The Battle to Attract and Retain Top Talent is Intensifying

Job market conditions are improving and there have been encouraging gains in hiring rates, job fill rates and salaries. From the standpoint of the prospective job seeker, this is great news. According to a study published last month by talent acquisition and recruitment agency 24 Seven, a whopping 66% of those surveyed felt that they were in demand in the marketplace. Individuals who feel this way are more likely to seek employment elsewhere and negotiate higher salaries from their current employer (72% had received an increase in compensation in 2014). A career move is anticipated in the next year by 70% of respondents, with salary being the top reason for the decision (45% were unhappy with their current salary). With 81% of executives reporting steady or increasing hiring rates, those seeking new career options are in the market at a prime time.

On the flip side, a job market that so heavily favors employees poses a challenge to employers and their companies. Top talent is more difficult to attract during this time in the economy. Alarmingly, only 30% felt that their company invested a sufficient amount of resources into talent acquisition. An astounding 85% of executives felt that the pressure to attract talent was increasing due to the fact that the appropriate talent is paramount to their company’s success. Sales, Design and Creative, Marketing, Product Development, Management and Digital were all cited as the most difficult to recruit according to executives.

Attracting talent is only the beginning however. Retraining and engaging these individuals should be the main focus to sustain long-term success. An employee who is happy and content with their job is a nice start, but an engaged employee is much more valuable. Employee engagement was a new metric in the 2014 edition of this report and refers to the degree to which employees are likely to be inspired to go above and beyond the expectations of the job.

24 Seven’s study found that increasing employee engagement has a direct positive impact on employee loyalty, job satisfaction, career outlook perception, likelihood to promote/refer company, and team/manager connection – all impactors on an employee’s likelihood to seek other employment.“

Engaged employees also tend to be more efficient, productive, innovative and willing to take on new responsibilities. These individuals are deeply invested in the company’s success.

Unfortunately, only 47% of employees surveyed said they would categorize themselves as “engaged”.

So, the next question you might ask is: “How do I engage my employees?”

There is no simple, short answer to this burning question. Engaging an employee is not as easy as offering them a great salary and cushy benefits. A deep connection between the company and employee must be formed.

A clearly defined employer brand was found to be a strong determinant of employee engagement. Credible, relevant, honest and distinctive are characteristics often used to describe the identity of companies with a strong employer brand.

After medical insurance, a “time perk” was the second most valued benefit by employees and something to consider when improving employee engagement. This includes: flex time, telecommuting, comp days and summer hours. Over half (60%) of talented workers stated that their companies offered some of these benefits. Executives also listed flexible schedules, better growth opportunities and clearly defined career paths as top ways to lure talent.

Showing appreciation for the efforts of your employees more frequently is another way to improve engagement.  By offering employee incentives such as incentive travel, merchandise or reward cards you are thanking your employees for their hard work and continuous efforts.

Meetings and conferences that align employees with the goals of the company are excellent ways to help inspire them to strive for greatness. These events can provide a perfect forum to communicate vision, welcome new ideas, foster creativity and build excitement.

Do you feel that there are improvements that could be made in the ways in which your company attracts talent?

What is your strategy for increasing employee engagement and retaining employees once you attract them?

Please share your thoughts below or send me an email at khewkin@jnrcorp.com to discuss.

By JNR Incorporated

Written by Kristopher Hewkin

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JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.

*All figures and statistics are courtesy of the following study conducted by 24 Seven

A Look at Prepaid Cards in Incentive, Rewards, and Recognition Programs

There are few rewards as satisfying as being able to pull out your wallet to simply slide out a prepaid reward or incentive card that is a branded, physical representation of your hard work.  In recent years, prepaid debit cards have skyrocketed onto the scene to become the most popular tool of choice by various firms to help motivate, engage and reward both employees and customers alike. The popularity of prepaid cards is evident through 75% of businesses believing that prepaid gift cards are among the most effective rewards, especially in driving loyalty and commitment as surveyed by the Incentive Research Foundation.  The majority of incentive planners also promote prepaid cards as a more meaningful, personal and impactful enticement than cash.

