There has never been a better time to reward your employees.
January 2020 isn’t just a new year. It’s a new decade for business, with a workforce that is globally connected and governed by a Millennial mindset hinging on satisfaction, doing what you love, and making a difference. And there’s a wave of automation and digital innovation that’s redefining not just the skills your organisation requires to stay on top, but also the way people do their jobs.
With these changes comes a future of challenges. Like how to attract and retain young talent, while keeping the skilled older generation engaged. How to add value without going over budget. Maybe even how to restructure the work so your team is more productive, innovative and happier in their roles.
In 2020, most successful companies will be looking at how to use incentive rewards to channel the energy of their workers towards optimum output. If that’s part of your strategy too, here are 5 trends to make your job just a little bit easier.
#1 Your employee value proposition
What’s in it for me?
As we see all these drastic changes happening in the world of work, employees are starting to ask that question more and more. Your answer can be found in your Employee Value Proposition (EVP).
Clearly define it by going on a mission to discover what it is employees like about your company. Beyond benefits and compensation, your EVP is everything that engages and welcomes your team into your culture. It speaks to how valued and supported your employees feel. And in 2020, it’s going to be an important metric to help you understand engagement levels too.
A strong EVP is something that not only helps you acquire and retain top talent, but also turns current employees into brand advocates. You’ll see lots of organisations moving towards adopting and implementing rewards strategies that clearly resonate with their EVPs.
#2 Once in a lifetime moments
Research shows that Millennial workers prefer experiences to material goods, and that global trend seems to apply to older generations too. People are beginning to understand that material things don’t bring happiness and are, instead, looking for moments and memories they can cherish.
Read more about this: Explore the exciting incentive possibilities of transformational travel
The trend has created a lot of buzz around experiential travel. Long seen as a solid way to reward employees, there’s an evolution happening in the incentive travel space that’s focused on creating once-in-a-life-time-moments. The kind that people want to share on Instagram because they’re so unique and unforgettable.
In the CWT Meetings and Event 2020 Future Trends report (covering the future of conferences and other gatherings, including incentives) we catch a glimpse of what’s to come: “As the drive for genuinely life-changing experiences accelerates, incentives have become all about a mix of the unusual with the perennial favourites. Off-the-beaten track destinations are growing in popularity, alongside tried-and-tested destinations such as Paris, New York, Dubai, the Carribean and South Africa. Destinations such as Nepal. Namibia, Costa Rica, Cambodia and Montenegro are on the radar for 2020.”
#3 Personalised and convenient
Businesses that want to stay ahead of the pack will be exploring tools that make reward experiences ‘consumer-grade’. Because let’s not forget, your employees are plugged-in as consumers too and are accustomed to that kind of treatment from their favourite brands.
In 2020, we’ll continue to see the development of even more personalised incentives. For you, that means discovering individual preferences and designing benefits and recognition that are personally relevant to your team.
Analytics will provide the employee insights you need. And if you haven’t yet found a way to become data-driven, just taking the time to listen to and measure what your staff really values (through pulse surveys or any other kind of feedback) will do the trick.
#4 Wellness
As people become increasingly focused on looking after their physical and mental health, employers are providing more employee wellness opportunities. In the process, they’re seeing fewer sick days, higher productivity levels, and a brighter, more innovative workplace culture taking shape.
Beyond those tangible performance benefits, a recently published ClassPass research paper states that “75% of professionals believe it is their employer’s responsibility to contribute to their health and wellbeing, ideally in part by providing wellness benefits to employees.” So it really is no wonder that wellness programs are going to be such a big employee recognition trend in 2020.
John Adcock, Senior Vice President, People at RetailMeNot says, “This includes not only healthy snacks in the kitchens but thoughtful lighting and noise reduction measures, as well as the addition of things like houseplants for air quality. Exercise rebates and benefits for gyms and classes should also be considered. As we move into a new decade, I anticipate this trend will only grow in importance as employees search for work-life integration.”
The good news is that perks like massage therapy, meditation classes, fitness sessions and gym memberships are pretty easy to implement. But according to Workforce.com, holistic So if wellness is your main rewards investment this year, you may want to look at holistic benefit ideas around stress reduction, adventure and social good programs, payday loans, and even tuition reimbursements. The most hi-tech companies are even using AI to monitor their rewards programs and employee interactions and predict better scenarios that truly care for the well-being of their teams.
#5 Personal development
When asked to make a workforce prediction for 2020, Amber Swenor, Founder and Brand Strategist for Strategic Partners Marketing, had this to say; “With the average turnover rate of two years, companies don’t have years to figure out team-members’ top strengths and weaknesses. More companies will invest in coaching and training to help people recognise their strengths and weaknesses faster, for better overall team performance. This includes engaging personality and skills tests and investing in team training and retreats.”
Rewards that offer opportunities for skills development are not just something your employees want, they’re a business prerequisite for meeting the challenges of the 4th Industrial Revolution, which sees automation changing the skills needed in the modern workplace.
This trend boils down to self-development. As in, giving your employees the chance to expand their knowledge, grow as individuals, advance expertise and progress in their careers.
To promote personal development in your own organisation, you could look at formalising how you refine leadership skills. You could also integrate a workshop culture or set aside budget for courses and training that reward staff with the gift of knowledge.
The year ahead
Stats SA released concerning statistics in September 2019, highlighting significant job losses in the formal sector. At the beginning of 2020, many businesses will be operating on what could feel like a skeleton staff and employees will be grappling with work overloads.
There really has never been a better time to use rewards as an engagement tool for your workforce.
The 5 trends listed here have been evolving over the course of the last couple of years, in response to changes in the global economic, technological and cultural climate. They’re not flash in the pan ideas, and shouldn’t be implemented as a knee jerk reaction either.
Give us a call today and let’s talk through your rewards needs. Your team wants to feel purpose in what they do for you and they want their hard work to be acknowledged. We can help you find a solution that will see your business sail through 2020 with happy, productive, well-rewarded employees.
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