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LiveYourLife is Australia’s leading provider of customised experiential reward and recognition programs to organisations. Let us create a unique customised solution for your business...
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The Benefits of Experiential Rewards
The Benefits to your Organisation
The Benefits of
Experiential Rewards
Many organisations use cash to reward staff as it seems an easy way of
rewarding. However, the research shows this is one of the least effective
methods in terms of emotional impact, remembrance and retention.
A survey on reward and recognition programs at telecommunication companies by
The Corporate Leadership Council in the U.S (2002) found that;
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Cash is not necessarily thought of as a reward for performance by employees and
in the long run may pose the problem of employees seeing cash incentives as
entitlements
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Cash is compensation and if used for recognition, the purpose is defeated
because there is no lasting memory or recall value
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While money is important to employees, what tends to motivate them to perform,
is the thoughtful, personal kind of recognition that signifies true
appreciation for a job well done
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Monetary rewards are not effective in motivating and maintaining employees in
today's workforce
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Vouchers are superior to cash rewards because they have greater remembrance
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Rewards that are personalised to suit individual needs are more successful in
motivating and retaining employees
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Experiential and informal rewards have more impact on the recipient
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Gifts and experiences have a trophy value that helps to motivate employees
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On the spot awards are highly effective motivators The research findings are
unequivocal and prove that the emotional impact associated with an experience
far outlives that of offering financial rewards. Experiential rewards create a
memory and an emotion which is then linked to the organisation.
Experiential rewards particularly have additional benefits including:
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A focus on a holistic view of the employee not just a transactional view.
Experiences can enrich and expand people's lives while they work for you.
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Rewards which encourage work life balance, personal growth, learning,
relaxation, health and wellbeing create better employees as well as motivate
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Employees with physical, mental and spiritual wellbeing are better employees.
They take less sick leave, work more productively, provide better customer
service, and make more rational decisions.
Furthermore, experiences are often shared with others. The actual experience
itself can be shared with a friend, family member or colleague, for example.
The experience itself can be revisited and discussed with friends, colleagues
and ultimately the provider of the reward, the manager. It would be
inappropriate to ask what a $500 cash bonus was spent on but asking how the
person chose to spend their liveyourlife voucher is a perfectly acceptable
question. In fact this reinforces the reward to the person and therefore the
behaviour that led to the person being rewarded. Win Win!
The Benefits to
your organisation
The liveyourlife reward and incentive programs are built on a solid foundation
of research including research into the
benefits of experiential rewards and extensive practical experience.
Underpinning all of the liveyourlife incentive and reward programs is the
provision of meaningful and valuable experiential rewards in a timely and
effective manner.
By using liveyourlife you will have access to HR Consultants and organisational
psychologists who are experts in the fields of employee motivation,
organisational culture and staff retention.
Our expert team can create a customised reward
and recognition solution to assist your organisation to meet its objectives and
to obtain significant benefits including:
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Effectively linking your reward and recognition program to corporate goals,
values and objectives
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Differentiating your organisation from competitors by creating a unique
employee value proposition and employment brand
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Having the tools to provide your employees with a choice of personal, valuable
and meaningful rewards and incentives
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Increasing employee motivation and morale
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Improving employee performance
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Attracting and retaining critical talent and reducing turnover
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Improving and promoting a happy and healthy work-life balance
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Developing a positive and productive workplace culture
"Companies who commit themselves to implementing creative retention strategies
and strengthening their culture are more likely to enjoy business success in
the challenging years which lie ahead" (Donaldson 2005)
You can find out how other leading organisations have benefited from using
liveyourlife programs in our Case Studies and
Testimonials section.
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