August 26, 2014 | By Mike Ryan
Seventy percent of all businesses have up to a half dozen different performance improvement initiatives in play at any one time. Yet, many fail to gain the optimal result from each simply because they have overlooked one simple truth: a single reward currency can have the most effect on motivation.
Madison initiated the trend toward program consolidation. We have long championed both the practical and motivational benefits of moving multiple programs onto a single delivery platform where they can share a common currency. Over the years we have advised many businesses—many of whom started out using multiple vendors with different reward currencies—on how to effectively consolidate their offerings. Today the companies that followed our lead have much to show for it. They have radically reduced expenses and perhaps more importantly, significantly enhanced the motivational impact of each and every incentive and recognition program they offer.