Online is the way forward

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Marketing

Published on February 20, 2014

Author: corporate_rewards

Source: slideshare.net

corporaterewards.co.uk Online is the way forward Dan Kelly, Sales and Marketing Director, Corporate Rewards

Online is the way forward • 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.

Setting the scene • 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.

Incentives here and now • 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!

An old favourite • 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.

Going online • 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.

The benefits • 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.

Communications • 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

Targets • 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.

Adaptability • 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 setup costs and time use.

More choice • 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.

The greener 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.

In summary • 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%

Get online! • 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.

Find out more www.corporaterewards.co.uk/blog @CorpRewards Connect with corporate-rewards-uk Call us 0370 405 2020 Let’s start the conversation

Call us 0370 405 2020 8 The Courtyard, Timothy’s Bridge Road, Stratford-upon-Avon, Warwickshire. CV37 9NP email us enquiries@corporaterewards.co.uk corporaterewards.co.uk

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