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Tag: Rewards and incentives
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: To increase the effectiveness of your incentive program, you should have an extensive selection of rewards offerings available to your participants. […]
Exploring Health and Wellness Program Types. Incentive and Reward Program Series 2
There are four primary types of health and wellness incentive programs. In a previous post, we explored type 1 programs. In this second post in our Incentive and reward program series, we will be reviewing type 2 health and wellness incentive programs: Health Plan-Related Participatory Programs. Type 2 Health Plan-Related Participatory Programs require all participants to be enrolled in the sponsoring company or organization’s health care plan prior to participating in the program. Additionally, all rewards from a type 2 program are awarded when an employee participated in the program. Rewards are not based on the results of the employee’s participation. Type 2 programs can include rewards for things like attending tobacco cessation classes, participating in a group exercise program, getting a cholesterol level check, or getting a flu shot. Rewards for these short of participation programs will often be tied to the employee’s health care plan and the rewards can include things like lower copayments or premium holidays. In many cases, these type 2 programs may include medical care. Medical care includes care that is both provided by a trained professional and individualized to the participant. Medical care can include flu shots administered by a nurse, counseling from […]
