A recent survey conducted by Career Builder found that nearly four in ten (38%) of employers plan to cut back on various employee benefits in an effort to curb overall operating expenses (CareerBuilder.com, 2009)¹. If you’re a manager who’s been told to cut budgets and try to squeeze every last penny out of your programs, then you are not alone! However, if you started with your employee incentive program, then you may want to take a minute to re-assess the value of these programs and how they can help you through the economic downturn. Now is in fact the time for incentives and the time to take steps to grow and flourish as an organization despite the bleak economic outlook. Doing so, will not only manage your current situation, but set you towards a promising future.

Sometimes it’s all in the way we look at things that determines the final outcome. In a recent interview with Incentive Magazine, Patrick Lencioni (President of The Table Group, a management consulting firm focused on improving teamwork and employee engagement) makes a great point by stating that we have to ask ourselves the fundamental question: “Do we believe things will get better?” (Lencioni, 2009)². If the answer is no, then we’ve essentially pigeon-holed ourselves into an inevitable conclusion. However, most people would admit that in due time, the economy will rebound and we should take this time to invest in employees; the backbone of every organization.

Now is the time when employee morale can be low and employers are looking for ways to energize and restore confidence. The reasons for low morale are many: whether it’s worries about money, job security, the stress of having to take on more work as a result of company layoffs, or the general media negativity seen and heard all around, the impact of the situation can be overwhelming. As such, it is the role of organizations, and more specifically upper management and HR, to help employees feel secure and reduce their level of fear and anxiety. Employee incentives, coupled with positive communication and leadership, are steps in the right direction to re-engage and motivate employees towards a common organizational goal.

Now is the time when a tiny gesture of recognition through an incentive will go a long way in restoring morale. During a time of abundance, when everyone was living in a sea of prosperity, such gestures could go unnoticed. The same is no longer true and many organizations are finding that a small reward and, more importantly the recognition it carries, are doing wonders in making employees feel valued. The impact of such gestures can be amplified further if the reward is personalized through symbols that the recipient identifies with (eg. their name or project name). This can be easily accomplished through customized and personalized gift cards.

Now is the time when talent management must be considered a top priority within an organization. Current conditions in the economy can leave an organization vulnerable towards a talent sweep by the competition. Maintaining your current talent workforce will not only sustain you through the down times, but it will also ensure that your organization is ready to compete during boom times. Some industry experts suggest that this environment can lead to greater innovation and discovery of new efficient procedures (Hebert, 2009)³. An incentive for idea generation can be built into your current program to recognize the top talent in your organization.

Hbc Gift Cards has incentive solutions that can fit in with your existing program. Talk to us today about the many options that are available from standard, to personalized and customized Gift Cards. Visit www.hbc.com/b2b or call us at 1-888-461-2323 to learn more.

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1 CareerBuilder, Nearly 40 Percent of Employers Plan to Trim Benefits and Office Perks This Year, Finds New CareerBuilder.com Survey. Press Release, February 18,2009, Chicago. Retrieved from http://www.careerbuilder.com

2 Lencioni, Patrick. Leaders, Take a Ride on the “Down Economy” Bandwagon, Incentive Magazine; The Recession Survival Guide. February 20, 2009.  Retrieved from http://www.managesmarter.com

3 Hebert, Paul. Now Is Your Chance…Thrive!, Incentive Magazine; The Recession Survival Guide. February 19, 2009. Retrieved from http://www.managesmarter.com

Tags: employee incentives, gift cards, incentives

This entry was posted on Thursday, March 19th, 2009 at 3:55 pm and is filed under Canadian Gift Card Programs, HR, Interest Topics, Motivation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.