Corporate Rewards, Recognition and Incentives: Still Misunderstood

Corporate Rewards

Although the Corporate Gifts & Incentives and Rewards & Recognition marketplaces are decades old, there is still a basic misunderstanding of the concept. This article claiming that “prizes won’t motivate employees” demonstrates that misunderstanding and illustrates how easily cash incentives can be confused with compensation.

A more accurate title for the article would be: “Why Poorly Designed Rewards & Recognition Programs are Ineffective”.

The truth is that properly designed programs do work; always, and they work for all the right reasons – if you target the right behaviors and reward individuals for their individual efforts while communicating group goals. When you use tangible rewards along the way, you will develop, support and reinforce the desired behaviors in your employees, resulting in measurable change.  A true win-win. 

Research shows that about 20% of every workforce is intrinsically motivated. It’s in their DNA to go above and beyond. Another 20% is actively disengaged and won’t change behavior no matter what type of incentive is offered. That middle 60% of the average workforce is the sweet spot for reward, recognition and incentive programs. This audience will respond to goal-based and/or team incentives and can significantly move the performance-improvement needle.

The concept sounds simple and so companies are tempted to design and manage these programs in house. The examples in the referenced article demonstrate how easily critical elements can be missed. Poor planning can result in all kinds of unintended consequences. Make sure to partner with an experienced firm that can guide you through a successful program design that will help you achieve significant results! Contact us today to get started!

 

{{cta(‘9b6cfb41-ab46-4166-a69a-6301dabad606’)}}

admin

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

You May Also Like

How to Make Holiday Gift Giving Joyful and Meaningful

How to Make Holiday Gift Giving Joyful and Meaningful

‘Tis the season of holiday recognition for employees, clients, and guests. Although the work environment and office culture has changed over the last couple of years, organizations continue to look for ways to show value and gratitude, foster loyalty, and maintain a company culture in a hybrid setting. One of the simplest ways is through gift giving.