Employee incentive programs are effective at building employee engagement levels.
Dissatisfied workers can cost companies time and money. Not only do they lower productivity and overall efficiency, but they could increase employee turnover making it difficult to maintain optimal staffing levels.
The Bureau of National Affairs estimates that employee turnover costs businesses $11 billion annually in lost productivity, INC reported. Unfortunately, a recent survey by Dale Carnegie and MSW Research found that 26 percent of respondents considered themselves disengaged at work. Additionally, nearly half of all employees weren’t thrilled with their jobs, making them more likely to pursue other opportunities when they arose. Less than a third, 29 percent, of respondents stated they were fully engaged by their work, which highlights the need for businesses to increase their efforts to boost employee satisfaction.
Employee incentive programs are effective at building employee engagement levels. These initiatives provide managers with the tools they need to create a cohesive consistent culture which encourages staff members to be more committed to the success of the business.
“It’s not a certain style or specific traits that make a successful manager, but a set of behaviors,” Kevin Kruse, entrepreneur and author of Employee Engagement 2.0, told INC. “If you want to drive employee engagement, you need to hire managers who communicate well and are able to create a culture of growth, recognition and trust.”
Showing appreciation to boost performance
One of the keys to a successful incentive program is the recognition that staff members receive. Forbes reports that 70 percent of employees do not feel appreciated by their employer. This could be a contributing factor to the high level of disengaged workers. If staff members feel their hard work and efforts are going unrecognized it may encourage them to stop working as hard or seek employment elsewhere. Publicly recognizing workers who have contributed to a successful project or have gone beyond the normal level of commitment shows all staff members that the organization values their efforts.
In addition to public recognition, companies should work to create personalized goals for employees. The source notes that approximately 60 percent of workers feel their career goals are not aligned with their supervisor’s expectations. Taking the time to develop individualized development goals can significantly improve employee satisfaction and engagement. Workers who feel they have a future with the company will try harder to develop the skills needed to make it a reality.
Employee incentive programs can help businesses in a number of ways. They can connect to specific objectives, but their main value is increasing the productivity of staff members and reducing turnover. This allows firms to create more efficient practices and see consistent growth.