10/01/2019

Employee Incentives Trends in 2019

New Year is usually associated with new things and new beginnings. This does not only apply to personal resolutions but to how companies run their businesses as well. This is the perfect time to analyze and come up with new methods and approaches to improve every little aspect of their businesses to achieve their business goals.

One of the most important components of a successful business is its employees. Without them, companies would not run properly, and it might even lead to business failure. Every loyal and hardworking employee should be recognized and rewarded accordingly. This is a viable way to achieve a good percentage of employee retention.

There are a lot of ways on how employers can reward their employees through their Employee Incentives Programs. In the past, most companies turn to monetary or material rewards but other valuable types of incentives have been discerned and implemented nowadays.

Some of the most preferred incentives by employees are related to experiential rewards. Experiential rewards are incentives given to individuals that allow them to gain access to particular “experiences” that cannot be gained easily or found anywhere else.

In an argument about non-cash rewards, an IRF study stated, “Conversely, non-cash rewards are viewed as vehicles of celebration – these rewards are fun, memorable, and more easily discussed socially than cash. They generate enthusiasm cash can’t deliver – among employees, executives, and depending on the reward, the employees’ families.”

Those in the HR industry believe that providing experiential rewards is one of the employee incentives trends in 2019 to watch out for. More and more companies now see that such rewards are effective as a way of motivating their employees to work harder and remain loyal to them. A study conducted by the Society for Incentive Travel Expertise (SITE) and the Incentive Research Foundation (IRF) found there was an increase in the inclusion of experiential rewards as reward offerings last year.

Here’s a list of some experiential rewards that companies should consider as part of their Employee Incentives programs this year:

Top 2019 Employee Incentives Trends - Health and Well Being

Health and Well-Being Rewards – Over the past few years, there has been a noticeable rise in giving rewards related to the well-being of the employees. This includes areas such as physical, health, mental health, and rest and relaxation. Another study by SITE determined that wellness options like healthy food or yoga were some of the most preferred inclusions on group incentives.

Top 2019 Employee Incentives Trends - Employee share plans

Employee Share Plans – Awarding staff company shares builds a feeling of ownership and also increases employee loyalty and engagement. As a result, employees will be aligned to the interests of the shareholders and subsequently increase share value. Such a reward scheme can also motivate the workforce and retain top-performing employees.

Top 2019 Employee Incentives Trends - Travel incentives

Travel Incentives – Individuals, especially millennials who comprise a large percentage of employees in businesses, live and work to achieve their travel goals. Giving out travel incentives to employees is one sure way to level-up the company’s incentives programs and promote effective work results from the employees. Travel incentives are popular and are mostly given to top performers in a department or organization.

Top 2019 Employee Incentives Trends - Sodexo Gift Certificates

Sodexo Gift Certificates Gift certificates have become one of the most popular go-to options when it comes to rewarding employees and clients. Employees are now more familiar with the convenience and flexibility that Sodexo gift certificates provide. The Premium Pass, which is one of the leading gift certificates in the Philippines, can be used in thousands of Partner Merchants nationwide. The merchants include popular food chains, restaurants, malls, supermarkets, convenience stores, appliance and gadget stores, health and wellness clinics, movies and entertainment, and travel and leisure. This kind of experiential reward can also be shared with other people, making it a tool for the employees and their loved ones to spend quality time and build unforgettable moments together.

As for the employers, this experiential reward option is also the most convenient and effective way to show gratitude to the continuous effort and hard work of the workforce. Companies can incorporate their logo or branding on the GCs and even choose their preferred denomination. They can order Premium Pass and other Sodexo gift certificates online via www.GCRegalo.com and have their orders delivered to their office.

Inquire on how you can use Sodexo gift certificates and maximize your employee incentives by calling the Sodexo hotline at (632) 689-4789 or email us at customercare.svc.ph@sodexo.com

 

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