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Are you getting the most out of your employees? Let’s find out.

Oct 25, 2019

Written by: Tom Nash
(View Author Bio)

The most common questions I get asked regarding recognition and reward programs are:

  1. What is best in class?
  2. I believe our program is great, but how do I truly know?

All effective recognition and reward programs come in different shapes and sizes depending on the long-term strategy and objectives. To be successful there is no doubt that all programs need to have one thing in common – it must engage your entire audience.

A common scenario to see if this is true for your program:

  • Question: What are you doing differently to engage and motivate your audience?
  • Answer: We have a generous base salary and individual compensation plan.
  • Question: That’s a great start, but lots of companies do and employees see this as business as usual.
  • Answer: We are announcing a new President’s Club Trip destination.
  • Question: That’s awesome. Travel is a powerful motivator but that may only motivate the top 10 percent. What about everyone else?
  • Answer: Silence.

The best question to actually ask is what else are you doing to motivate, engage, recognize, and reward your new hires and middle performers that account for the majority of your audience?  The truth is, most of the incremental lift comes from the lower 80 percent, with only 35 – 40 percent of sales uplift coming from the top 20.

 

Part of my role is to implement successful solutions that best engage all employees and therefore maximizing results by:

  • Leveraging the latest principals in behavioural economics to determine the most motivating rewards.
    • Click here to read more on the impact of Hedonic vs. Non-Hedonic Rewards.
  • Using our global expertise and experience.
    • Click here to find out more about our global reach.
  • Referring to the latest academic and industry research.
    • Click here to read the latest study by the Incentive Research Foundation.

Contact us to see if we can help you come up with a best-in-class program that truly delivers success.

Tom Nash

Account Development Director, BI WORLDWIDE Canada

Tom has over nine years of experience in account management across a range of industries including automotive, telecommunications, health, finance, insurance, government, retail, and sports. Joining the BIW team in 2015, he works with clients in planning, implementing, and managing effective programs that achieve measurable results.

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