Why You Need Incentives for Employees
By Dean Schwartz (SWAG Master): Rewarding those most important to your bottom-line is a hallmark of any successful business. We previously told you how SOBO’s Incentive Program can strengthen your customer base and help take your business to the next level, you can check out the blog here. SOBO can attest to the impact of providing incentives for employees. We posted our highest grossing revenue in the month of August thanks, in large part, to our own incentive program.
Still not convinced incentive programs can help your business? Let’s take a minute to look over some data on the impact of providing incentives for employees.
Incentives for Employees: The Data
Incentives motivate your workforce, and motivation is key to employee retention. A study by the Incentive Research Foundation found that firms with effective incentive programs enjoyed 31% lower turnover. What does this mean? It means you will spend less time training new hires and more time focusing on existing employees who already have a deep understanding of your company. Investing in your current workforce reinforces your belief in their ability and motivates your workforce even more. Before you know it, you find yourself in a positive feedback loop.
But, above all else, the motivation will drive sales performance. Recognition of these achievements can help strengthen the culture of your company. In fact, recognition is so vital that nearly 80% of employees who quit their jobs do so mainly because of a lack of appreciation.
SOBO’s Incentive Program can impact specific sales goals, encourage safety in the workplace, improve attendance, or even motivate your employees to complete health and wellness goals. The potential areas of focus are seemingly endless.
There’s no better time than the start of a new year to launch a game-changing program like this! Get in touch today to browse our demo-site or learn more about your options.