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Employee Rewards Programs: The Formula for Successful Rewards
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Matt Lundy is co-owner of Rewarding Events & Incentives (REI), a full service incentive agency specializing in the creation and fulfillment of programs to motivate and reward employees, customers and distribution channels. for achieving specific goals. Rewarding Events & Incentives was recently announced as one of nine SBA award winners in Louisiana for 2009 . A graduate of St. John’s University in NY, Mr. Lundy is very active in the local business community, serving on the Boards of both the Jefferson and River Region Chambers of Commerce, and is a member of HRMA New Orleans, the Louisiana Technology Council (LTC), the St. Charles Business Association and Entrepreneur’s Organization (EO). The presentation will cover how you build a budget, common mistakes and how to avoid them, selecting the right reward option for your program and more.
Employee Rewards Programs: The Formula for Successful Rewards
- That which incites, or has a tendency to incite to action.
- 85% of employees feel overworked and underappreciated (Dr. Robert Cooper, 2005)
- 75% of employees say they could be more effective in their jobs (Public Agenda Forum, 2004)
- Customer Service
- Safety
- Health & Wellness
- You balance the reward vs. the increased productivity or cost savings
- Good programs pay for themselves
- No achievement of goals = NO payout
- Cash is thought of as compensation and is spent on necessities.
- In a recent survey people were asked how they spent their last cash reward. The top 4 responses were:
- Bills - 29%
- Do not remember - 18%
- Never received cash reward – 15%
- Household items - 11%
- Titles – Director of first impressions
- SME – subject matter expert
- Mentors
- Time Off / Flex time
- Sports Tickets
- Day at the Spa
- Sponsor company teams – bowling, volleyball, softball etc. team building outside the office