Incentives for Millennials
Millennials, those who currently are in the 18-33 age range, will make up 75% of the workforce by 2025. This generation posses an entirely different outlook on workplace culture than the generation before them. Technology is the primary Millennial influence, both in and out of the workplace. What are the best incentives for millennials to be motivated? Growing research shows that point system incentive programs have the highest success level, especially with Millennials. These employees want to not only be recognized, but they also want choices in how they are rewarded as well. Points programs are virtually foolproof, easy to understand, appeal to the interests of many different types of participants, tend to have higher participation rates, and are just plain fun! One amazing employee points program incentive model is the Values In Action program at CVS/pharmacy. An online rewards system where colleagues and managers can recognize one another by granting points that are redeemable for merchandise, travel vouchers, gift cards, and even the option to make a charitable donation. While points programs work best for Millennials, they can be customized for any diverse workforce.
For more information on why points programs are so popular check out this article by Quality Incentive Company.
Employee Engagement on the Rise Across the Globe
Employee enagement is on the rise around the world, and this is great news for employers everywhere. Engaged employees give their all to their organizations and break records for productivity and employee loyalty. Here are some quick facts from the newly released Aon Hewitt study on employee engagement that surveyed more than 6,000 organizations in 155 countries.
3 Loyalty Lessons (with 57 more where that came from!)
The 2014 Loyalty Guide is out and full of stats, insight and industry knowledge. One of the featured chapters this year is 60 "loyalty lessons." This is a retail focused look on how loyalty can affect your business and how your customers purchase your products. A strong loyalty program can boost your customer return rate and raise each consumer's life time value, while a bad loyalty program can be detrimental, even in the best economic climate.
Here are three of our favorites from the chapter but all 60 employee and customer loyalty lessons can be found here.
The Golden Rule(s) of Employee Appreciation
Our parents all taught is the golden rule. "Do unto others as your would have done to you." In instances of employee appreciation, we broke it down into 3 key rules. If employees are appreciated at the right times and in the right ways, their tenure with the company will be longer and no one will go home and complain about work or their boss or the annoying colleague two cubes down. Here's what we came up with. Have additional suggestions? Leave us a comment.
3 Easy Steps to Employee Loyalty
In our recovering economy it sometimes seems like there will always be more candidates than jobs. In some industries today that is already not the case. A talent war is looming, a time when companies are poaching each other's human capital and when employee loyalty should be at the top of your HR Strategy agenda. Here are three ways to build, maintain and teach loyalty in your organization.
