivated? Do they feel a sense of buy-in with your organization? Once you have an idea of where your employees are at and what needs to be improved, you can start planning out your strategy to reengage your workforce with employee motivation rewards. When reviewing employee recognition ideas and engagement strategies, it is worth noting that incentives are consistently shown to be […]
Do Prepaid Cards and gift cards Increase Incentive Program Engagement?
As an incentive program manager, you want to know what’s going to be most effective in increasing engagement. Whether your program is focused on customer acquisition, employee recognition ideas, sales incentives, direct channel marketing, employee rewards programs, corporate health and wellness, or something else, prepaid cards and both physical and virtual gift cards get results. Prepaid Reward Cards such as; physical & virtual visa and brand named gift card rewards are a strong favorite with incentive program participants. If you need to increase engagement in an employee rewards program, or any other type of program, you should consider using cash-based incentives. Among the benefits that prepaid cards provide are ease of delivery, high user-perceived value, and being nearly universally accepted buy businesses. Incentive programs continue to include them to increase engagement and reward participants. The facts show that there are lots of reasons for you to consider using prepaid cards and gift cards when creating your incentive and promotional strategy. Gift Cards have so many options for participants: there are thousands of stores that offer gift cards in the US not to mention global options. When choosing your prepaid reward card provider there are several factors to take into account. […]
Digital Rewards For Employee Recognition
As more and more people are working from home, companies are looking for employee recognition ideas and ways to motivate their employees. Employee recognition and engagement is essential to the morale of a company. Employee rewards programs are excellent for employee recognition and with the right employee rewards program, you can see higher levels of engagement, morale, retention, and profits. You may also see higher levels of customer acquisition as motivated employees often prove to be the best brand advocates. Employee Incentive programs benefit employers by: A points-based incentive program can be incredibly effective. Employees adore earning points in incentive programs, which can be spent on an extensive range of prizes such as gift cards, merchandise, experiential rewards, additional paid vacation time, or cash equivalents. Employees are well acquainted with what is required to participate in points-based reward programs and will respond enthusiastically to them.When creating employee rewards programs, particularly for remote employees, the right rewards are very important to your program’s success. The effectiveness of your digital or virtual incentives depends on the type of the virtual reward and how much it is valued by your participants. Virtual rewards can come in many forms; some of the most popular […]
