Commenting on the research, Managing Director, Declan Byrne, commented, “It’s a surprise that so many people would forgo a higher salary for a secure benefits package in place. This shows the great investment that employee benefits, rewards and incentives can be for companies. “The research highlighted that 20 per cent of those surveyed do not get any form of employee benefits. It is important that all employees are rewarded in some shape or form – as it is an informal way of boosting morale and increasing a company’s employer brand. “It is clear from the research that employers should be aware that employees place benefits and rewards as high up on their list of wants from an employer.” 

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Before you set up your company incentive program, be sure to review this checklist and get all of your information together to ensure a smooth launch and ongoing success.

1. Determine the behavior you are trying to change: Increased sales, improved morale, customer loyalty?  What do you want for an outcome?  What is the purpose of the program?
2. Place appropriate value on the desired activity: How many points do you want to associate with each activity (i.e., you will get 10 points for being recognized by a co-worker, or 15 points for selling a particular product).  Is the reward you are giving commensurate with the activity to be performed by the participants?
3. Select an appropriate prize: Is it cash, merchandise, trips, gift cards, company rewards such as PTO? What will have the most impact with your audience?
4. Verify how an incentive is earned: What do participants need to do, and how will it be checked to make sure it actually happened?
5. Determine your metric for success: What do you need to see – increased sales, less employee turnover – that will show that the program is working? What type of reports will you want to view?
6. How often will you pay out awards: Weekly, bi-weekly, monthly, annually?
7. Pilot Program: What groups should you start the incentive program with to work out the kinks and get feedback?
8. Promotion: How are you going to get the word out about the incentive program initially – and then ongoing – to ensure participation?
9. Evaluate: After running the pilot incentive program, what will you look at to retool the program for mass distribution?
10. Launch: Have you got everything in order? Is your incentive program manager fully prepared? Does the program work? Is your incentive award provider geared up and ready to deliver?

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About Jack Martin

Jack Martin, Partner at Payback Incentives, has held a variety of positions over the years in PR, advertising and marketing. In 2005, Jack’s company developed three online programs designed to improve sales, marketing and employee recognition: Payback Incentives (http://www.paybackincentives.com), an online incentive management tool that lets you run multiple programs and connects employees and customers with any award they want; Blue Sky e-Pass (http://www.blueskypass.com), the spot award program that gives employees the gift of choice; and i-Marketing (http://www.i-marketingonline.com), which lets companies control their brand while allowing local customization.

View all posts by Jack Martin →

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