Engagement is a top priority for businesses today, requiring a tailored strategy to truly be successful. This buzz word isn't a trend that's likely to go away any time soon. More and more employees want to feel engaged in their work and feel recognized for their success. But let's face it, this is no easy feat, especially if your leadership team doesn't buy into engagement strategies in the first place. Incentive marketing companies and research institutions recognize this challenge and have compiled a comprehensive list of valuable statistic to debunk any skepticism surrounding the effectiveness of incentives to foster engagement.
Here are 10 of the statistics that we found the most noteable:
- 89% of employers assume that their employees leave for more money elsewhere, but only 12% of employees actually earn more from their next company.
- More than 4 out of 10 (42%) employees consider rewards and recognition program opportunities when seeking employment.
- 39% of employees feel underappreciated at work, with 77% reporting that they would work harder if they felt better recognized.
- According to a recent CareerBuilder/USA Today survey, 56% of HR managers are worried that their top talent will leave for another job within the year.
- 75% of people who willingly leave their jobs don’t quit their jobs, they quit their bosses.
- The presence of a corporate incentive program motivated 66% of employees to stay at their job.
- A 5% increase in employee retention can generate a 25% to 85% increase in profitability.
- Disengaged workers cost the economy $300 billion or more per year.
- Organizations with higher than average levels of employee engagement realized 27% higher profits, 50% higher sales, 50% higher customer loyalty levels, and 38% above-average productivity.
- Companies using incentive programs reported a 79% success rate in achieving their established goals when the correct reward was offered.
- Annual revenue increases are 3 times higher in companies that use a tangible sales incentive over those that don’t use an additional incentive. When incentive programs are working, the potential for growth is much, much higher.
Some Things to Keep in Mind
Engagement solutions should be both flexible and goal-oriented. Through peer-to-peer recognition, team-focused gamification, and department-wide learning initiatives, 3rd party incentive companies can work with clients to develop engagement programs that dramatically enhance the productivity and efficiency of the target audience.
It really is about quality and quantity. One of the best ways to engage employees is through frequent and dynamic marketing communications that keep the message top-of-mind and promote rewards to which the audience will respond.
How can an engagement program help you?