Incentive planners and business executives are not the only ones encouraging the use of prepaid debit cards; recipients are voicing their appreciation for these convenient compensations as well. In a study done by the Incentive Research Foundation, 44% of survey respondents proclaimed that prepaid cards are their favorite type of gift or reward. So much so, that when offered a prepaid card or equivalent cash, five times as many respondents chose the prepaid card over other alternatives. This data speaks volumes about the optimistic future of the prepaid debit card industry as it becomes the most notable way of simultaneously increasing both the potential incentives for employees and overall productivity for a firm.

So what’s the draw to these tiny pieces of extraordinary plastic?

There are numerous benefits associated with issuing prepaid cards, including, but not limited to the following:

  • Prepaid cards are being used as incentives across the spectrum as they can be accepted at any retailer where credit cards are taken.
  • Prepaid debit cards, unlike cash, can be used online, a more suitable feature in today’s technological age.
  • Prepaid cards have the ability to be reloaded, providing ease for the cardholder to continuously add funds to their favorite card.

Prepaid cards are being used as incentives on various levels, from spot rewards to holiday bonuses and for merchandise, dining, travel and entertainment. This slew of opportunities connected to each prepaid card has made the business a $46 billion industry in the United States as stated by the Incentive Federation. Furthermore, prepaid cards are now the most frequently used reward in corporate incentive programs, with over 75% of organizations utilizing prepaid debit cards as rewards according to Incentive Magazine’s Gift Card IQ Survey.

Businesses that are able to capitalize on the opportunity to enter into prepaid debit cards will have a positive position looking ahead, as it is widely believed that these cards drive a much higher return on investment than any other type of incentive rewards, such as cash. The flexibility and ease of distributing each card, as well as the ability to customize each as a personalized reward creates a mutually beneficial relationship while also establishing an emotional connection with an employee or customer. The facts speak for themselves, and the secret is out: prepaid cards are now on the map and are here to stay.

For more information on JNR prepaid card programs, please visit our website.

By JNR Incorporated

Written by Andy Tallon

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JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.

2014’s Top 10 Best Cities for Employee Recognition

Are you trying to draw savvy employees to your company? Companies with engaged employees have a significant advantage over their competitors. Not only do they see increased productivity and high retention rates, but an engaging workplace culture pulls in the industry’s top talent. Who wouldn’t want to work at a business that visibly values its employees, fosters a vibrant work environment and makes employee appreciation a main focus?

Forbes Magazine reported that a study released by Quantum Workplace revealed which cities have the best employee engagement rates. The annual list, which draws on responses from nearly 5,000 companies representing 400,000 employees, asks employees about how often they feel they are recognized with incentives such as professional development, time off, tangible rewards, and verbal praise.

So who is doing it right?

The Top 10 Best Cities for Employee Recognition

1. Huntsville, AL (Percent of Satisfied Employees: 73)
2. Nashville, TN (Percent of Satisfied Employees: 69)
3. Austin, TX (Percent of Satisfied Employees: 68)
4. San Antonio, TX (Percent of Satisfied Employees: 68)
5. Washington, D.C. (Percent of Satisfied Employees: 68)
6. Atlanta, GA (Percent of Satisfied Employees: 67)
7. Charlotte, NC (Percent of Satisfied Employees: 67)
8. Orlando, FL (Percent of Satisfied Employees: 67)
9. Raleigh, NC (Percent of Satisfied Employees: 67)
10. Tampa, FL (Percent of Satisfied Employees: 67)

 

Employee Recognition Huntsville
Huntsville, AL

Before you buy a ticket to Huntsville, AL in attempts to snag some happy employees, stop and think about how you can start increasing employee recognition with your existing employees. Understanding why these cities rank so highly on the list and applying this knowledge to your organization is invaluable.

Discover how JNR can improve your employee engagement levels with unique incentives such as incentive travel, prepaid reward cards, merchandise and other cutting edge programs by sending us an email at jnrinfo@jnrcorp.com or giving us a call at 949.476.2788.

By JNR Incorporated

Written by Kelly Woolsey

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JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.

Automotive Manufacturers Can Engage Consumers with Incentives

Those involved in the automotive industry can utilize incentives to achieve a wide array of objectives. Incentives can be valuable no matter what segment you operate in and no matter who your target audience is.

