In a slowly moving upward trend that takes note of lower unemployment rates, business owners are seeking new and affordable incentive and reward programs that will motivate talented employees, and entice new qualified workers on board, reports the Courier Mail.
According to the article, many businesses reduced employee benefits last year, “paying about $3.4 billion in fringe benefits tax to the tax office in 2008-09, down 1.3 per cent on 2007-08.”
But with unemployment easing, and the global economy looking brighter, James Wright, account director of Red Balloon Days (RBD), a business performance firm, told the paper that they were flooded with inquiries from businesses looking to begin incentive programs of their own.
Wright told the paper that, “businesses are spending on incentives again. We've seen an absolute spike in the number of businesses, all different shapes and sizes, looking to reinvigorate their teams."
Taking full advantage of a reward program to keep its staff motivated and content, MRWED, a Queensland training firm that was named as one of Australia’s top 10 places to work, recently implemented a “frequent-flyer" rewards strategy. This program affords employees the chance to earn desirable rewards such as plasma TVs, holidays, and even a car.
MRWED’s incentive program allows employees to earn points for meeting specific goals, along with attaining “anniversary milestones with the company.”
The founder of MRWED, Marc Ratcliffe, explained to the paper that the program benefits the staff in that “they are working towards something they really want.” In regard to the company, “the benefit is a highly engaged and focused workforce going above and beyond to achieve and set goals."
Earlier this year, People Management magazine reported that Coca-Cola and Siemens’ human resources leaders noted that how a company is viewed, or branded, is a key element in retaining valuable employees and recruiting new ones.
Effective employee incentive programs, along with effective branding strategies are essential to maintaining and attracting proficient and talented workers.