When your company is running a rewards program, there are a number of different things you will need to keep in mind so that it keeps functioning efficiently.
Whether it is keeping your rewards as visible as possible, making sure your incentives are appealing, or just ensuring you are getting a good return on your investment, there is plenty to be aware of.
Beyond the day-to-day management, another thing which you will need to keep in mind is how you can enhance your program to develop over time. To find out how companies are achieving this, the Incentive Research Institute recently published a study into the ways people are enhancing their rewards programs.
At the top of the list for ways to improve an incentives program was integration with social media, which a majority of respondents pointed to as their key tactic for improving their rewards offering. Of those who responded to the survey, 53% indicated that they are looking to integrate a social media aspect into their overall rewards offering.
Tied for second place were two different tactics – the introduction of gaming techniques and an element of corporate social responsibility. These two aspects were both being pursued by slightly more than one-third of respondents (36%).
Other popular enhancement tools were integration with sales management tools and virtual elements. These two avenues are being pursued by 19% and 17% of respondents respectively.
When it comes to understanding a program’s success, the majority of those surveyed are using results assessments like return on investment to measure the success of their programs. Only 4% of those surveyed have no measures in place to track the appeal of their rewards. With elements like social media and corporate social responsibility being pursued by many businesses, these elements are likely to become standard across company rewards programs.