How to ensure employee engagement through incentives
In the age of the highly-populated millennial workplace, employees aren't just looking for jobs, but careers, meaning that retention strategies will drastically change, along with the way sales teams are rewarded and incentivised.
According to a survey by Deloitte, ‘the notion that money buys commitment among millennials is false,’ due to the impact that ‘rapid social, technological and geopolitical changes of the past year’ has had on millennials. Described as a ‘wake-up call to leaders,’ the survey goes on to reveal that ‘if a business wants to keep its millennial [and Gen Z] employees from leaving [within two years], a dedication to tolerance, inclusivity, pay and job culture are all important considerations.’
In addition to personal reasons and beliefs for either staying with or leaving a company – such as ‘enhancing employees’ lives and careers’ -, millennials are concerned with business ‘contributions to society at large,’ and with 51 percent believing that the ‘number one priority for their business is generating profits,’ businesses must ‘identify ways in which they can positively impact the communities they work in… to earn the trust and loyalty of millennial workers.’
In order to create a positive working environment whilst retaining top employees, companies must be aware of the way they can provide benefits that actively engage their workforce and therefore optimise desired behaviours to drive ROI.
As the old saying goes, ‘actions speak louder than words,’ and when it comes to recognising and rewarding high-performers, incentive schemes are something that can help you to show how much you value their contribution to the business.
For a long time, cash bonuses have been used as motivational rewards, however with travel being one of the key reasons that millennials work;
64% of business leaders [are] focusing on non-finanicla rewards as they [consider] reward strategies for the future and [look] for ways to improve employee engagement and retention.
Another reason for the abandonment of cash bonuses is their disconnection to a company’s brand, as ‘when a cash reward is provided, it becomes the participant’s,’ and consequently ‘anything purchased is something the participant chose to purchase.’ By offering travel or an experience as a reward, this is something that can’t be taken away from the company and equally acts as an external testament to the kind of company you are – encouraging both employee retention and future interest from new industry talent.
For more on cash vs. travel incentives, you can download our industry report here.
Of course, another important aspect of an incentive scheme is to achieve ROI for the business, which is reliant upon the success of the scheme and how engaged employees are with the scheme. In order to ensure engagement with the incentive, we find the best method is to provide bespoke event websites which tie in with email communications used to inform and update participants of their individual performance, along with details of the incentive.
Through looking at the success and engagement with these communications, we can provide up-to-date statistics of employee engagement rates and assess what is working, and what isn’t – and adapting accordingly. An adoption of digital communications is also more likely to resonate with technologically-minded and able millennials, resulting in a higher potential rate of interaction.
Find out more about how an incentive scheme can provide ROI and other benefits on our blog.
Essentially, in order to retain top performers and become a company known for its alignment with desired employee benefits, business leaders must address their current stance on a wide range of factors and implement best practices and reward schemes to drive motivation, sales, and consequently, ROI.
Incentive travel and events are a fantastic way to ensure this level of employee engagement, and transform your workplace for the better.
For more information on how we can help you to deliver seamless events to impress and engage employees, head to our contact page.