Finding consistent ways to motivate employees to perform up to standards and uphold safety goals is an endless job for HR managers. As soon as one employee motivation program ends, management demands another to take its place. Strategic Incentives tracks the latest developments in productivity and employee recognition so we can help companies develop the most effective performance improvement plan possible. Here are some surprising trends we have uncovered:
- Generational Changes: We are beginning to see the emergence of the Millennial Generation as a dominant portion of the workforce, with many now moving into leadership positions. On the horizon is a new group, “Generation Z.” Born between 1995 and 2010, they are just now starting to graduate from college. Human resource managers will need to study these generations to develop employee incentives that truly motivate them to do a better job.
- Technology Is Creeping Into Everyday Workplace Matters: While employees quickly figure out ways to disparage employers through social media, employers are not as quick to adapt these tools to motivate performance. Companies looking to engage employees will need to develop workforce solutions that utilize technology to help employees connect better across functions, reward them for being caught in the act of doing things right, and stay aligned to corporate goals.
- The Cost of Employee Turnover Keeps Increasing: Attracting, recruiting and training top talent is a huge HR challenge. Once they have sufficient skills to perform their job adequately, these employees are often ready to search for higher pay, unless provided with sufficient rewards programs to entice them to stay in their current position. It is well worth investing in these programs because the cost to replace employees can vary from 30-400% of their salary, depending on their position within the firm. This is true, even with minimum wage employees. In fact, the Society for Human Resource Management estimates that it can cost as much as $3500 just to replace one $8.00 per hour employee, when you take into consideration the cost of recruiting, interviewing, hiring, training and initial reduced productivity for a replacement worker.
- Employees are Often “Looking”: Fortune online reported the results of an Indeed.com analysis which showed that “86% of job seekers who are already employed are looking for work outside their current occupations.” This is a pretty shocking statistic, and it would behoove HR managers to pay close attention to it. They need to develop all manner of retention programs to engage, reward, and retain the talent they already have.
About Strategic Incentives: Strategic Incentives is a leading nationwide provider of employee motivation programs. The company works with HR managers to implement sales incentive programs and safety incentives to retain employees, and loyalty programs to build customer relationships. Visit the website at https://www.strategicincentives.com/ to download a complimentary PDF of “35 Ways to Use Incentive Programs.” “Like” the Facebook page to receive regular updates on sales incentives and promotional ideas. Call 888-686-8116 for more information on creating an in-depth performance improvement plan.