Providing rewards is a simple and cost effective way for businesses to encourage top performers.
There continues to be some discouraging signs in the economy. The budget deficit problems in Europe remain a hindrance to global investment as is evident by the latest manufacturing activity report.
The Institute for Supply Management's factory index showed that production from U.S. manufacturers fell in July. The index now sits at 49.6, its lowest since July 2009. A reading below 50 is considered to show a contracting industry and experts suggest the uncertainty of the global market is preventing firms from investing.
Other reports have shown similar poor results. The Department of Labor has reported little change in the national unemployment rate, which remains at 8.1 percent. Struggling sectors like construction and manufacturing also saw a drop in investments during July.
With all of the negative news about the economy, it can be difficult for companies to maintain morale. Incentive programs can help firms increase optimism within their organizations and boost staff productivity.
Providing rewards is a simple and cost effective way for businesses to encourage top performers. These initiatives makes it easy to create a supportive environment in which employees can become engaged in their work. Building engagement can help firms provide organic growth even during tough economic periods. Engaged workers are more willing to take on additional tasks and provide innovative solutions and have less turnover than non-engaged personnel.
With the right environment, companies can provide the proper motivation for staff to accept and understand their roles within the organization to become more actively engaged. Incentive programs can be customized to fit the needs of specific departments or cultures. This allows businesses to establish goals or benchmarks based on employee or team performance that fit within the overall objectives of the company. The flexibility of these programs allow them to be used for a variety of staff recognition purposes and creates a strong supportive culture that creates engaged workers.