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End Of Year Slump? Now’s The Time To Pull Out The Right Rewards

It has been a long year with many economic turmoils. People are tired and many employees have just one goal in mind — to take a well-deserved rest.

Uwin Iwin

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For sales people this should be the last thing on their minds. The festive season is especially the season to sell, sell, sell. What is the best way to solve this conundrum?

Motivational programmes that offer staff incentives have proven highly successful. They can generate a positive, productive atmosphere. November, through December into January is the time of year when annual targets will be achieved and contracts renewed, so what better time to drive activity and incentivise the workforce?

As an incentive solution company, Uwin Iwin has the necessary experience in achieving the optimum results.

Timing is everything

The tradition of pre-Christmas reward means employee recognition is delivered before the year is out. Although the extra money will come in handy for gifts and what-not, January is usually a lean month.

Related: Uwin Iwin Incentives Hits The United Kingdom Shores

The reward process could be split, for example, with half the reward given before Christmas and half in the New Year. A reward at the start of the year is the perfect way to perk up employees who may be suffering from the January blues, and focus them on activities for the months ahead. It also helps extend the feel-good factor of the festive season and ease the post-Christmas squeeze on spending.

Increasing normal rewards

For those who have to work during this time, motivation can ebb away. Instead of the normal incentive programme, introduce competitions and make it fun. Increase normal incentives by 50%, for example, to motivate sales channels to perform at the highest levels possible.

Considering that buying power increases through more disposable income, December offers the perfect opportunity to maximise sales figures.

A targeted approach

When it comes to deciding on targets, realistic goals need to be set. Goals must be achievable and fair, and the best way of deciding them is to ask staff to select their own. This means that their commitment to achieving the target is greater because they take ownership of it.

Businesses should not concentrate on rewarding top achievers in their workforce, but ensure the programme is designed to engage and improve performance across the whole of the team, especially during this time when employees might feel deprived of a festive season because they have to work.

Reward categories could include Performance of the Month, Biggest Improvement, Best Comeback, to name a few.

Related: Incentives to Promote Job Creation

Appropriate rewards

The challenge that many businesses face when planning their festive reward strategy is what type of reward to give. Cash is appreciated by most employees, but runs the risk of being an ‘invisible reward’ — forgotten once it hits the bank account and likely to be spent on day to day necessities.

Money being uploaded onto a gift card that can be used anywhere is much more rewarding. Uwin Iwin has the perfect solution in the Kudosh card that offers exactly that — cash on a branded card accepted by any vendor that accepts MasterCard.

Rewards beyond gift cards

gift cards

Out of the ordinary rewards can be a very good incentive. One option that works nicely is the earning of days off (increased leave) that can be used outside peak seasons. Sending out questionnaires to keep your ear to the ground when it comes to preferred rewards will give you great insight into possible solutions.

End-of-year rewards resonate strongly with employees as a way of acknowledging their contribution throughout the year. It is therefore also a good idea to use this opportunity to acknowledge the achievements of employees by presenting their rewards on a public forum.

This adds a personal element and provides public recognition for the member of staff in front of their peers and is fitting for an end-of-the-year festive celebration.

Communication is key

Communication over the festive season is especially pertinent. Regular emails, SMSes and even hard copy pamphlets outlining the increased rewards serve as a constant motivation.

The trick here is to make the communications so powerful that they overcome end-of-year fatigue.

Related: With the Right Incentives Loyal Customers Will Become Brand Advocates

Ask Uwin Iwin to help you to relook your incentive programme this festive season. And while it shouldn’t be the only incentive you provide for the year, it is good to make it a little more special for your valuable employees during the festive season.

Uwin Iwin is a leading provider of inspirational recognition and reward, incentive, loyalty and performance improvement solutions. We assist businesses to unlock the full potential of their workforce, sales force, channel and partners to achieve results and measured positive outcomes necessary to produce a competitive edge.

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Business Landscape

The New Rules Of Customer Experience

Intelligent Experience Economy will change the rules of customer experience.

PwC

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Our report identifies five rules organisations can follow to reimagine the customer experience in the ‘Intelligent Experience Economy’. These rules are the action that organisations need to take if they want to be successful in this new era:

1. Make the customer journey your new chain

Most executives understand the importance of CX and have some form of customer strategy to address it. However, the ‘Intelligent Experience Economy’ calls for significant action. Organisations will need to develop an enterprise-wide customer journey. Creating a common language and taxonomy around the customer that is universally adopted will spur CX transformation at scale and embed the customer in the core of the organisational culture.

Related: Why Customers Don’t Respond To Disruption

2. Embed AI in the Customer Experience

Our research confirms that businesses understand the critical and still growing importance of ‘big data’ and analytics. However, having an analytics function. AI will be the dominant capability enabling companies to reimagine the CX in the ‘Intelligent Experience Economy’. Embedding AI in the CX is a great opportunity for organisations. It can enable easier communication with customers, speed up transaction times, personalise customer experiences and significantly reduce customer service costs. Furthermore, organisations that have embedded AI will have unique access to customer data.

3. Connect Customer Experience to real value

Customer metrics are now commonplace in businesses. Although the metric is important, too many businesses see it as the end point instead of the starting point. CCOs assessing their CX transformation efforts must take into account how mature their organisation’s CX measurement maturity is.

