In these latter days, data is king. We’re living in a data-driven world, because it’s now possible to mine all kinds of information from other information – to create new information. We get dizzy just thinking about it. But using recognition and incentives to drive results, while reliant on a certain amount of data to track outcomes, isn’t all about zeroes and ones. It’s about people. It’s about knowing what they want and how to speak to that, by leveraging recognition and incentives intelligently and effectively.
Once upon a time, employees were rewarded most regularly for staying at their jobs for extended periods of time. The longstanding practice of recognizing long-term employees with rewards like 10-year pins, or gold watches is still with us. The problem with it is that nobody’s going to stay around for a 10-year pin anymore. And what is the gold watch (besides flashy and a possible target for muggers) in these latter days of mobility? The worst part? These incentives aren’t very motivating, as many employees aren’t even aware of their continuing existence. Today’s incentives are rooted in the employees themselves – their tastes, desires and motivational triggers. Modern, aware employers know this.
Today’s top-performing companies have discovered the truth – that regularly maintained and intentionally deployed recognition and incentives drive results. These businesses, by nurturing a culture of recognition, enjoyed much lower employee attrition rates – 38% lower, to be clear. Being specific about why the recognition and incentive is being awarded is key to its impact. Giving employees something unexpected for giving a little extra in the line of their work, sites the reward in performance. Doing so publicly helps to create a culture of excellence and a community of work dedicated to it. Bring peer-to-peer recognition into the mix and implement an often-overlooked strategy that’s proven to get results. While many believe that top-down recognition is more effective, that’s simply not the case. Most employees feel more validated when recognized and rewarded by those they work with every day.
Your company’s mission, when tied to recognition and incentives, becomes even more potent. When employee recognition for a job well done is tied to missions like “outstanding customer service”, or “peerless consulting”, or any other corporate mission, you’re weaving that value into the hearts and minds of those who work for you. You make your mission real when those who model its values are publicly rewarded and recognized. Data-driven as the world may be nowadays, it’s important to understand that using recognition and incentives to drive results is largely about the people who work for you and how they feel. The bottom line matters, but knowing your people and building their relationships with each other and with your enterprise is where the rubber meets the road. This is what really drives and delivers the results you need to succeed. Incentive Travel Group is an outsourced solution to all your recognition and incentive needs. Contact us. Get results.