What makes a great rewards program?
We continue this series on the 5 Key Elements Of A Great Rewards Program. Today's episode focuses on Budget.
So far we have spoken about Objectives, which is understanding your "Why"? Why do you think that having an incentive or reward program is important?
We have spoken about Audience, understanding who is your audience and their challenges, and what they want?
In the third episode, we spoke about Data - how to use data to measure and improve the program.
Following Data, we spoke about a very important topic and that is the Rules of the Game. It is a very important topic because this is where some companies get tripped up and make the program very complicated or unclear to the participants.
Lastly, we discussed Communication. This is key to the success of the overall program. Think of communication as marketing to your audience, whether it is internal or external. There has to be a plan in place to ensure the success of the program.
People who are participating in the program have to understand the "Why" of the program. Why is this program being implemented? What is the company trying to achieve with this program?
Budget is really a sixth key element of the program. In a way, it is the understood silent element. Going back to the why of the program and understanding what the objective of the program really is. What is your target? Are you looking at ROI, increased sales, increased savings, onboarding more effectively, reduced turnover, increased Net Promoter Score, etc.
In this episode, we explore some of the considerations when creating a budget for your program and how to justify it to your executive leadership team.
Visit us at rivetly.com. Like and follow our Facebook page, join our LinkedIn group Leadership Mindset Group and don't forget to #leadbetter.