Michael C. Fina Tackles 'Five Myths of Employee Engagement'
By Alex Palmer
January 2, 2014
Concerned that many organizations misunderstand the value of employee engagement or are putting too much focus on certain groups of employees and not enough on others, incentive company Michael C. Fina has released a new infographic outlining the "Top 5 Myths of Employee Engagement
The list covers a handful of the top misperceptions of the incentive industry, and points to research that corrects them.
"Employee engagement goes far beyond salary raises and bonuses — employers should take a close look at what motivates their unique employee base," said Ashley Fina, president of Michael C. Fina, in a statement.
According to the firm, the top five engagement myths are:
Myth 1: Cash is king
“While salary and raises are important, intangible rewards like appreciation, recognition and career development are the most effective employee motivators,” wrote the company. This is supported by a raft of industry research, from McKinsey & Co. and the Incentive Research Foundation, outlined here [http://www.incentivemag.com/News/Industry/Articles/The-Continuing-Case-for-Non-Cash-Rewards/]
Myth 2: Recognition programs offer little ROI
Fina points to research from The Forum that finds that increasing engagement levels among an organization’s can increase revenues by 23 percent, and that companies with strong recognition programs are likely to see 12 times the business outcomes.
Myth 3: High performers don't need extra motivation
While top performers are often self-starters who can be counted on to motivate themselves, taking them for granted can be dangerous and lead them to look elsewhere. The infographic sites research that in 42 percent of organizations actually say they are more engaged than middle and high performers — pointing to plenty of need for improvement.
Myth 4: Managers know how to engage employees
Engagement programs succeed or fail on the manager level, making it essential for organizations to be sure that those directly working with employees are taking the right approach when motivating them. The infographic points to findings that 58 percent of new managers receive no training.
Myth 5: Millennials are difficult to engage
While younger employees get a reputation as being uninterested in traditional incentive programs, research from Robert Half International finds that Millennials benefit from formal employee engagement strategies — including recognition programs.
Ashley Fina added that, "Companies that make the commitment to recognize and show appreciation for employees are more likely to have a happy and inspired workforce."
Michael C. Fina's "Top 5 Myths of Employee Engagement" can be downloaded here
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