Business Articles - Show Me the Return on Investment
- Date: 2010-07-23 - Word Count: 386 Share This!
Well designed incentive programs have been proven to increase performance. A study conducted by the Society of Incentive and Travel Executives, published by Incentive Performance Center, shows that when incentive programs are used, people boost their performance by 27 percent. Measurable results are important. When incentive programs are designed to achieve measurable objectives such as increasing productivity and reducing workplace accidents or absences due to work-related pressure, they bare a positive return on investment that is undeniable. A challenge for many employers is how to measure incentive program results when it comes to intangible assets such as positive morale and the status of being at a place where people want to work. Employers can utilize employee satisfaction surveys to gain useful feedback. In "The Power of Incentives: Performance Improvement Through ROI," Donna Oldenburg notes that, "A tough economy and greater accountability have mandated a change...and managers are increasingly turning toward ROI methods to ensure incentive programs not only motivate but provide a maximum return on the bottom line." With web-based incentive solutions comes the best possible reporting environment - real time results. Online incentive solutions provide real time results on performance, brand/product preferences, redemption and accumulation, all of which facilitate ROI, geographic trending, and reveal "Star Performers." Use the following strategy to ensure a positive ROI: 1. Map the Plan - Identify the specific corporate objectives that the incentive program will support. Observe where you are today and where you want to go. Answer the question, "What business challenge do you want to address?" The stated objectives can be united with financial (sales) as well as non-financial (employee satisfaction) measurement results. 2. Target - Look for those with the most opportunity for improved performance and identify what they value to determine the mix of recognition options. 3. Engage & Communicate - Unveil the program with enthusiasm and maintain regular communication updates to maintain momentum. 4. Fulfill Expectations - Deliver what was promised in a timely manner. 5. Measure - Ask, "Did we achieve our objective, what was the return on our investment?" Assess the program and determine how to increase the focus and raise the bar. Include a recognition strategy into your business plan that praises and awards for achieving goals and you will build a culture where "Star Performers" want to come and stay, and a company that can uphold productivity even in times of uncertainty.
Related Tags: reward programs, incentive programs, loyalty programs
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