The Four Vs of Employee Motivation: Velocity, Visibility, Value, and Valor
A recent Gallup poll revealed that only 30 percent of employees are actively engaged at work, and 18 percent are actually actively disengaged. Disengaged and distracted employees cost businesses money as they ‘sleepwalk’ through their workday, bringing little energy or passion to the table. Making matters worse, actively disengaged employees are more than unhappy at work—they act out their unhappiness by undermining what their engaged colleagues accomplish on a daily basis. For businesses that want to continually innovate and grow, engaged employees who work with passion and feel a profound connection to their company are required.
According to Gallup’s 2013 State of the American Workplace report, “engagement makes a difference to the bottom line,” which can have an impact on productivity, profitability, customer service, turnover, and absenteeism. Incentivizing can also make a big difference, according to a study by the International Society of Performance Improvement. The study showed a 27 percent performance increase when an incentive was offered for persistence toward a company goal.
Not all encouragement, engagement and incentive programs are created equal, however. It’s important to utilize whichever approach is best for driving your desired action. By 2001, the Incentive Federation’s biannual study found prepaid cards to be the most popular rewards for employees, consumers, and partners (dealers), but there’s more to an incentive program than just finding the right reward. Try sticking with the 4 Vs of employee engagement when you implement an employee recognition and motivation program.
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About the Author
David Jones currently serves as the Chief Executive Officer of CardLab, a pioneer in the prepaid industry. The first to offer businesses the ability to customize a Visa Incentive Card with a company logo, the Dallas based company was founded in 2004. Visa Incentive Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used wherever Visa debit cards are accepted. The Bancorp Bank; Member FDIC.