What you need to know about rewarding your team
Employee incentives can be delivered in a variety of ways, from a cash bonus for reaching a target to a gift card for participating in a health risk assessment to free pizza for attending a financial literacy workshop. But with so many options, how do you know which will work? Do incentives work at all? Or are they the equivalent of giving a kid a lollypop for going to the doctor?
As they continue to gain in popularity, research by the International Foundation of Employee Benefit Plans (IFEBP) shows that 75% of Canadian and U.S. employers use some type of incentive to increase participation in wellness programs and 21% do the same for financial wellness initiatives. But do these incentives instill long-term behavioural changes or are they more often a short-term reward?