Want to reward your employees and beef up their loyalty to you, too? Then consider personalized incentives instead of cash bonuses this year. According to a recent survey published in Benefits & Compensation Solutions (Norwalk, Conn; 203/855-5525), 29 percent of employees are using their hard-earned bonuses to pay bills. Nineteen percent say they can't remember what their bonus dollars bought.
This all-too-common money exchange robs both you and your employees. Sixty-three percent of the survey's respondents said, "their loyalty to their employers would increase if they were allowed to choose rewards that were personally relevant to them."
What kinds of rewards would be personally relevant? Gift certificates, travel certificates, televisions, debit-card certificates, dinner for two, theater tickets... the list goes on.
So what does this mean to you? There's still time to cash in on employee goodwill. American Express Incentive Services (yes, they do this, too) offers a Manager's Tool Kit complete with a step-by-step guide for your next incentive program on their web site.