Incentives Now More Critical Than Any Time in the 21st CenturyJuly 16, 2018
Talk about a rare situation: In May and June, the American economy had more jobs available (6.7 million) than there were unemployed people to fill them (6.4 million). This hasn’t happened since late 1999, according to the federal government’s Bureau of Labor Statistics (BLS). But to fully understand the true labor environment, corporate executives must take into account more than just those figures.
Here’s an example: With a skills mismatch between those presently unemployed and what many companies need, the only way companies can fill open positions is by stealing workers from other firms. And that tactic is working: The rate of employees who quit their jobs was 2.3 percent in April, which is the highest since 2005.
What’s more, the sluggish wage growth we’re seeing is perplexing,” Cathy Barrera, chief economist at ZipRecruiter, told USA Today a few weeks back. “Employers will either have to raise wages or find more creative and clever ways” to recruit new workers and also retain the quality workers they presently have.
If you’re reading this blog, then you know there’s something other than wages that can motivate employees not only to do the best job they can, but also stay with the company they work for: performance incentives. Some incentives take the form of merchandise or brief local getaways to a nice hotel, as a reward for solid monthly or quarterly performance.
But the incentives that boost job performance among employees while also building their affinity for and loyalty to the company are the bigger programs. These take the form of travel itineraries to desirable destinations and luxury properties that deliver awesome, unique experiences—ones that program qualifiers likely would never spend their own money to have.
At this very unusual and very critical moment—a moment when companies must do exceptional things to keep as many of their valued employees as possible—AIC Hotel Group is ready to offer up great ideas for those bigger incentive programs. We can present our ideas which have most impressed groups who’ve come to our properties in Miami, Dominican Republic, eastern Mexico and western Mexico, while adding in a few elements that would be one-of-a-kind for your group.
Our goal: To have your high-performing employees engage in various experiences over the course of four, five or seven days that very few folks have ever had—and then go home to tell their family, friends and coworkers about those exclusive experiences. AIC Hotel Group can deliver that hugely important win-win scenario for your company and its best performers. Please contact me to learn exactly how we can do that for you.
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