We all want to feel valued and appreciated by our employers. Studies show that employees who are recognized for a job well done are more motivated and satisfied at work than those who don’t receive affirmation. The proof: Employers with an incentive program in place for at least 12 months see an average 44% increase in performance.
It’s no surprise then, that employee incentive/performance programs in the United States are a booming $90 billion industry. These programs take on a variety of forms and are implemented on dramatically different scales: Whether companies are celebrating a service milestone or sales contest, and giving away gift cards or travel packages, more employers today are using merchandise incentives to invest in employee satisfaction and drive performance.
What’s appealing about these programs is that they are easily implemented; customers can launch turnkey websites that tally employee points, allow employees to “shop” online for available merchandise or simply purchase specific premium items based on their budget.
Regardless of incentive program format, the majority of employees are cashing in their incentive earnings for intermediate- to high-end products—those that don’t bear the company logo: The most-desired gift items are still electronics. Among my customers, the top redemption for 2016 merchandise included flat screen TVs, the Echo, Bose headsets/speakers, and Apple iPads to name a few.
If you don’t have a formal incentive program in place, there’s no time like the present to get started. If you’re interested in learning more about options, connect with me at firstname.lastname@example.org.