Incentive Options
Incentive Options
According to McKinsey Global Institute, labor markets in advanced economies, though loosening somewhat since their 2022 peaks, are among the tightest in two decades.
Retaining employees is as important now as ever.
Employees are expensive to attract.
The cost of turnover can be substantial.
Effective organizations use a combination of exciting onboarding tactics as well as employee engagement incentives and reward programs to help retain and attract high-quality employees. HR departments deploy these programs to motivate, recognize, and retain employees.
Conducting these onboarding and retention programs as economically as possible highlights TruCentive’s value.
Help wanted: Charting the challenge of tight labor markets in advanced economies
June 26, 2024
McKinsey Global Institute
Successful onboarding engagement means welcoming new employees to the organization, recognizing them, and giving them a path to success.
It’s crucial to focus on motivating and rewarding new employees and to make sure they feel like part of the team.
Onboarding engagement and retention gestures shouldn’t be the responsibility of line managers to accomplish, as the pressure of day-to-day business will often get in the way. Certainly, enlist managers in giving out onboarding perks and incentives, but make sure to set up a centralized system so that no one is forgotten.
70% of employees who had exceptional onboarding experiences say they have “the best possible job.” These employees are also 2.6 times as likely to be extremely satisfied with their workplace — and consequently, far more likely to stay.
8 Practical Tips for Leaders for a Better Onboarding Process
Gallup Workplace
Onboarding should be all about making new employees feel welcome, helping them succeed, and showing them that they’re valued members of the team.
Bringing new people into the organization takes time, effort, and money. By creating a thoughtful onboarding program that goes beyond just handing out basic info and filling out paperwork, you can set everyone up for success.
There are many parts to the onboarding process, and we’ve picked out some of the most important ones to focus on.
It’s less about following specific steps and more about being timely, consistent, and fair with everyone.
One often overlooked approach is to establish a regular pattern of rewards and incentives. This helps create a positive experience for new employees as they work toward reaching their full potential.
TruCentive puts the economics of effective onboarding and retention in your favor.
Unlike other incentive automation platforms, TruCentive charges a small delivery fee and automatically returns the value of unclaimed incentives to your account.
Stop paying more than 20% for your “free delivery.”
Sustainable Onboarding and Retention Programs
Ease of Use
A well thought out system makes managing incentive programs simple. Begin with expertly crafted templates, or unleash your creativity.
Employee Satisfaction
Surprise and delight employees! Employees remember actions. It’s important that incentive actions be regular, visible (when appropriate), and memorable.
Employee Choice
Curate a small number of incentive choices. Studies show that a number of acceptable choices are preferred by employees rather than a single choice.
Breadth of Incentives
The broadest range of incentives and payment options including merchandise, SWAG, gift cards, payments and local and international choices.
Economics
Return the value of unclaimed incentives and reduce program waste. TruCentive customers save 23% on average over “free” delivery incentives.
A well-designed onboarding process can significantly add to an organization’s bottom line by increasing employee retention, aiding in recruitment efforts, and boost job satisfaction. than may have a positive effect on productivity as well.
Here’s a breakdown of the key economic factors involved
Expenses related to advertising job openings, conducting interviews, and other recruiting activities. If onboarding is ineffective and new hires leave quickly, these costs are essentially wasted and will need to be repeated.
Initial training to help new employees understand their roles, company policies, and culture. This can include formal training programs, workshops, and time spent by existing employees in training and mentoring.
Costs associated with processing paperwork, setting up security access and IT accounts, and other administrative tasks related to getting new employees started.
The time spent by managers, HR staff, and colleagues in onboarding new employees is a cost to the company, as these individuals are taken away from other productive activities.
A good onboarding experience can make employees feel more engaged and connected to the company. This reduces turnover rates, saving costs associated with recruiting and training new replacements.
When new hires feel welcomed and understand their role and the company’s culture, they are more likely to be engaged in their work, which can lead to higher performance and innovation.
Effective onboarding facilitates social integration, helping new employees build relationships with colleagues, which can enhance collaboration and teamwork.
Help new employees become productive more quickly. By providing them with the necessary tools, information, and support, they can start contributing to the organization sooner.
Poor onboarding can lead to high turnover, which is costly. The cost of replacing an employee can be significant, often estimated at 50-200% of the employee’s annual salary, depending on the role and industry.
New employees may take longer to reach full productivity or may never fully integrate into their roles. This can lead to inefficiencies and lower overall productivity.
Poor onboarding can lead to dissatisfaction among new hires, which can spread to other employees, affecting overall morale and engagement within the team.
Employees who are not properly onboarded may make more mistakes, which can be costly, especially in industries where errors can lead to compliance issues or customer dissatisfaction.
Return on Investment (ROI) of onboarding can be measured by comparing the costs of the onboarding process to the benefits gained from improved productivity, reduced turnover, and enhanced employee engagement.
A comprehensive onboarding program, well executed, can yield long-term benefits, such as building a strong company culture, developing a skilled workforce, and positioning the organization as an employer of choice.
Effective onboarding is part of a strong employer brand, which can attract top talent and make the organization more competitive in the labor market.
By ensuring that new employees are well-prepared and aligned with the company’s goals, onboarding can support business growth and the achievement of strategic objectives.
A well-crafted onboarding engagement plan makes it easier for new employees to acclimate to the company and ensure they are moving in the right direction.
You also want to reduce the burden on managers and ensure that programs are consistent, and carried out satisfactorily.
