Oh trust, some companies actually do. But normally it’s a heavy handed tactic in call centres to create underhanded tactics to sell bad products. Rogers, Navient, CashMoney... the list goes on...
I think if companies had loyalty programs like airlines or hotels, retention would be way easier. People really do crazy stuff to get and keep their status, and the amount of effort and time devoted to getting an upgrade proves it’s as powerful a motivator as money.
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That’s a reward program which is a little different but fair point. Of course if you work in a call center you’ll never get status to begin with...basic economy doesn’t qualify.
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Well, once upon a time loyalty programs did exists. But somehow bonus structures and real monetary incentives turned to bad points systems with little or bad products. NavCanada has such a thing, for every day you worked you got 1 point. 10k got you movie tickets.
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10k points, meaning 10k days? For movie tickets? Wtf! I hope you're joking.
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I was thinking more like preferred parking and member lounges that you lose if you have an off year
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However back to rewards? The economic system for loyalty has to be in part performance but also length of time. Perhaps celebratory in nature? Connected with advancement programs? Or just something luxe for long term.
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Idea for a post. Thank you for your Views, I love when you hotline bling.
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Here’s a great example of what you are talking about that is one of the best word of mouth programs I’ve ever seen in actionhttps://tacomac.com/brewniversity/
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Thanks Mike!
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Weren’t these programs called pensions?
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What’s a pension? Also those are a fixed cost whereas rewards programs are just monetizing free inventory which is a way easier sell to the Street.
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Exactly re: pensions. So you’re suggesting Microsoft offers 5 year employees specialized Xboxes? Will say the interns love’em.
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They already do, Matt. It’s called vacation accrued, benefits, and merit increases. Millions of people are bought into these incentive programs and still report that their worst night of sleep is Sunday.
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I feel like you’d be the same person to trash this very idea in practice.
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If it addresses the need , it works, else it is entertainment for the organization
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Hoping on this in case there’s a follow-up article or post! Very interested in what recommendations might look like for a good one.
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Good idea...!
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That would be great. And then preferably retention on team level. So they can choose something from their bucketlist
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Please flesh this out and punish an article. I am super intrigued!
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