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.
How An Incentive Program Will Benefit You
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.
Key Features of Incentive Program Technology
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
- Security Compliance
Extensive Reward Offerings
To increase the effectiveness of your incentive program, you should have an extensive selection of rewards offerings available to your participants. This could include physical merchandise, digital virtual rewards, prepaid visa cards, travel/experiential rewards, gift cards from popular brands, and more. The rewards should be budget-friendly and fit your target demographics. Choosing the wrong reward offerings can cause participants to perceive you as being uncaring, hurting retention. A good reward fulfillment service provider will be able to help you select the rewards that will increase goodwill among your participants and improve loyalty and retention.
When your incentive program participant completes a goal that qualifies them for a reward, you want it to be easy for them to claim that reward? With the right incentive management system, it should be as easy as going to a website, entering their information, and claiming their reward. The easier the process is, the more satisfied your participants will be, and the more loyalty you will gain.
No matter what kind of program you’re running, you need your participant’s information to be secure. Bad security leads to identity theft, fraud, and high costs to fix breaches. The right security features will increase your participants’ feelings of trust and your peace of mind.
Flexibility & Customization
Incentive program management solutions need to be like a sleek sailboat. You want to be able to steer it easily into the wind or away from a storm. Your incentive program solution should be responsive, mobile, and promotion ready. Don’t deal with big box restrictions. You want real-time options, third-party integration, B2B2C solutions, and no limits. You should also be able to fly your company’s flag on your ship. Make sure everything about your incentive program can be custom branded for your company. Your incentive program and its supporting technology should fit your specific program’s needs. Look for an incentive program technology provider who can work with you to provide precisely what you need.
All Digital Rewards has extensive experience in working with loyalty incentive programs. We can provide the right rewards, technology, and support for your next incentive program. To speak to one of our incentive program experts and learn about how we can help you increase retention through an incentive program, call us now at 866-415-7703, or click on the button below to schedule a demo.