Employer-sponsored wellness programs are on the rise. When instituted properly they can help contain the upsurge in healthcare premiums. Depending on your company’s size those savings can amount to millions of dollars per year. Beyond the obvious cost savings, wellness offerings also reaffirm your company’s commitment to the health and well-being of everyone who works there, a strategy that’s sure to help attract and retain top talent in a competitive labor market.
Given everything that’s on the line here, employers must rethink the way they go about designing and delivering their programs. Fortunately for them, Madison offers an alternative. If you are planning a wellness program, or are looking to get better results from your wellness initiatives, we think you will find this month’s Performance Perspective valuable. In this month’s Performance Perspective, Mike Ryan explores:
- Why you should choose Madison for wellness
- The connection between employee engagement and wellness
- How wellness is delivered
- Why behaviors that are reinforced are the behaviors that are retained
Incentive travel has always been a powerful motivational tool for managers and business owners. Non-cash awards such as travel increase productivity, performance and overall employee engagement.
In an economy that demands all investments prove their worth, you might be asking “How good of an investment is our incentive travel program, exactly?” To answer that question, Madison put their analytical powers to work.
In this month’s Performance Perspective, Mike Ryan explores:
- Why incentive travel is a good investment
- How incentive travel as a motivator trumps cash
- The ROI of travel incentives
- Tips on how to maximize your return
Is your business working together to achieve its goals? If you’re like most organizations there’s work to be done in that area. Less than 10% of employees fully understand their company’s strategy or worse, their role in carrying it out. This a dangerous disconnect—one that can negatively impact performance, profitability and growth, but there is something you can do about it.
With so many companies searching for ways to gain and keep a strategic advantage, introducing measures that prevent any misalignment between the goals of the organization and an individual’s focus is not just good business, it’s critical. Failure to address misalignment will cost you.
Reward programs can be highly effective tools in driving the two things that matter most to businesses right now: engaged employees and sales force effectiveness.
When designed and implemented correctly, employee recognition programs elevate engagement levels, which, in turn, drive improved organizational outcomes. Workers who are emotionally and intellectually committed to their jobs are significantly more productive, customer-focused, collaborative and innovative in the way they go about their business.
Incentive planners are always looking for an advantage—a way to strengthen their business case and optimize outcomes. That’s an area in which we shine. In addition to leveraging proprietary incentive technology, Madison incorporates the science of behavioral economics to help our clients get more motivational value from their employee recognition and sales incentives programs.
Behavioral economics is not pop-psychology. It’s a discipline devoted to understanding why people do the things they do. Remember people are not calculating machines. They are both rational and emotional beings, and they are heavily influenced by the world around them. They rely on values, social networks, past experiences and their personal assessment of risk and reward when interpreting incentive offers. Not surprisingly, when filtered through these lenses, behavioral economics can have a huge impact on your program’s success.