In this blog, we will focus on automotive manufacturers and how they can engage their consumers by offering various cash and non-cash incentives.

Automotive manufacturers looking to increase sales of new vehicles and strengthen existing customer loyalty should look to three distinct incentive program solutions.

Purchase Incentives – Close More Vehicle Sales and Move Product Faster

As an auto manufacturer, the word “incentives” probably means cash back to the customer. Administration is typically most efficient and effective on a prepaid debit card. These cards empower the customer by giving them the freedom to spend their money as they choose.

While cash is helpful in moving inventory and adjusting price levels, non-cash incentives such as merchandise, travel incentives or gift cards are more powerful in sweetening a deal when cash is not enough. By utilizing corporate discounts based on quantity, these incentives can offer a higher perceived value to the recipient while being very low in actual cost to the company. Procuring hundreds or thousands of a particular item will allow your cost per item to come in well under the retail price the consumer would otherwise pay.

Although offering a gift may be appealing to some, it is important to offer a “cash out” option that equals the promotional value of the non-cash items to accommodate those who need the extra cash in-hand to make a down payment and ultimately close the deal.

Gift After Purchase/Customer Loyalty Incentives – Keep Customers Loyal Long-Term

Although most manufacturers feel that cash is the most effective way to sell cars in the short-term, merchandise and travel can be interesting after-purchase gift options to increase the loyalty of your customers in the long-run. Getting caught up in the pressure to sell today and ignore long-term loyalty is understandable, but not wise.

Carefully selected merchandise will allow you to target a very specific demographic of consumers based on their interests and needs. Incentive travel for your most loyal customers can deliver priceless, memorable experiences that are impossible to replicate. Automobile manufacturers that prioritize customer loyalty are already starting to understand that non-cash incentives are crucial.

The following are some rather positive statistics compiled by Incentive Performance Center about these Gift After Purchase/Customer Loyalty Incentives programs.

  • 75% of recipients told others about the gift
  • 30% of those recipients told 4 to 7 people
  • 98% would recommend the brand to others
  • 71% said the gift exceeded their expectations

Loyal customers are great brand advocates. They possess lower selling costs, increased profitability over time and tend to be more willing to pay higher prices for your product. The lifetime value of a loyal customer is truly astounding.

Test Drives – Increase Showroom Traffic and Sales Revenues

There is a direct correlation between the number of test drives taken and the number of vehicle sales. This has been tested in many studies and is widely accepted in the automotive industry. Offering non-cash incentives that directly appeal to your target market is the most effective way to ensure that your budget is being allocated to the appropriate audience.

The incentives should be attractive enough so that your focused demographic is intrigued, but carefully targeted to avoid accommodating a mass number of unqualified individuals that come in to the dealership and waste the time of the personnel with no true interest in making a purchase.

Incentives given in exchange for test drives are an essential component of efforts to effective sales strategies.

In conclusion

As an automotive manufacturer, a fundamental understanding of incentives is paramount. A failure to grasp or deliver incentives successfully simply represents a lost opportunity to achieve greater profitability. While this blog specifically discusses how automotive manufacturers target consumers, future blogs will examine how other automotive audiences can benefit from these programs.

If you’d like to explore this topic further, please read the full study compiled by Incentive Performance Center here, explore how we deliver incentive programs here or send me an email at khewkin@jnrcorp.com so that I can provide you more detailed information on any of the topics covered in this post.

By JNR Incorporated

Written by Kristopher Hewkin

______________________________________________________________

JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.

Pharmaceutical Sales Incentives: A Case Study

The Pharmaceutical Industry is big business. Companies like Pfizer, Amgen and Sanofi have market capitalizations well over $50 billion with steady growth expected. Contrary to what you may think, even groundbreaking prescription drugs do not just sell themselves. The success of these companies rests largely on the performance of their Pharmaceutical Sales Representatives. Let’s learn a bit about who these individuals are and how to inspire them.