The goal is to maximize employee output in the first days of being hired, days which can be overwhelming and confusing in many cases. The plan helps simplify what the employee should be doing and focusing on.
A plan can be created by a hiring manager with assistance from the new employee and outline the goals to be accomplished during the first three months of employment. The plan should provide direction, and a sense of purpose, enabling employees to hit the ground running and make a meaningful contribution to the organization’s success.
A plan might include the following:
Here’s a sample 10-step new employee onboarding plan that incorporates gift cards, company swag, and personalized logo wear:
1. Pre-Arrival Welcome
2. Personalized Swag Selection
3. First Day Welcome Lunch
4. Company Orientation
5. Coffee Chat with Peers
6. Lunch with the Manager or Mentor
7. Role-Specific Training
8. Lunch with Peers
9. Feedback & Progress Check-in
10. 90-Day Celebration
This plan focuses on creating a warm, welcoming, and personalized experience while using TruCentive’s services to streamline gift card and swag delivery, ensuring the new employee feels appreciated and supported from day one.
Onboarding Week
New hires should go through a comprehensive onboarding process that includes introductions to the team, company policies, and procedures.
Second Week
Focus on helping new team members become familiar with their colleagues and the necessary tools, and technologies they will be using in their role. Have a live or virtual team breakfast.
One Month Milestone
Recognize new employees with lunch and provide a small gift as an incentive to celebrate the occasion. Provide opportunities to help them to bond with colleagues and feel more integrated into the team while providing a deeper dive into the job responsibilities.
Ongoing
Schedule regular check-ins to solicit and offer feedback, address concerns, and ensure that necessary support is available.
90-Day recognition
Provide recognition of the successful completion of the first 90 days with a thoughtful gift or employee-choice gift to show them that their contributions are valued.
Six-Month Milestone
Reinforce the employe’s sense of community with another small gift or recognition to celebrate the six-month anniversary.
Nine-Month Milestone
Reinforce the employe’s sense of community with another small gift or recognition to celebrate the none-month anniversary.
One-Year Anniversary
Recognize the first-year milestone with a special employee-choice gift as well as a celebration for all employees at the one-year milestone. It’s a celebration of successful integration into the company and demonstrates the organization’s commitment to retaining talent. Other anniversary milestones may be shared in the celebration.
Employee engagement is important throughout an employees time at your organization.
Don’t stop engagement efforts after the in initial onboarding phase!
Incentives are rewards should be effectively deployed to encourage employee engagement.
TruCentive is expert in incentives and rewards that provide casual gifts and rewards for specific actions and events.
Incentives play a crucial role in the workplace to enhance employee motivation, engagement, create fun and increase job satisfaction.
Here are some other common types of incentives:
Monetary Incentives
Bonuses: Financial rewards given for meeting or exceeding performance targets.
Salary Increases: Regular or merit-based pay raises.
Profit Sharing: Distribution of a portion of company profits among employees.
Stock Options: Opportunities for employees to buy company shares at a discounted rate.
Commission: Earnings based on the sales or business generated by an employee.
Non-Monetary Incentives
Recognition Programs: Formal acknowledgment of employee achievements, such as Employee of the Month awards.
Career Development Opportunities: Providing training, education, and advancement opportunities.
Flexible Work Arrangements: Options for remote work, flexible hours, and compressed workweeks.
Work-Life Balance Initiatives: Policies and programs that support a healthy work-life balance, such as generous paid time off and wellness programs.
Employee Benefits: Health insurance, retirement plans, and other benefits.
Perks and Privileges: Special privileges like parking spots, or extra office space upgrades and workplace amenities.
Successful onboarding and retention engagement programs include recognition incentives and rewards, welcoming orientation, mentorship programs as well as clear goals and expectations.
Training and development, feedback and communication, social integration, and ongoing support are all important.
Incentives and gifts – like SWAG – can go a long way to welcoming new employees.
Implementing a cadence of rewards and incentives throughout the onboarding process helps reinforce positive experiences and motivates new employees.
Setup ongoing plans for new hires that include a range of interactions including activities such as coffee meetings, training, team lunches, fun milestone gifts, as well as anniversary celebrations.
By providing a comprehensive onboarding experience, organizations can enhance employee long-term success and retention.
Boosting Onboarding Engagement and Retention
Onboarding engagement is the strategic process of welcoming new employees and giving them a path to success. It’s important to focus on motivating and rewarding new employees for their early contributions and to recognize them and remind them how appreciated they are to your organization.
Incentives are an important part of employee engagement and retention.
How to Avoid Phony Employee Recognition
Genuine employee recognition is a powerful tool for building a positive and productive workplace.
Avoid phony gestures and focus on providing meaningful, incentive-based appreciation to your employees. You can show your employees that their efforts are truly valued.
Remember to be specific, timely, and personalized in your recognition. Use a variety of incentives and make recognition a regular practice.
Build a culture of recognition, and create an environment where employees feel motivated, satisfied, and eager to contribute their best.
Incentives play a crucial role in making recognition meaningful. Whether it’s through financial rewards, personalized gifts, professional development opportunities, or extra time off, choosing the right incentives can make a significant impact.
Ensure that your recognition efforts are genuine and effective, fostering a happy and productive workplace for all.
Our design sessions are the perfect way to show you how TruCentive can help you realize your rewards, gifts, or payout goals in a real-world scenario, building a complete project with everything from your logo, design options, and messaging to incentive selection, deliveries, and reminders.
When we’re done, you’ll:
If you’re ready to start designing on your own, sign up and start sending samples. There’s no credit card required to start exploring your creative side!
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