Many businesses implement employee reward and incentive programs for different reasons and different effect.
Fostering an engaged and motivated workforce is important to companies of all sizes and across industries. However, many of these businesses implement employee reward and incentive programs for different reasons and to different effect.
For example, midsized companies seek inspired staff members who can boost their bottom lines and help them advance and even expand. In a recent article from Smart Business Online, Midge Streeter, a talent management consultant at Sequent, explained that as the economy begins to improve, turnover is likely to increase, as more individuals feel confident in finding a new position.
However, this has a significant impact on midsized businesses, as each and every worker is likely to wear many hats and understand the company more deeply than if they were with a larger firm, Streeter told the news source.
"Companies that get the most bang for their buck understand that employee engagement drives overall organizational performance," said Streeter. "That's why it's critical to focus on business performance indicators – you will move the needle on them if you improve your employee engagement score."
One strategy, Streeter suggested, that companies can employ is creating an action plan, which can result in initiatives such as leadership development, coaching and management training. The success of these plans can then be measured via surveys, the outcomes of which should be reexamined every six to 12 months to keep up with changes in feeling and atmosphere.
An incentive growing more popular among workers is flexible work schedules. A recent study from Aon Hewitt found that one in three respondents cited flexible working arrangements as one of their top two rewards, The Economic Times reported. Additionally, those drivers mentioned by Streeter – professional development and training – were also cited by workers as elements that can spur engagement.