Considering that a recent study from the Incentive Federation has shown that a good corporate reward program can improve sales and production as much as forty-four percent a company can hardly afford not to have a corporate reward program.
The only reason a corporate reward program is because of the rewards.
When a company is trying to decide what rewards to offer there are a few questions they have to ask themselves first.
What is the budget for rewards? Corporate rewards programs are a booming industry. It is estimated that over one hundred billion dollars are spent on corporate rewards programs each year. The companies budget is going to play a large part in the type of rewards they are able to offer their employees. Another thing that must be considering when looking at the budget; are you going to reward individual efforts or will this be a group reward.
How often are you planning on awarding corporate rewards? The frequency rewards are going to be offered combined with your budget might be the deciding factor about the type of reward the company is able to offer.
What type of rewards are your competitors offering? If you are using your corporate reward program to reward employee loyalty it only seems fair that you offer you employee rewards that are comparable to the ones your competitor's employees are receiving. You also must remember that new applicants often look at corporate reward programs when they are considering employment. It won't look good if you're giving your best employees pencils and pens while your competitors are handing out elaborate gift baskets.
A corporation can choose to offer standard gifts such as gift baskets, chocolates, and flowers to their employees. They could also opt to reward their employees with something a little more exotic like hand rolled cigars or European chocolates.
If a company is rewarding group efforts cooking classes and Maybe your employees would rather have a vote in the reward. A company could offer a list of reward options. Perhaps they should consider handing out a gift card or prepaid credit card with a predetermined denomination.
Most employees say that the rewards they prefer the most are travel rewards. There are travel plans for all budgets and taste. On a lower monetary scale a company could offer a weekend stay at a nice bed and breakfast. At the other end of the scale is an all expense paid trip the Indianapolis 500. If a corporation is really at a lost for a reward they only have to remember one thing. Nobody ever complains about getting an extra cash bonus.
If a corporation has hired a company to design a successful corporate reward company that same company might offer corporate program rewards as a part of the package.
Whatever the reward the company decides to use it will be the icing on the cake. The true reward will be having a working environment that is full of happy employee's who go through the work day with a sense of competitive camaraderie.
About the Author
Mario Churchill is a freelance author and has written many articles on various subjects. For more information on sales incentives or employee incentives checkout his websites.
