Survive the Looming War for Talent With an Effective Employee Recognition Program From Loyaltyworks

Oct 12, 2010, 14:46 ET from Loyaltyworks

ATLANTA, Oct. 12 /PRNewswire/ -- Loyaltyworks (http://www.loyaltyworks.com) - Job satisfaction in the U.S. is at the lowest level in 2 decades.  The prolonged economic downturn has forced many companies to cut staff and benefits, leaving remaining workers feeling overworked and undervalued. Many are hanging on to jobs simply because they fear unemployment.

So what's going to happen when the economy turns around? Human Resource consultants predict a spike in the turnover of top talent as workers, with negative work experiences still fresh, seek new and better opportunities when the job market improves.

To get ahead of this costly curve, companies should consider ramping up initiatives to prevent burnout and raise employee engagement, including employee recognition programs. And we're talking about more meaningful ways to express appreciation than plaques and pins. Strategically designed employee recognition programs will reward employees for a broad range of positive behaviors – from being good team players, to thinking of cost saving ideas and representing the core values cherished by the company.

Creating and managing an employee recognition and reward program that's this multi-faceted may sound overwhelming, but there are systems and vendors to help simplify the process. Atlanta-based Loyaltyworks is an example; they offer full-service employee reward programs that run on their Software as a Service (SaaS) RewardTrax® platform. RewardTrax programs award employees with a point currency that can be redeemed online for rewards ranging from travel, to merchandise to tickets to live events. Loyaltyworks manages all the technology, reward fulfillment and provides account managers for expert support.  

RewardTrax has enhanced features that amplify the impact employee recognition programs have on employee morale, satisfaction and engagement, all factors closely tied to retention. Employee recognition features include:

  • Manager Banks: point budgets allocated to managers for discretionary staff awards
  • "On the Spot" awards: instant-award certificates that bear reward codes for points    
  • Email recognition certificates: automatically triggered when employees are awarded points
  • Peer points: employee-to-employee point "gifting" awards
  • Quizzes and surveys: Web-based training that awards points for employee feedback and education
  • Integrated reporting: comprehensive program budget and performance tracking

Companies need to get employee recognition initiatives up and running well before the recovery begins and the job market expands. Full-service, web-based reward solutions like RewardTrax can reduce the time needed to launch and manage a company-wide employee recognition program.

About Loyaltyworks

Loyaltyworks designs, develops and manages full-service loyalty and incentive programs that produce measurable business results. For 30+ years Loyaltyworks has helped companies drive revenue and profit by building employee and customer loyalty and encouraging desired behaviors with rewards. Typical incentive-driven business solutions include channel sales promotion and loyalty, customer loyalty programs, sales incentive programs, and employee recognition rewards. Loyaltyworks brings deep experience to the execution of channel loyalty and contractor rewards programs. The company supports all of its points-based incentive programs with a comprehensive set of tools and services including program design, the RewardTrax technology platform, participant communications, program management, reward fulfillment and performance measurement.

SOURCE Loyaltyworks



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