By Gino Hitshopi
Despite some of the worries people may have had over the economy, customers and staffs are never short of receiving some sort of rewards program for their loyalty or hard work. How do companies afford this? Well there are two ways to answer this and the best way to look at it is to define and identify the different principles of a rewards programme before establishing the method in which these companies use to make these programs possible.
The first kind of rewards program is one that many people will be familiar with and that is a reward for being a loyal customer. Most people will recognise this as being a loyalty reward, or loyalty programme or loyalty incentives. Whichever way one is familiar with, it is essentially a way to reward the customer for their continued loyalty and choice to use the service. This may be offered after many years of using the service, or even for a completing a short-term contract.
The catch is to try to keep the customer in their books for as long as possible. For customers this may mean taking some time out to do their research into finding the best reward scheme to go with. These are offered from the number of points earned from use of a credit card, incentives collected from the use of a mobile phone or even points rewarded from the use of a point's card in retail outlets. Very often the customer will be notified of their loyalty and offered a deal of some sort, which may be a discount on various products, enough points for a trip, extended contract for half the price etc. Often customers prefer more money in their pockets, which can be offered in the form of extra credit on a credit card or free text messages/phone calls on a mobile phone.
With this kind of a reward scheme it may be a good idea for many to take up the offers due to the current difficulties faced by some individuals. Things like points towards travel or discounts on general items, or cheap gas prices with certain amounts of points collected, may well be worth taking up if money is tight.
The other kind of rewards program comes with being a loyal or hardworking member of staff at a company that has clearly achieved financial success over a certain period. This may be calculated after 6 months or 12 months, and compared to by the previous year's successes. With this many companies may choose to reward individual performances or the entire staff as a whole. This kind of incentive is designed to recognise staff efforts and motivate them to continue making a concerted effort to achieving successful results.
These incentive programs can be a day trip taking part in team building exercises, or a night at a five star hotel together with a decent three-course meal. Or perhaps the bosses may try something different such as a day at the races, taking part in driving a race car round a hired circuit; or a day of extreme sporting activities etc. Whatever the incentive it is important that staff feel like they have been fully appreciated for the efforts and continue to place the same enthusiasm throughout the remainder of their employment.
How companies adapt to the recession really depends upon the success that they have achieved. Of course, companies that have been hit by recession are less likely to offer incentive programs such as these; however, they may have a different approach to rewarding their staff that is cost effective such as an office party, small incentive gifts etc.
Gino Hitshopi is an expert on rewards program and incentive bonuses having worked in a company that regularly rewarded their staff for outstanding work and also rewarding their clients for their continued loyalty to using the company services. For more ideas on rewards programs for staff visit http://corporate.greatamericandays.com/
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