In the most recent white paper from the Incentive Marketing Association’s Recognition Council findings demonstrate that recognition and rewards programs are the way to motivate and retain workers in the post-recession economy.
The paper, titled Pump Up Employee Engagement: Fuel Prosperity with Strategic Recognition, indicates that acknowledgment and rewards need to be designed to the specific desires and expectations of employees and particular “workforce demographics” in order to be effective.
With a ‘bad taste’ left from struggling through the recession in an “overstretched and under-rewarded” mode, the new job market trend has employees wanting more, and employers facing a more complex workforce.
The executive director of the Incentive Marketing Association, Karen Renk, explains, “We have found that when recognition and reward programs provide employees with the kind of recognition that is most meaningful to them, they are not only more engaged but also are more likely to remain with a company than when they do not feel valued."
Renk went on to discuss the diversity of today’s workforce and a key strategy to hang onto valuable staff: “proving that employees are individually appreciated is the best way to engage them and to combat the very real threat of losing valuable talent during the recovery."
In line with this paper, the Courier Mail recently wrote about incentives that include points-based programs featuring an array of rewards as the new means to an end for employers. Utilizing these incentive strategies encourage employee loyalty, motivation, and engagement.