You pay your employees well. Your benefits are on point. You even have a bonus program!
You’d think that would be enough but in a climate of employee mobility, it may not be.
That’s why it’s important to consider what you’re doing to prevent employee churn by shoring up loyalty and, of course, retention.
That’s what improving employee recognition is all about.
When employees feel recognized and appreciated for their hard work, they’re more inclined to stay and less inclined to respond to the siren song of greener grass on the other side of the fence.
Our client was a telecommunications company who needed help with improving employee recognition.
It’s workforce of technicians was in place to get our client’s products to market in a timely, efficient manner. But to do this, they worked long hours and needed to re-locate to perform the work.
The client needed guidance with this workforce of highly-skilled people. The problem with highly-skilled people is that they’re in high demand, so one of the client’s biggest retention challenges was “poaching” by competitors.
The greener grass on the other side of the fence has a stronger influence when employees are aware of their high market value, especially in an employees’ job market. And when they don’t feel appreciated or adequately recognized, that greener grass is going to win the battle eventually.
But turnover costs money – often well over twice the employee’s annual salary. That hurts companies likes yours.
Incentive Travel Group supported our client by developing a rewards program which folded in improving employee recognition.
With this program in place, technicians launching a product on time were rewarded with an incentive in the amount of between $3,500 and $7,000.
That incentive changed the game. When employees felt that their extra effort was recognized, they were motivated to stay the course. With a sizable incentive in place, they were able to take some time with their families, visiting a destination they otherwise might not have been able to.
And when you know there’s a reward allowing rest and relaxation at the end of your arduous working day, you’re much more inclined to get the job down with a smile on your face!
Every company we work with has different needs. That’s why our incentive programs are flexible – they’re tailored to what you want to achieve.
With ITG, you’re in the driver’s seat. You choose the amount of your incentives and how they’re going to reward and incentivize your people.
If you’re staggering under the high price of unnecessary turnover, then ITG has the solution. We’ve been creating winning incentives for more than 20 years.
When you work with ITG, your staff’s capacity is extended. We create the program that’s keyed to your needs. Whether you’re looking to boost retention rates, inspire your employees to reach higher, reward superstar performers or engineering a responsive team, we’ve got the knowledge to make it happen.
Contact us. Improving employee recognition is one of our many specialties.
