Performance Management & Incentives In The Era Of Sarbanes-Oxley
In the wake of Enron, WorldCom and other corporate governance and accounting scandals, federal legislators in 2002 enacted the Sarbanes-Oxley Act (SOX), which was designed to improve the accountability of corporate managers to shareholders and to improve public confidence in publicly traded companies. While most of its provisions do not directly apply to the use of incentive programs, SOX is giving corporations new reasons to apply even more rigorous research-based standards and professional practices to their incentive and recognition program design.
$46 Billion Spent On Incentives
The incentive business may be booming, but it isn't attracting many new clients, the new Incentive Federation study shows American companies spent $46.08 billion on incentive awards for employees, channel partners and consumers, along with business gifts to partners and clients, in 2006, according to a study released in late September by the Incentive Federation.
Incentive Travel As A Motivational Tool – How Businesses And Individuals Benefit
Motivation is a very important part of human resources management. The aim of motivation programs is to create strategies and systems that help companies get the right employees in the right positions, and keep them motivated.
Employee Recognition
Performance-oriented companies seek to mobilize all employees and stakeholders, notably dealers and distributors, toward clear business objectives measured by sales, profits, customer satisfaction, and productivity. For these organizations, employee recognition is a vital part of continually communicating and reinforcing ever-changing goals.
Put Your Recognition Program Online
With managers overseeing larger and more diverse workforces, and so many people working from home or in far-flung facilities, recognition of employees' efforts can be difficult and time consuming. Online recognition programs, however, make the job easier. More and more incentive companies offer online recognition tools and strategies that ensure immediate recognition coverage via email and the Internet – with significant savings over traditional programs.
Online recognition programs also offer the ability to change motivational messages and rewards easily and inexpensively, keeping them different and exciting.
