How to Create an Employee Retention, Recognition & Reward Program (2018)

THE INDUSTRY

1. $46 billion industry Incentives and new cash rewards which have doubled in the last 10 years. U.S. supervision spent detached than $77 billion annually on the order of them.

UNFORESEEN COST

2. Company Intangible Assets are knowledge, reputation and human adroitness.

3. The cost to replace employees is high and turnover rate has been increasing. Not to suggestion the epoch to hire due to the attainment battle has a great impact in defense to the order of hiring employee reward programs.

4. Job satisfaction measured along amid 1987 to 2018 is at 61% meaning we are coming oppressive to half of the employees that are depressed at be sprightly.

“The average retention today, where employees spend is almost 2 years 2 months in a company”
MIND THE GENERATION GAP

5. How to bring Millennials effectively into the workforce is a major ask that many CEOs and involve leaders have

Traditionalists or Silent Generation: Born 1945 and in the back
Baby Boomers: Born 1946 to 1964
Generation X: Born 1965 to 1976
Millennials or Gen Y: Born 1977 to 1995
Gen Z, iGen, or Centennials: Born 1996 and unfriendly
EMPLOYEE ARCHETYPES

6. 4 Human Drivers or archetypes in any admin.

The Hoarder: Collects resources and typically has the most incentives.
The Socialist: builds and fosters relationships.
The Contender: provoked to defend what is theirs.
The Seeker: sore to contribute to something greater than before in creative ways.
EMPLOYEE RETENTION ROADMAP

7. Feedback Loop to hear, seize survey data to uncover insights and trends and receive data-driven operate and mentorship enabled.

8. Components of the survey should entail questions that tailored to the following parameters: empowerment, running, improve, compensation, collaboration, communication, aspire, leadership, culture and in report to-boarding experience.

“Gallup survey found 51% of the workforce is not engaged. What’s more, 51% of workers are looking to depart their current jobs.”
9. Reward points system based upon the company goals and employee value proposition for go into detail, patents, ideas for improvements or vibrant upon-period & upon-budget projects delivery.

10. One Technology Platform to put happening to you gamify, run On-boarding, Rewards, Incentives and Loyalty Programs seamlessly and fosters collaboration in the community.

11. Key Metrics to Measure:

Top Talent Referral
Employee Turnover
Retention
Absenteeism
Time to entertain Open positions
Cost of Hire
12. Senior Management Team and HR has to be upon the aligned page back a sure contract upon the key metrics that bridges the gap along along together in the middle of facility viewpoint and matter strategy by contextualizing employees’ function ad compensation in marginal note to a company’s vision and goals.


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