One of the biggest challenges that companies face today is the fact that many people only stay at their current jobs/roles for less than five years. As someone who has been in the incentives industry for many years, I know firsthand what a high turnover rate can do to incentive and loyalty programs. Once I establish a relationship with a new client and help them create an incentive program, I encourage them to follow a few of the best practices I have observed over the years when it comes to ensuring the success of a rewards program.
One of the necessary elements in maintaining long term incentive programs is having multiple contacts inside an organization. It is extremely important to have all people who “touch” the program involved in the decision making process and beyond. If people feel they are part of the program development, they will feel a sense of ownership, regardless of their position in the company. Not only can stronger results can be expected when people have a stake in the effort, it also establishes multiple points of contact within the organization, which helps to ensure a seamless transition if someone on the team leaves.
When it comes to incentive programs, the hope is that there will be great leadership, outstanding results, and long-term success, but internal changes can pose some serious challenges to implementation and success. However, by bringing together thought leadership and engagement at all levels for a rewards program, even the unexpected can be managed easily with limited impact on participants.