It is probably no surprise to hear that employee happiness is an important part of maintaining a positive company culture. But do you truly understand how this influences the company’s bottom line? Follow along with this logic…
Do you ever feel like your company’s marketing efforts are lacking during the holiday season? Like your holiday offer is bland and irrelevant because of how popular holiday promotions are? With all of the commotion and incentives tied around each and every holiday, it’s hard to think of a creative way to stand out.
As the holiday season approaches, more and more consumers are beginning to see all of the promotions businesses are implementing in an effort to drive customers through their doors. Many companies offer attractive deals to give themselves a competitive edge. How will your company offer a creative and successful holiday incentive that catches your target’s interest, creates excitement and brings value so your efforts aren’t diluted.
A whirlwind of last-minute shopping trips, elaborate celebration preparations, and chaotic family visits is quickly approaching with the holiday season peeking around the corner. In the midst of the excitement, it’s easy to get swept up in the commotion and lose sight of the true significance of the holiday—giving.
During this exciting time of year, it’s heartwarming to see families slow down and recognize the loving role they play in each other’s lives. Meanwhile, it’s important for companies to stop and appreciate their hard working employees. When it comes to giving, we are all capable of making a truly meaningful contribution by taking the time to remember those who are most in need.
Employers often use cash as an award because it is easy to obtain and distribute to their employees. Yet, employees often times do not see it as an award because it is tied to their paycheck. As Claudio Ayub points out in his article, cash goes in one pocket and out the other to pay bills; recipients do not remember what they earned in a cash incentive program. While cash may be convenient for the employer, it is not always the best motivator for employees.
A study conducted by Aberdeen Group revealed that 63% of best-in-class companies use non-cash awards, emphasizing that those types of incentives are stronger motivators for employees. Ayub adds, “There is no trophy value in cash. When was the last time you bragged about a $100 bill?” Since cash coincides with a regular paycheck, providing employees with an alternative, especially an alternative they can choose themselves, proves to be exciting and highly motivating. Many successful companies are awarding their hard working staff with a selection of gift cards, placing trophy value on workplace incentives.
It’s no secret that employee retention means something completely different today than it did 15 years ago. In the past, companies designed incentive programs that thanked their loyal employees for their 10, 15, 25+ years of dedicated. Today, longevity is a rarity.
More and more often, in today’s changing world, businesses are completely restructuring their incentive programs to thank their employees instantly – even after just one year of service. Companies are having to adapt to this trending workplace culture and new norms to keep their millennial generation employees engaged, fostering company loyalty and increasing retention.
We are wired for rewards. Literally. In fact, when people receive a positive recognition or reward, it creates a shot of dopamine, sparked by the neurotransmitters in our brains. According to Kevan Lee in his article on the The Science of Motivation: Your Brain on Dopamine, “The brain can be trained to feed off of bursts of dopamine sparked by rewarding experiences.”
The dopamine shot is felt in many ways, including motivation, memory, behavior and cognition, attention, sleep, mood, and learning…leaving an imprint on our brains reminding us to repeat the behavior that earned the reward.