For many, CX measurement is still immature – actively listening to customers and collecting feedback, but not taking action with CX initiatives. Organisations should develop real-time customer metrics.

4. Let the COO drive Customer Experience Change

The role of the COO needs to evolve if organisations are to execute on their ambitious goals for their CX visions in the next few years. The role of the COO will need to shift from ‘measuring the CX’ to being directive on the priorities to drive CX change. In order to be more directive, end-to-end capabilities will be needed within the organisations, framed around journey stages.

Related: Why Your Latest Tech Investment Might Not Be Wowing Your Customers

5. Ignite the core

To create real CX transformation – the COO cannot be successful alone. The challenge is about ‘igniting the core’ around CX. To ‘ignite the core’ organisations need to spread the CX vision with all leaders, managers, frontline employees and back office employees alike. Furthermore, organisations will have to establish partnerships across the value chain – including UX/CX experts, data analysis, AI architects, app developers, as well as project delivery partners.

How can organisations execute the customer experience?

In order to be a leading customer experience organisation, companies will need to execute the customer experience at scale across the organisation. Customer strategy execution is transformational in nature and requires new capabilities, new ways of working and an entire organisation to be fully behind the new vision.

 

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Company Posts

How To Immigrate With Your Family By Starting A Business In The UK

The simple way to make your entrepreneurial dreams come true in the UK.

Sable International

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Many people, especially those with families, are reluctant to up sticks and move to the UK. These would-be movers are often worried that they will not be able to secure employment in the hugely competitive UK job market. This source of stress alone is enough to discourage some from pursuing their dreams of living in the UK. But, there is an innovative and accessible solution.

The UK has several visa classes aimed at individuals who wish to invest in the country. These give an individual the right to live and work in the UK with their families, if they make a defined investment. A visa that interests South Africans is the Tier 1 (Entrepreneur) visa. We have developed our UK Tier 1 Entrepreneur Investment Programme to help South Africans looking to immigrate to the UK alone, or with their families.

The basics of the Tier 1 (Entrepreneur) visa

To be awarded a Tier 1 (Entrepreneur) visa, you will need to invest at least R3,5 million (£200,000) in an existing UK business or one you start up. There are certain other requirements, but these are not particularly onerous, and most investors will qualify if they submit their application correctly.

The entrepreneur visa allows you to live and work in the UK, and take dependant family members with you, defined as your partner and your child under 18. If you have the capital, or are willing to liquidate your assets in South Africa to raise it, the Tier 1 (Entrepreneur) visa is a great way to relocate your entire family to the UK.

Do note: You will need to make specific applications for each dependant, so it is vital you consult with an immigration expert before beginning the application process.

You’re not just immigrating, you’re investing in the UK

By starting or investing in a UK business as part of our programme, you will be granted the right to live and work in the UK, and earn an income from that business.

Related: Want To Start An Import Business – Here Are The Importing Terms And Documents Involved

The business you invest in will want you to play an active role, not just contribute seed capital. If you want to invest in a business without being an active director you will be allowed to do so, but you may not be eligible for the Tier 1 (Entrepreneur) visa.

Another restriction is that you cannot hold this visa and work for a business other than the one you are invested in. But, your partner will be allowed to work in whatever field he or she pleases.

How do you choose the right business to invest in?

There is always an element of risk when investing in a foreign business, particularly when you’re thirteen thousand kilometres away from the country you’re investing in. It’s important to understand exactly what you’re investing in before you take the plunge.

That’s why our UK Tier 1 Entrepreneur Investment Programme is hugely beneficial. It matches your investment capital with a pre-approved investee business. We’ll make sure that your skills are matched with an appropriate venture so you can be an active director of that business.

We’ll also handle your visa applications, providing you with a comprehensive immigration and investment solution. Our partner’s list of investee businesses is over 200 strong, giving you an array of choices in various industries. This allows us to pair you with the business that best suits your investment goals and skills.

But what if you have a successful business in South Africa?

It’s no secret — emigrating from South Africa is difficult for many families who have deep roots and thriving operations. There’s no reason why you can’t keep your business in South Africa as well as relocate to the UK.

Nothing restricts a Tier 1 (Entrepreneur) visa holder from owning and overseeing businesses in other countries while they are on this visa. Many clients choose to relocate to the UK while ensuring that their original business continues to operate. In this way, you will be supplementing the income from your UK investment with revenue generated by your South African business.

You can hold British and South African passports if you apply for your British citizenship in the correct manner. You must obtain permission from Home Affairs in South Africa to avoid having your citizenship revoked. Retaining your South African citizenship will make it much easier for you to continue running a business here.

Talk to us today

There are compelling reasons to move to the UK — a brighter future for your children and a more stable country in which to retire. Our comprehensive solution will ensure you get the most out of your relocation.

Visit www.sableinternational.com/entrepreneur or send us a mail on ukinvest@sableinternational.com 

If you’re thinking of immigrating to the UK or investing offshore — either or both — we can help.

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(Video) TomTom Telematics – Let’s Drive Business (UK)

TomTom Telematics

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WEBFLEET provides you with the right information at the right time to make smart decisions and achieve your goals: Lowering cost, reducing time on the road, supporting drivers and delighting customers. Running a business can be hard. So let’s make it easier. Request a demo and find out more at telematics.tomtom.com/webfleet/landingpages/launching-the-new-webfleet.

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