Looking to Start an Incentive Program for Your Company in 2019?
If you’re looking to start an incentive program for your company in 2019, then congratulations! You’re barking up the right tree.
Incentive programs have been adopted by most US companies (80% of them) because they work. But how to structure and develop one that works for your company?
That’s the trick.
Let’s look at why you’re headed in the right direction.
Motivation and Engagement
Motivation and engagement are two of the biggest problems facing companies like yours going into 2019. Many employees are bored. Initially excited to start a new job, once they get in there and start working, things like not being recognized for the work they put in start to erode their motivation and engagement. Boredom sets in and they’re out the door.
This is especially true for Millennials. In fact, what this cohort wants isn’t what you think. They don’t just want rewards. They want upward mobility and skills enhancement. 87% of Millennials say that personal and career development top their list of “must haves” for any role they fill.
And their needs are the foundation of meeting your goals. That goes for all your employees – not just Millennials. So, it’s important that you’re thinking about instituting an incentive program. And it’s smart. Because in those incentives are the seeds of growth.
The growing presence of Millennials in the ranks of US companies is something of a wakeup call. While many complain that Millennials expect advancement just for showing up, this demographic is competitive, wants to be challenged and knows that they’re worthy because they bring much more to the party than a warm body in a cubicle.
Helping them develop themselves with training opportunities which are exciting and competitive is a good start but igniting their motivation with incentives that speak to them is what keeps them on the team. There’s no point in training someone who’s going to be walking out the door with their new knowledge and skills, right?
By creating an incentives program with an element of professional development and clear rules of engagement, you’re adding fuel to the fire in their bellies. Getting your employees to compete for a reward that lights them up keeps them engaged and on board.
Experiences – the New Cash
The desire for one-of-a-kind experiences is writ large in the minds of Millennial workers, so if you’re focusing your strategy on them, experienced-based incentives are the way to go. And while older workers may have more financial obligations, they want experiences too.
A competition to enjoy a peak experience gets them focused – their eyes never wavering from the prize.
You may discover in the course of your explorations that what your employees want is a sun-drenched week at an all-inclusive in Mexico. Or, you may find out that all they really want is tickets to a thrilling sporting event. Whatever shakes out, you know it’s the silver bullet to happier employees.
Ready to get started? Contacting Incentive Travel Group is your first step toward higher engagement and retention.