The Future of Incentives
Updated: Dec 4, 2020
The future of corporate America lies in attracting and developing a culture of talent. Retaining top performers and preparing them to take over the reins in the next decade is a key investment.
As Gen X and Millennials dominate the workforce, companies must build the workforce of tomorrow. Incentive programs and motivational meetings that inspire and connect with future leaders will be crucial.
Working for yourself is the new American Dream. In fact, the corporate workforce is expected to decrease by 30% over the next five years.
High attrition rates lead to lost customers and earnings while luring top talent is the difference between profit or loss.
Paychecks alone will not keep top talent coming back. Millennials call themselves the generation of purpose and relate to companies with social missions and corporate values.
It will be impossible to attract and maintain talent without creating a culture of corporate citizens that are recognized and rewarded appropriately. Customization and personalization are key.
Forced rewards do not have an impact and don't feel rewarding.
By design, corporate reward programs bolster company culture, create stronger bonds between vendors and employers, executives, and employees, and generate a sense of purpose.