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Refreshing an Old Rewards Program

Engaged Employees Through Rewards and Recognition

 

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employee engagement best practices

Refreshing Old Program

Client Profile

NYSE listed, Leading US Banking Franchise

Program Solutions

Annual Service Awards

Issue

Client had been operating an employee rewards program for several years that grew stale with time through lack of growth in the platform and the rewards offerings. This led to growing employee apathy around the rewards program. Over time the bank grew through acquisition, creating missed opportunities for cultural alignment across divisions and geographies that were not being addressed with the existing employee rewards program.

Solution

LoyalNation launched a program for manager and peer to peer recognition that aligned to corporate strategies and values. Managers were then provided an allocation of points to award to employees on a spot basis for behaviors that reinforced the desired results, allowing for immediate reward of behaviors aligned to values and strategic initiatives.  The employee rewards program created a new level of excitement for employees and control for managers. The program also provided an enterprise wide view of where and to whom rewards were being distributed, providing a basis for targeted coaching and refinement of internal communication.

Results

Upon implementation, the improved solution cut reward costs by over 20%, while over 95% of participants expressed a preference for the new employee rewards program. Redemption of reward points in the program is over 90% – strong indication of relevance of program with participants and engagement of managers in use. A rewards program that had lost its luster was once again driving employee engagement across roles and geography.

Quote / Final Statement

“The (LoyalNation) solution provided us with a fresh program solution, cost savings, and a partnership that has allowed ongoing program development. A big winner on all fronts!” – TSJ, VP Employee Services


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