Online is the way forward

corporaterewards.co.uk

Online is the way forwardDan Kelly, Sales and Marketing Director, Corporate Rewards

• Dan Kelly, Sales and Marketing Director at award-winning incentive recognition and reward, motivation and events agency Corporate Rewards, examines the impact of technology on incentive programmes today

• Connect with Dan on LinkedIn.

Online is the way forward

• 21st Century is well underway• The impact of technology on our lives is ever-changing and evolving• Technological advancements are affecting individuals and businesses

alike• Those who don’t keep up will suffer the consequences

• This is also true of the incentives industry.

Setting the scene

• Recognition and motivation is an imperative in today’s workplace, not a ‘nice to have’

• The biggest development is the rapid introduction of online rewards programmes

• Taking recognition online streamlines the process, presenting an array of benefits to companies and employees

• There is no going back!

Incentives here and now

• Vouchers had their place and were once the best available option• With vouchers come some unavoidable drawbacks:

– easily lost, negating their impact as a reward– often ‘filed’ away in a drawer and forgotten about– there are absolute limits to where they can be spent– impersonal gift

• Vouchers suggest instant gratification, but in reality they don’t carry the kudos that employers these days want, and need, to have.

An old favourite

• Today’s businesses must keep up with technological advances

• For incentives this means an online platform for:– cost-effectiveness– continuous employee engagement– results that everyone will want to know about

• Giving money may seem a quick and easy option, but it doesn’t provide ongoing benefit to employer or employee.

Going online

• The initial start up period may require a little work and investment to establish

• The ongoing programme will consistently and repeatedly reap benefits

• For the employer:– Vastly reduced administrative burden– Clearer measure of ROI– Secure and efficient– Budgets easily managed– All staff can be engaged, regardless of location or shifts – Adaptability; facilitating new features or special promotions when

required.

The benefits

• Online systems make employee engagement much easier

• Running communications online is easy and instant

• Company messages can be targeted to whichever employees you choose, whenever you choose

• Employees can respond immediately, increasing user satisfaction

• There is greater transparency for everyone:– Rewards and requirements can be set and communicated– Employees know exactly what they’re aiming for– Employees know they are being rewarded consistently and fairly

Communications

• Online systems increase visibility

• Companies can visibly link a reward to the reason it’s being given

• Emphasis can be placed on specific criteria or high performance

• This incorporates a previously unattainable sense of longevity

• With cash rewards the act of giving is the end point; online points systems enable monitoring and progress towards a goal – a valuable two-way communication process.

Targets

• This is an integral element of online programmes and crucial in a climate where things change and evolve so fast

• As new rewards or roles become relevant, they can be easily incorporated into a programme

• No laborious paperwork or new office processes are required

• Refinements can be implemented so easily it will offset any initial set-up costs and time use.

Adaptability

• Taking incentives online improves the variety of rewards on offer

• They can be available by different means, which makes your system personal

• For example, items from a bespoke catalogue or a prepaid card

• Virtual prepaid cards can extend this choice further with online spending power

• It is not only extensive, but international and reinforces the online nature of your programme.

More choice

• Modern businesses are under pressure to be environmentally friendly and sustainable

• Online programmes fit perfectly into this agenda

• It is a move away from paper vouchers or announcements

• Online systems underline eco-friendly policies, boosting the feel-good factor and an image of modernity.

The greener choice

• Online incentive programmes provide easy targeting of employees with personalised messages or rewards

• It is a dynamic system that can accommodate your changing your business needs

• An effective incentive scheme is essential if you want to continually engage, motivate and retain staff

• The right rewards programme is proven to impact your bottom line:– Companies with high levels of employee engagement see a

19.2% higher operating income– Companies with low employee engagement see it drop by

32.7%

In summary

• Online is the way forward if you want your company to:

– achieve 360 engagement with employees

– keep your incentive programme forward-thinking

– be considered by the best employees as a great place to work.

Get online!

www.corporaterewards.co.uk/blog

@CorpRewards

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