New data from an extensive survey among HR professionals and employees in large enterprises reveals a large gap of untapped potential for on-the-spot rewards, with a disproportionately large number of employees unaware of the rewards they could receive.
Specialist rewards and incentives provider Hawk Incentives has responded to the survey findings by introducing new digital features to its Select platform, facilitating the implementation of on-the-spot rewards through print-ready functionality.
In the new survey, carried out for Hawk Incentives by independent research agency Sapio Research, 47% of HR professionals say that on-the-spot rewards are currently offered to the entire workforce in their company.
However, only 16% of employees say that the same is true for their workplace. The issue of low awareness levels is in contrast to the fact that the majority of HR professionals think on-the-spot rewards have a strong effect on staff acquisition (55%) and an even greater importance for talent retention (62%). Furthermore, the research found that 20% of HR professionals rated the return on investment (ROI) of on-the-spot rewards and incentives programmes as ‘highly positive’, with 57% agreeing that it showed a positive overall ROI.
Hawk Incentives has responded to the findings by introducing a new digital functionality to its Select platform, which will make it even easier for rewards to be handed out to employees. The new product features are designed to improve the ‘on-the-spot’ experience for employees and their managers, who can now distribute digital codes ready to be printed. This means employees can receive a hand delivered reward in the moment to take away and exchange it for gift cards, vouchers and digital rewards online.
Ben Orme, Product Director for on-the-spot solution Hawk Select by Hawk Incentives commented on the findings: “The value of on-the-spot rewards is not disputed in the industry. However, the big challenge – especially for large businesses – is to create a seamless experience for line managers and motivators to make them immediately accessible to the members of their team without losing the personal touch.
Previous studies have shown the importance of immediacy when rewarding people for individual performance, which is why we are innovating our reward products to make them faster and easier for employees and their management.”