I found an interesting article today on HR.com that speaks to every organization’s need for powerful loyalty and incentive programs.
Discount programs, like Abenity, generate excitement among your employees, maximize their level of employee satisfaction, and improve your retention rates. And if launching the Abenity program for your employees keeps one great employee around for only an additional month, then your minimal investment in the program has easily paid for itself.
We can say this with confidence based on the extremely high costs that are associated with the loss of any single employee and the costs associated with finding and training their replacement.
I think those of you in the HR industry will find this article be a very interesting read…
Most Conducive to Employee Retention
According to two ORC polls, one conducted on behalf of the NYSE Group (NYSE:NYX) among CEOs and a second independent effort surveying adults employed full-time, CEOs misjudged the significance of retirement benefits, employee discounts and stock incentives in keeping employees at their firms. Of the CEOs polled, 15% thought retirement benefits were more important for retaining employees than three years ago. By contrast, of the full-time employees surveyed, 60% said retirement benefits were more important than three years ago – a 45 percentage point gap.
Regarding the importance of employee discounts in keeping workers around, virtually no CEOs thought these played a greater role in retention than three years ago. Employees disagreed by almost a 20 percentage point margin, saying discount programs do make a difference.
Finally, more than one-half (53%) of CEOs thought stock incentives would have a greater impact on retention than three years ago. Yet only one-third of employees felt the same – a gap of 20 percentage points between the two groups.
CEOs and employees were in agreement in several areas, however. Cash bonuses, social responsibility and diversity initiatives, daycare programs, flexible schedules, and community outreach programs were each seen as having relatively the same impact on employee retention as they did three years ago.
Commenting on these results, Jeffrey T. Resnick, EVP and Global Managing Director of Opinion Research Corporation, stated: “CEOs require better information on the needs and wants of their employees if they are going to manage the ‘emotional side’ of their workforce. As the contest for talent continues to heat up, they must better understand what benefits and incentives are deemed most significant by their top people. Employees don’t see the world the same way that today’s well-heeled CEOs do. Smart CEOs will find the tools to help sharpen their vision on this issue.”
Founded in 1938, Opinion Research Corporation has been an industry innovator for nearly 70 years, delivering actionable insights to solve the toughest market research challenges of clients worldwide. The company conducts commercial market research programs as Opinion Research Corporation in the US and as ORC International outside the US. It also operates ORC Macro, a subsidiary specializing in social research programs for government agencies.
This article has been provided through the resources of HR.com. Here is a link to their standard disclaimer.