The landscape of employee recognition has changed drastically over the past decade. Gone are the days when a competitive 401K package and annual bonuses were enough to keep employees satisfied. Now, more than ever, employees want to be recognized in a meaningful way by employers and are in search of “non-cash” rewards or experiences that they can emotionally connect with and share with others. Interestingly enough, three quarters of all U.S. businesses leverage non-cash rewards and recognition to motivate and engage their workforce at some level, spending over $77 billion annually.
With the rise of corporate spend in the travel and experience rewards market, our Corporate Programs Division – TicketsatWork, Plum Benefits and Working Advantage – set out to discover how employee recognition programs truly impact businesses.
Distributing a survey among our corporate clients, responses were collected from 2,120 human resource professionals across 38 industries ranging from small businesses to large corporations. The survey results produced unique insights on the value, purpose and pain points of employee recognition programs.
We created an infographic to shed light on why these programs have become increasingly popular among businesses of all sizes and industries.
Before we delve deeper into the survey results, our Corporate Programs Division is excited to share that it has officially launched a new Reward Management Solution for employers. The web-based tool will provide employers with a complete solution to manage their existing or anticipated employee recognition programs, and just in time for the holidays.
Key benefits of the program include:
1) Easy-to-use and intuitive web-based system. Set up, manage and customize all aspects of your recognition programs online, and schedule automated delivery for multiple reward types.
2) Choice. Employees will have access to redeem rewards for gift cards from over 200 retail brands including apparel, restaurants, electronics and spas, as well as thousands of travel and entertainment products – including deals at over 225,000 hotels – not available to the general public.
3) Service. A dedicated account executive will be assigned to work with employers to develop a program that best fits the needs of each company. Moreover, access to a direct customer service line will be available for assistance or troubleshooting
4) Cost Effective. No setup fees and no delivery charges, which is different from many other reward and incentive programs that include substantial fees. Additional customization options are also available.