PPB September 2021

where incentives come into play. The incentives marketplace is a $90 billion-dollar industry that 84 percent of businesses invest in, according to the IncentiveMarketing Association. “Incentive programs are specifically designed tomotivate best practices, re-direct habits and acknowledge results. In a post- pandemic environment, the above three points are virtually a punch- list of the challenges facing anHRmanager,” says Sean Roark, CPIM, principal and co-owner of Spring, Texas, distributor PromoPros/ IncentPros, which specializes in employee incentive programs. “One simplified description of engagement is that it encourages an employee to view their company’s success as their own. Incentive programs designed to celebrate the company’s good fortune by making a big deal about the value contributed by individuals and teams within the company, have a great return on investment.” Employee incentives are a win-win on both sides, but require action from recipients. For employers, incentive programs are designed to reward workers for meeting certain benchmarks or exhibiting select behaviors, such as achieving membership or sales goals, or following new safety standards. Incentive programs arm employers with motivators to encourage workers to reach these goals, and help businesses to keep employees satisfied, improve retention and encourage recipients to keep up the good work, and bolster feelings of positivity about the company; all factors that collectively save on costs. Roark says that incentives also help with strengthening the relationship between employer and employee. He explains, “An incentive humanizes the corporate relationship by extending a gift similar to what someone might receive for a birthday, holiday or other personal event.” Companies can and do save hundreds of thousands and even millions of dollars in operational costs by using employee programs, so much so that it is often seen as an additional stream of “revenue.” One area where costs can be notably reduced as a result of a successful, targeted employee incentive program, is turnover and subsequent recruiting, onboarding and training. According to a 2019 article by Gallup, the cost of replacing a single employee can range from one-half to two times that employee’s annual salary. For an employee who earns $51,168 per year—the national salary average as of fourth-quarter last year, according to the Bureau of Labor Statistics—it’ll cost a business from $25,584 to $100,336 to replace the employee. Multiplied across a typical workforce, that’s a hefty cost to bear. How To Select The Perfect Gift Establishing an employee incentive program is one thing, but choosing an appropriate gift is another. For employers, gift cards are a rather seamless choice, and although well-received, they don’t have the same staying power as a tangible gift. Roark explains that when an employee receives a gift card, they’re more likely to use it toward paying for everyday costs, such as a child’s medication at the pharmacy or a needed grocery item. If the gift card is generic Premium Picks Inspired by vintage field and military-style watches, the SRPG39 by Seiko is a gift that’s sleek and ageless. Part of Seiko’s 5 Sports Collection, it features automatic movement with manual winding, a display showing the month and day, a stainless steel case that measures 39.4 millimeters in width, Lumibrite on the hands and indexes, curved hardlex crystal and a calfskin band. This 75-gram watch is also considered a diver’s watch, with water-resistance up to 100 meters. Seiko Watch of America / PPAI 596169, S3 seikousa.com/pages/corporate-gifts A gift with potential to become a family heirloom, extending the positive message behind it for generations to come, is the Oris Big Crown Pointer Date . Measuring 40 millimeters in diameter, the stainless steel, automatic, aviation-style watch features pointer-calendar movement and a leather strap. For durability, it’s made with sapphire glass for extreme scratch- and shock- resistance, and it’s water-resistant up to 50 meters. Tourneau, Inc. / PPAI 185492, S2 / www.tourneau.com | SEPTEMBER 2021 | 37 INNOVATE