Motivate Europe Live: The role of Recognition andIncentives in the ‘Employee Value Proposition’...
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Transcript of Motivate Europe Live: The role of Recognition andIncentives in the ‘Employee Value Proposition’...
![Page 1: Motivate Europe Live: The role of Recognition andIncentives in the ‘Employee Value Proposition’ (EVP](https://reader035.fdocuments.in/reader035/viewer/2022062515/55c7d872bb61ebda288b4573/html5/thumbnails/1.jpg)
The role of Recognition andIncentives in the ‘Employee Value Proposition’ (EVP)
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Jamie Clarke Business Development Director
Stand no. 509
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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
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“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
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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.
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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
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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
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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
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INCENTIVE SCHEMES
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• Reduce absenteeism
• Reduce costs/waste
• Improve safety
• Improve time-keeping
• Improve productivity
But its not all about sales…
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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…
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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
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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