online is the way forward
TRANSCRIPT
corporaterewards.co.uk
Online is the way forwardDan Kelly, Sales and Marketing Director, Corporate Rewards
• Dan Kelly, Sales and Marketing Director at award-winning incentive recognition and reward, motivation and events agency Corporate Rewards, examines the impact of technology on incentive programmes today
• Connect with Dan on LinkedIn.
Online is the way forward
• 21st Century is well underway• The impact of technology on our lives is ever-changing and evolving• Technological advancements are affecting individuals and businesses
alike• Those who don’t keep up will suffer the consequences
• This is also true of the incentives industry.
Setting the scene
• Recognition and motivation is an imperative in today’s workplace, not a ‘nice to have’
• The biggest development is the rapid introduction of online rewards programmes
• Taking recognition online streamlines the process, presenting an array of benefits to companies and employees
• There is no going back!
Incentives here and now
• Vouchers had their place and were once the best available option• With vouchers come some unavoidable drawbacks:
– easily lost, negating their impact as a reward– often ‘filed’ away in a drawer and forgotten about– there are absolute limits to where they can be spent– impersonal gift
• Vouchers suggest instant gratification, but in reality they don’t carry the kudos that employers these days want, and need, to have.
An old favourite
• Today’s businesses must keep up with technological advances
• For incentives this means an online platform for:– cost-effectiveness– continuous employee engagement– results that everyone will want to know about
• Giving money may seem a quick and easy option, but it doesn’t provide ongoing benefit to employer or employee.
Going online
• The initial start up period may require a little work and investment to establish
• The ongoing programme will consistently and repeatedly reap benefits
• For the employer:– Vastly reduced administrative burden– Clearer measure of ROI– Secure and efficient– Budgets easily managed– All staff can be engaged, regardless of location or shifts – Adaptability; facilitating new features or special promotions when
required.
The benefits
• Online systems make employee engagement much easier
• Running communications online is easy and instant
• Company messages can be targeted to whichever employees you choose, whenever you choose
• Employees can respond immediately, increasing user satisfaction
• There is greater transparency for everyone:– Rewards and requirements can be set and communicated– Employees know exactly what they’re aiming for– Employees know they are being rewarded consistently and fairly
Communications
• Online systems increase visibility
• Companies can visibly link a reward to the reason it’s being given
• Emphasis can be placed on specific criteria or high performance
• This incorporates a previously unattainable sense of longevity
• With cash rewards the act of giving is the end point; online points systems enable monitoring and progress towards a goal – a valuable two-way communication process.
Targets
• This is an integral element of online programmes and crucial in a climate where things change and evolve so fast
• As new rewards or roles become relevant, they can be easily incorporated into a programme
• No laborious paperwork or new office processes are required
• Refinements can be implemented so easily it will offset any initial set-up costs and time use.
Adaptability
• Taking incentives online improves the variety of rewards on offer
• They can be available by different means, which makes your system personal
• For example, items from a bespoke catalogue or a prepaid card
• Virtual prepaid cards can extend this choice further with online spending power
• It is not only extensive, but international and reinforces the online nature of your programme.
More choice
• Modern businesses are under pressure to be environmentally friendly and sustainable
• Online programmes fit perfectly into this agenda
• It is a move away from paper vouchers or announcements
• Online systems underline eco-friendly policies, boosting the feel-good factor and an image of modernity.
The greener choice
• Online incentive programmes provide easy targeting of employees with personalised messages or rewards
• It is a dynamic system that can accommodate your changing your business needs
• An effective incentive scheme is essential if you want to continually engage, motivate and retain staff
• The right rewards programme is proven to impact your bottom line:– Companies with high levels of employee engagement see a
19.2% higher operating income– Companies with low employee engagement see it drop by
32.7%
In summary
• Online is the way forward if you want your company to:
– achieve 360 engagement with employees
– keep your incentive programme forward-thinking
– be considered by the best employees as a great place to work.
Get online!
www.corporaterewards.co.uk/blog
@CorpRewards
Connect with corporate-rewards-uk
Call us 0370 405 2020
Let’s start the conversation
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