Loyal and dedicated employees represent a business’ greatest asset, especially during challenging times. It is always important for management to show its appreciation to those employees who routinely give 110%, represent the company well, and add to its success. This is particularly evident during tough times. In recognition of this, many executives actualize worker recognition and reward programs, as well as employment promotions and salary increases. Understanding the various types of programs that can be used and how best to use them is important for all businesses striving to retain their best employees.
According to findings from a survey led by the Hay Group, a global management consulting firm, related to Fortune magazine’s rankings of The World’s Most Admired Companies and America’s Most Admired Companies:
- 82% of these companies regularly reinforce their reward philosophy in communications with their employees, versus 64% of different companies
- 48% detailed that their reward programs support efforts to retain their best talent, versus 28% of different companies
- 45% said that their reward programs allow them to attract the talent they need, compared with 25% of different companies
What these findings indicate is that representative rewards program singapore may be a notable differentiation between the Most Admired companies, which embrace these programs, and different companies.
Few out of every odd worker reward program fits each company. It is important to create rewards which will be valued by your particular worker gathering and which also do not interfere with the company’s day-to-day operations. For instance, some companies offer incentive travel as part of their reward programs. This may be suitable for a large company with many employees, however not a great idea for a small business that cannot afford to lose key employees for too many days past their already earned vacation time. Then again, shopping based rewards (e.g., ABC Company dollars gave on branded checks and redeemable at a various retailers or gift vouchers) are probably universally appealing to all size and categories of companies. Similarly, providing rewards of brand-name merchandise, which can be advanced in a Worker Reward Program catalog, is also suitable to a variety of businesses. Another choice for some companies to consider is a prepaid platinum card operating on a major card platform such as VISA or MasterCard. This sort of a reward offers businesses and their employees greater adaptability.
For some businesses, customized worker reward and incentive programs are the best way to go. They enable a business to best mirror its corporate culture, nature of operations, worker demographics and any special selling or marketing campaigns that may be underway. These programs can have a company-specific name, logo, tagline, and so forth giving full impact to the program and its job in demonstrating management is appreciation of employees.