Post on 10-Aug-2015
transcript
The role of Recognition andIncentives in the ‘Employee Value Proposition’ (EVP)
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Jamie Clarke Business Development Director
Stand no. 509
CONTENTS
What is the Employee Value Proposition1Engagement and its role2Incentive and Recognition Schemes 3A look at Social Recognition4The role of Incentives and Recognition in the EVP?5
“The elements employees consider when evaluating an employer”
EMPLOYEE VALUE PROPOSITION
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WHY DEVELOP YOUR EVP
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• Attract the right employees
• Retain top performers and skilled workers
• To deliver sustainable engagement
• Engaged – Applies extra discretionary effort• Enabled – Environment that supports productivity• Energised – Physical & emotional wellbeing at work
ENGAGEMENT AND IT’S ROLE
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Engagement’s effect on KPIs
• 10% higher customer satisfaction• 22% higher profitability• 21% greater productivity• 65% lower employee turnover (Low TO Orgs)• 25% lower employee turnover (High TO Orgs)• 48% fewer safety incidents• 37% lower absenteeism• 41% fewer quality defects
Median between top & bottom quartile teams
*SOURCE: State of the Global Workforce 2013, Gallup Press.
INCENTIVES
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• An incentive is what you offer from the outset of a scheme
• Typically variable payments tied to performance
• Cash or non-cash rewards e.g. Vouchers, Gifts, Travel
• Goals are predetermined
• Generally non-discretionary
INCENTIVE SCHEMES
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• Increase overall sales
• Specific / New Products
• Sales to targeted clients
• Sales within specific regions
• Ancillary products / services
Most commonly associated with sales objectives
INCENTIVE SCHEMES
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• Client attraction / retention
• Raise average order value
• Reduce old stock
• Reactive - competitor scheme
• Improve KPIs (Activity)
• Consumer Incentives
Most commonly associated with sales objectives
INCENTIVE SCHEMES
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• Reduce absenteeism
• Reduce costs/waste
• Improve safety
• Improve time-keeping
• Improve productivity
But its not all about sales…
INCENTIVE SCHEMES
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• Improve staff retention
• Improve budgetary control
• Lead generation/referrals
• Recruitment of new staff
• Idea Generation
But its not all about sales…
RECOGNITION
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• Acknowledging or giving special
attention to employee actions,
efforts, behaviour or performance
• Often supports business strategy
being aligned to company values
KEY PRINCIPALS OF RECOGNITION
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SOCIAL RECOGNITION
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WHERE DO THEY SIT IN THE EVP?
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SUPPORTING THE EVP
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“Skills Development”
“Career Development”
“Wellbeing”
“Ethics & Values”“Camaraderie”
“Compensation”
“Manager Quality”
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Stand no. 509
Presented by Jamie Clarke
THANK YOU