When implementing employee recognition/incentive programs, one of the
toughest challenges is managing your budget.
A number of factors must be taken into consideration when deciding how
much to allocate to a given program.
To help make these decisions, Incentive has released
a new white paper that breaks down more than two dozen tips for getting
the most from incentive spending. The
tips cover a wide range of budget considerations such as:
·
Spending Strategically
·
Leveraging Technology
·
Protecting Your Incentive Budget
A main area to consider is leveraging your corporate buying. All organizations have dissimilar award
budgets spread out over an array of departments and divisions. These budgets
are often used to motivate and incent the same employees for different
objectives and can in fact be at odds.
You need to total all the awards purchased throughout the organization
to find economies of scale. As there are usually different gatekeepers in these
silos you may encounter some push back in determining this total for fear that
the silos will lose their autonomy.
The report also includes a section on "cutting strategically,"
with tips such as "be transparent with everyone across the company"
and "prioritize and shake things up."
The full report also has a section on "Making the Case for
Value-Based Award Selection" that urges planners to remember that
"whether it is a merchandise award, a gift card, or a travel incentive
trip, an award will have a greater impact if it is personalized to the
individual receiving it."
Click here for the complete white paper on budgeting for incentives.
Click here for the complete white paper on budgeting for incentives.
For
more information on Ultimate Choice Inc.’s products or services or other white
papers please contact us at Ultimatechoiceinfo@cox.net
