10 Things to Stop doing in your Rewards & Recognition Programs
1. Stop going to the same destination year after year
Many companies go to the same destination and or resort every year. Unless the company has a large turnover, doing the same thing while expecting a different goal, is highly unlikely.
Many CEOs pick the destination because they have a second home there or its a destination they like. After a few years, participants are no longer motivated to earn the same reward.
2. Stop going to all-inclusive resorts
I'm hearing multi-generation comments often referring to all-inclusive resorts as the "alcohol travel culture." Participants now prefer al la carte food, locally sourced food, and artisan wine and craft beer. All-inclusive resorts focus on bulk food and inexpensive alcohol with little other activities or focal points.
Recent studies reveal that participants would be willing to pay a little money out of pocket for meals in order to branch outside of destinations like Mexico and the Carribean.
3. Stop delivering and offering one size fits all programs
It's ok to separate performance levels. Proper training and development programs should facilitate multi-channel rewards. Giving everyone the same rewards cheapens it for those who may have brought in the biggest profits or accounts for the year.
4. Stop giving out random rewards is an unorganized way
Get an actual program and process in place to monitor measure and maintain the program. Figuring things out as you go along when it comes to incentives defeats the purpose. If your incentive program is not seen as a part of your culture and is more or less an afterthought, then it won't be as successful as it could be. A proper program creates excitement, adds value to your corporate culture and has momentum.
5. Consult & outsource with an actual incentive house
As incentive house specializes in what motivates and engages people. They will assist with your sales program and help with training and development. They keep up to date with research, trends, and data that make your program a success.
6. Survey and consult with your people
One of the mistakes companies make is letting one person decide what the incentives will be as opposed to polling and sending out a survey to analyze data. Use AI and data to help make key decisions and determine the behaviors that lead to the desired outcome. 38% of companies are not surveying their people.
7. Personalize your rewards
It's the experience economy; experiences are everything. Millennials would rather spend money on experiences as opposed to buying more stuff. Expectations are high and paychecks alone are not enough to keep top talent coming back. The pressure to provide inspirational meetings and over the top rewards as part of a winning corporate culture is high.
8. Stop using methods from the stone ages
Many companies still employ the old pizza, plaques, and paychecks. If a sales star brings in a major account and is rewarded with a pizza party, they will feel underwhelmed and undervalued. Rewards should match and compliment the effort and magnitude of the achievement. A friend of mine saved his company 10 million dollars on a major project. He was given a plaque and named project of the year. Meanwhile, the CEO was working on his massive home. CEOs with this attitude will find it hard to attract top talent in the near future. Top talent is the difference between profit or loss.
9. Stop pretending technology doesn’t exist
Embracing technology as your friend is a win-win for everyone. AI thinks in a way the human brain cannot and vice versa. Working together with technology helps keep companies relevant in the modern age. Current and future generations are tech wizards and have been using technology since early childhood. They are flocking to top tech companies
10. Stop doing everything in house; outsource to professionals
You should be focusing on the top 20% of things that drive revenue and outsourcing the other 80% When you try to do everything, nothing will get done well. When companies try to do everything in house, they miss out on key relationship opportunities and connections that can lead to other business.
If you knew what it takes to scale your company and be a massive success on your own, then you would have already done it. Remember when you do EVERYTHING yourself, NOTHING gets done well.
Learn More: https://premierincentives.getresponsepages.com/