The position of Pharmaceutical Sales Representative boasted its way onto the top 100 “Best Jobs in America” list compiled by CNN Money in 2012. Several factors were considered for this ranking including a median pay of roughly $97,000 per year and 16.4% expected job growth over the next ten years. With over 400,000 jobs reported in the field at the time of the study, there is no shortage of opportunity for people wanting to join this industry. The position is very fast-paced and high turnover rates are common. Assertive, persistent and knowledgeable are a few of the most common adjectives used to describe successful Pharmaceutical Sales Reps. The majority of their time is spent on the road traveling to meetings with pharmacists, hospital personnel, doctors and others who have the ability to connect them to potential customers

Engaging a sales team to perform and stay motivated in this high paced atmosphere requires a strategic approach that goes beyond expected compensation. This is where a strong sales incentive program utilizing non-cash incentives comes in to play.

Pharmaceutical Sales Incentive Programs can produce massive gains in terms of incremental sales revenues when implemented and managed properly. In addition to cash commissions and bonuses, effective programs also use non-cash incentives, training opportunities and contests to motivate. Non-cash incentives can include travel prizes, merchandise rewards and recognition awards from management. These incentives are awarded not only for those who win sales contests but also for those who complete training portals to increase their product knowledge.

Participants that frequently receive progress reports and standings updates naturally exhibit higher levels of competition and are more driven to sell. It is also important to make sure that the program rules are clear, fair and easy to understand with effective communication plans to support the initiative.

These Sales Incentive Programs are particularly vital when new drugs are introduced into the market, when existing drug sales are falling or when sales reps need to be reinvigorated due to declining performance.

Situation: Novo Nordisk Uses a Sales Incentive Program to Introduce New Non-Insulin Medication Victoza

Incentive Magazine shared a fascinating case study about Danish health care company Novo Nordisk and their recent sales incentive program that introduced Victoza, a non-insulin medication for adults with Type 2 diabetes. Their goal was to engage more than 2,000 sales reps with this campaign and encourage them to sell Victoza.

An online-based five-day incentive program called “Welcome to Club V” was introduced and themed around an exclusive nightclub incorporating a virtual red carpet and VIP experiences. This virtual “nightclub” made it easy to access training portals, progress reports, contest rules and the award shopping mall. The award shopping mall allowed participants to select prizes of their choosing based on various achievements.

Essentially, participants were awarded with prizes in exchange for the completion of training portals and victories in sales contests.

Results: 100% Participating in Competitions, 95% Taking Daily Quizzes

The program was quite engaging to say the least. An astounding 95% of the sales force took daily quizzes and every participant competed in the individual and team sales competitions. The program rewarded these Pharmaceutical Sales Representatives for doing what they already did, but for doing it better by encouraging continuous growth in their job knowledge.

Jamie Jones, senior director for Novo Nordisk strongly believes that sales reps become tired of selling a product after just six to eight weeks no matter what the product is. Incentives are the only way to keep them engaged in selling.

This “club” took the rather dull experience of learning about and selling medications and turned it into a fun, competitive and exciting way to earn prizes. The representatives received incentives. The company enjoyed the results of more educated employees and increased sales revenues. Everybody was victorious here.

The Keys to the Success of This Program

The rewards were selected to match the objective of the program and target demographic. Choosing interesting rewards for Pharmaceutical Sales Representatives can be difficult, but experienced gift buyers will have the answers at the right price. Large rewards can include exquisitely planned trips to exotic locales and activities that are not commonly open to the public. Smaller awards can include luxury name-brand gifts that resonate with your target audience.

Many touch points were present. Communication, training, measurement and reinforcement were articulately designed. It is essential that participants know the value of offered incentives and how they are able to win them. Keeping the competitive spirit of participants alive with constant reminders is also vital. Email blasts, printed collateral, meetings, online standings websites and even teaser gift items are effective in this area.

If you are looking to create or revamp your pharmaceutical sales incentive program, give us a call at 949.476.2788 or email us at jnrinfo@jnrcorp.com. We understand your target demographic and what drives them, the communications necessary to get them to participate, the metrics to demonstrate value to executive management and even ways to increase your corporate social responsibility in the process.

To learn more about the important role that marketing communications play in sales incentive programs, please click here.

By JNR Incorporated

Written by Kristopher Hewkin

______________________________________________________________

JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.