An Incentive to Re-Vamp Your Incentive Program
How well is your incentive program working? Is it working? How can you tell? These are questions that are addressed in Rick Dandes’ article “Problem-Solving: What to Do When Your Incentive Program Isn’t Working” in the January/February issue of Premium Incentive Products. In the article, Dandes talks to Hinda relationship manager Kate Henehan about what to do when your incentive program doesn’t work and the importance of keeping track of your program to make sure it’s on target and doing what it’s supposed to, essentially.
When talking about problems within a given program, Henehan says, “One of the most important [things] is lack of management support. Executives need to be promoting and reminding their participant base about the importance of the program, how it aligns to the company goals and, ultimately, to individual rewards and recognition.” She adds that these programs lend themselves to excitement and promotion at the outset, and then gradually start to lose steam. If the program is truly aligned with company goals, it’s up to management to keep employees engaged and reminded of the importance of these programs.
The article points to a few warning signs to look for within a program that isn’t doing what it’s supposed to. First, if few people participate, that’s an indication that the program isn’t working. Also, if the awards being offered don’t motivate people, there’s another clue that something is amiss. Third, if you’re having trouble discerning whether or not your program is even successful, you’ve got your answer right there: it’s not. Luckily, the article outlines several strategies for designing effective incentive programs and for winning back the employees whose engagement might have gotten lost along the way.
“Programs can fail for a lot of reasons, but a well-designed program tied to a company’s goals and objectives, with ways to measure results, can deliver excellent results and ROI,” Henehan says. “Ongoing measurement, modifying the program to meet changing corporate goals and strategies, tracking performance, measuring results and keeping all channels of communication open are key. It’s important to stay fluid today – things change much more rapidly than in the past, and you have to be able to change with them.”
Get the whole scoop here.