Can memorable experiences create engaged employees?13/09/2016
Recently, I was fortunate enough to be invited to see some of the behind the scenes filming of the next series of Dragon's Den. I witnessed two exceptional pitches, with products that certainly didn’t lack ingenuity. It was a great experience, one I will remember for a long time, and it got me thinking; "What’s the most rewarding experience employers can offer employees and can creating memorable experiences create more engaged employees?”
For most colleagues and friends that I asked, it was interesting to note that the most frequent answers were those that didn’t relate to experiences created directly by their employers such as events and festive parties. But were those where they secured that career-changing promotion or completed a long-term project or a similar accomplishment. This is troubling and for two reasons:
Firstly, examples, such as those above, are transferable from business to business and are not traditionally associated with rewards and recognition that ultimately create an engaged and highly productive workforce. They are natural expectations of a healthy working life. Most people expect to complete projects that fall under their remit, and without doubt employees expect to be rewarded with a promotion or pay rise for doing their job well over a period of time. While these are undoubtedly important milestones in people’s careers - they’re not memorable experiences, per se and are proven not to be key drivers for engagement. In fact, a recent survey entitled Employee engagement: how British business measures up”, discovered that despite financial remuneration a staggering number of employees do not feel engaged at work, with 48pc saying they were only moderately engaged, and 15pc claiming to have low – or even no – engagement.
Secondly, keeping the best talent in your organisation happy is crucial to improving a business’s performance, and experiences are a great way to increase workforce engagement and utility. It has the potential to improve productivity and morale, reduced staff turnover and increase value throughout the company. Put simply, businesses that properly reward and incentivise their staff perform better.
Experiences enrich our lives everyday and turn the ordinary into the extraordinary. And great experiences in turn lead to increased staff engagement, higher levels of loyalty to employers and engenders a genuine passion for the business and its customers. In fact, the general consensus among business decision makers is that a motivated and engaged workforce doesn’t just improve revenues through a high level of customer service, but employees also miss less days through sickness and are more productive when at work.
Why then are so few businesses operating flexible reward and incentive programmes to motivate their staff through the provision of genuinely memorable, once-in-a-life-time experiences when there is a clear business case for them?
The problem is many businesses find the process of implementing recognition programmes daunting and labour under the misapprehension that they are hard to set up and difficult to administer. This is often particularly true of team building activities and events with many organisations citing the need for vast amounts of manpower and time as deterrents to implementing these rewards. There’s also the added problem that one size doesn’t necessarily fit all, especially when managing a rewards programme, which should be very personal and highly aspirational.
The reality actually couldn’t be further from the truth, there are rewards and recognition solutions that provide increased flexibility and varied choice making it easy for employers to reward more personable incentives such as vouchers across multiple retailers or meals and days out.
In addition, bringing in the experts to help host your experience days and hospitality events more often than not means reduced expenditure and the creation of a highly engaging event.
But why is it important to create memorable experiences for your employees?
Whether you are looking to incentivise your sales team with a trip to Las Vegas, or say ‘thank you’ to staff for a job well done, creating memorable experience is proven to build trust and encourage bonding, which provides staff with the opportunity to form stronger relationships than you would throughout the traditional, nine-to-five working day.
Any business, regardless of its size, can organise outstanding experiences for their staff. Whether you are looking to incentivise your team, or you want to create rewards solution for your employees, experts are there to help and guide you along the way. This creates happy employees, and happy employees means you have far more satisfied customers. We provide businesses with the framework to do just that. We create memorable experiences to ensure people feel recognised and valued. And, with research by Oxford Economics estimating the cost of replacing members of staff is roughly around £30,000 per employee, keeping the best talent on your books will save thousands on your bottomline.
The greatest asset every business has are the people that keep it moving forward - it’s customers and its employees. If your business isn’t doing everything it can (bar huge, unsustainable pay rises) to keep staff happy, then it stands the chance of losing ground and valuable marketshare to its competitors.
The question is now - what are you waiting for?
Head of Corporate Sales
Red Letter Days For Business