Companies that eschew these plans and simply go through day after day of monotony risk falling behind their competitors on a number of levels.
It's relatively easy for offices to fall into a cycle of being plain and unmemorable. For instance, many individuals work for companies where they simply show up at 9 a.m., quietly do their work, leave at 5 p.m. and expect a steady paycheck at the end of the week – there are no surprises, good or bad. This can be a positive, stable factor for a number of people, but others might want something a little more exciting and to feel like they're working toward real goals.
A great way for businesses to set these staff members apart from their more mundane counterparts is to offer employee rewards and recognition programs. These initiatives serve to present incentives for doing quality work and can promote competition in the office, meaning that there will always be a concrete reason for staff to always do their best.
Administrators can develop these programs without breaking the bank, especially when they consult with a third-party system developer. Not only can they motivate their employees to earn extra perks, but this way, the onus of deciding on rewards and qualification terms is off them – they have enough responsibilities already.
However, there's one other notable advantage of offering such initiatives. Namely, the companies that eschew this plan and simply go through day after day of monotony risk falling behind their competitors on a number of levels.
More than half of businesses offer rewards
According to a September 2013 report published by Meetingsnet and the Incentive Research Foundation (IRF), more than half of all respondents (59 percent) said they "combine incentive programs among employee groups as part of an overall strategy." This means that businesses that aren't partaking in these types of activities are liable to lose employees who want the chance to earn such perks elsewhere.
Meetingsnet reported that a number of companies may have temporarily suspended such programs because of economic troubles in past years, but those that haven't revamped their offerings are likely behind their competition at this point.
"Non-cash awards continue to be an important part of many businesses' growth strategies, even in light of recent economic challenges," IRF President Melissa Van Dyke told the news source.
How can they make a change?
One of the easiest things a company owner can do is put the employee reward program in the hands of third-party experts who have experience in developing worthwhile systems. They should look for professionals who have a reputation for driving employee engagement and participation while improving the corporate culture and making the office an enjoyable place.