How An Incentive Program Can Increase Employee Retention
47% of customers would take their business to a competitor within a day of experiencing poor customer service (24/7). Each year, the estimated worldwide cost of customers switching due to poor service is $1.6 trillion (Accenture). Pretty shocking numbers, right?
It’s extremely important that your business provides its customers with an excellent customer service experience. If your employees are happy working for your company it will show. As the direct liaison between you and your customers, employees are your brand ambassadors, so make sure you engage and motivate them. According to a study conducted by Demand Metric, companies with employee engagement levels of over 50% (which is high) retain over 85% of their customers.
Hiring good employees is just the start to creating a strong work force. You also have to keep them. High employee turnover costs business owners in both time and productivity, and sharply affects the bottom line. So how can you improve on employee retention, morale, performance, and output? An innovative incentives/rewards program could be the answer. Incentives can help motivate your employees to reach performance goals and ensure commitment, loyalty, and retention. Just a mere 5% increase in employee retention can result in a 25-85% boost in profits.
Does My Business Really Need An Employee Incentive Program?
The difference an employee incentive program can make is huge!
– Organizations with higher than average levels of employee retention and engagement realized 27% higher profits, 50% higher sales, 50% higher customer loyalty levels, and 38% above-average productivity.
– More than 4 out of 10 (42%) employees consider rewards and recognition program opportunities when seeking employment.
– However, while 90% of business leaders believe that an engagement strategy could positively impact their business, only 25% of them actually have a strategy in place.
But My Previous Incentives Program Didn’t Work…
If an incentive program didn’t work in the past, it’s probably because the program itself wasn’t very well designed, or it was too difficult to manage. Check out these stats:
– Companies using incentive programs reported a 79% success rate in achieving their established goals when the correct reward was offered.
– Properly structured incentive programs can increase employee performance by as much as 44%.
– Annual revenue increases are 3 times higher in companies that use a tangible sales incentive over those that don’t use an additional incentive.
Ok, I’m Convinced. So What Is The Best Employee Incentive Program?
One of the best ways to reward employees and instil loyalty to your company is by implementing an incentive program. A customizable, branded card is a great tool for supplying employees with rewards for customer referrals, holiday bonuses, performance benchmarks, and more. These programs build loyalty, improve employee morale, and create a corporate culture built to succeed in the future, especially in sales and commission-driven industries. Motivate your sales staff to reach their quotas and reward them with a card that they can use to buy what they really want. By providing incentives your employees actually care about, you will ensure that these same employees are working hard to close deals and meet their performance targets.
Sounds Pretty Good! How Do I Start?
Feel free to contact us by visiting our contact page. DCR offers you years of experience and expertise in incentive card programs — from the launching stage all the way through fulfillment and program management.