Enabling staff to redeem awards for their friends and family can also help boost motivation.
Improving economic conditions are helping to lift consumer confidence. A preliminary report by Thomson Reuters and the University of Michigan shows that consumer confidence may reach its highest level since 2007, and Bloomberg recently reported that the October consumer sentiment index jumped due to improvements in the housing values and unemployment.
Consumer confidence is a key indicator of spending levels, and many economists are predicting a strong holiday sales season. A survey by BDO USA predicts that holiday revenue will increase 2.9 percent from last year. The increased activity means it is a good time for businesses in all industries to boost their sales figures. A company that implements a sales incentive program can help encourage strong performances from employees, but the holiday season is also a great time to recognize staff contributions made throughout the year.
Using recognition to lift morale
Marketing Week notes that a strong end of the year can make a big difference in the financial health of a company, so lifting morale can benefit the entire organization. Using an employee recognition program that encourages employees to acknowledge outstanding contributions from their coworkers can lead to a culture that builds engagement. This is particularly true if the rewards appeal to all staff members, which can be achieved by offering a selection of merchandise.
Tangible rewards often work better than cash bonuses because they serve as a continual reminder of employees' accomplishments. While money is soon spent and forgotten, items such as televisions, computers or handbags create a sense of pride every time they are used.
Allowing employees to choose from a variety of awards is more likely to generate higher levels of participation, as workers can rest assured that they will get something useful and relevant to their needs. Enabling staff to redeem awards for their friends and family can also help boost motivation. This option enables workers to save time and money during the holiday season, while still letting them find the perfect gifts for parents, siblings and the like. The idea that staff members are working to provide something nice for people they care about adds additional motivation.
The holiday season can be a busy, stressful time for many people, so it is important that companies take the time to acknowledge their workers. Showing appreciation for employees' efforts can lead to stronger performances throughout the year, specifically when tangible rewards are incorporated.