In today’s uncertain economy and labor market, leadership teams may not recognize the value of non-cash incentive programs. With hiring down 40 percent from a year ago and layoffs continuing to make headlines, the workplace and workforce continue to evolve – and this is true for virtually all industries.
QIC’s John Newman, writing for Salesandmarketing.com, makes a strong case for the value of non-cash incentive programs as an effective long-term survival strategy. As the Incentive Research Federation (IRF) has reported, companies that incorporate employee incentive and recognition programs as part of their compensation and engagement strategies have seen productivity increases of 22 percent.
Additionally, the Harvard Business Review reported that successful incentive and recognition strategies led to an average increase in revenue of 44 percent. These incentive programs are designed to improve employee engagement, because companies with high employee engagement experienced an average return on assets over 2-1/2 times higher than those with low engagement.
Why non-cash incentive programs for employees? They provide a way to invest in your workforce and have proven to be one of the most effective ways to thrive during challenging and changing times. For the rest of the story, check out John’s article – Incentives Are an Investment, Not a Cost.