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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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Snapshot: What the Research says
- >81% of Australian CEO's report that acquisition and retention of talent is a key driver of business strategy. (AHRI 2004)
International research conclusively demonstrates that appropriate reward and incentive programs are an effective means to attract and retain staff. (CLC 2002)
- Cash rewards however do not have a sustainable staff retention value. (CLC 2002)
- To be effective, rewards need to be highly valued by each individual recipient. Therefore, providing individual choice is a critical factor of successful programs. (CLC 2002)
- Experiential rewards have proven to have more emotional impact and are therefore more effective than cash and product based rewards for engaging and retaining staff. (Mercer 2002)
More Research
Australian companies are facing considerable challenges with the looming labour shortage. The loss of people, and in particular key talent, will damage your business!
As stated by Anne Hatton, chief executive officer of Hudson, "Bosses will need to considerably expand their efforts to hold on to their top talent in this market where employers are battling to fill positions,"
"There has been an increase in the priority organisations are placing on the investment and retention of their people compared to this time last year, suggesting that 2005 (and beyond) will see organisations spend more on the professional development and engagement of their high-performing, high-potential staff."
A recent study by the Australian Human Resources Institute found that 81% of CEO's surveyed rated recruiting and retaining skilled employees as the number one challenge for the business in Australia. A study by HR Metrics guru, John Sullivan (2004) found that retention offers the highest return on investment of any HR initiative.
The costs of acquiring new staff are high and the market so competitive, organisations need to consider new, unique ways of attracting and retaining staff. Turnover cost estimates can be up to 2.5 times the employee's salary (Cascio, 1995; Saratoga Institute, 1999).
A cost effective way of addressing both acquisition and retention is providing an effective rewards program. Organisations are now coming to terms with the fact that people want more than their salary, super and benefits, they want to be rewarded for loyalty, hard work and going beyond the call of duty and want to be rewarded in a personal and meaningful way.
Research into Fortune 500 companies in the US finds that 76% report that incentive and rewards programs do effectively attract and retain talent (Corporate Leadership Council 2002).
Some Australian research regarding rewards programs-Mercer (September 2002):
- 55% of organisations in Australia offer non-financial rewards. Among these,
- 76% found that non-financial rewards were an effective way of thanking employees for achieving a specific goal, and
- 71% found them an effective way of motivating employees.
Leading Australian organisations have used the liveyourlife reward and recognition programs to great effect. You can find out more in our Testimonial and Case Studies section.
Your organisation can also reap significant benefits by implementing a customised liveyourlife reward and recognition program.
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