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On the Edge: Waiting on Good Times Is the Same as Waiting on Failure
June 03, 2009
By Paul Hebert
There is no doubt the incentive industry has taken some tough body shots over the last few months. The last thing you need to read now is more information on how the industry is getting clobbered—from canceled travel programs to reductions in employee reward programs. I don't need to go on and on about why canceling programs that have proven track records of success is a bad idea in a tough economy. We all know it. The clients all know it, but unfortunately, most continue to shrink budgets, reduce payouts, suspend programs, etc. No amount of proof and reinforcement seems to have any convincing effect.
But there's an even bigger issue hanging out there. That issue is what I call the "waiting game."
The waiting game is a favorite of companies that just can't seem to break from the inertia of the past. The waiting game goes like this…
1) The economy is down or the market is down
2) Cut costs
3) Focus on sales
4) Beat up salespeople
5) Nothing working? Go into survival mode and wait until things turn around
6) Wait, wait, wait
7) Bounce back or go bankrupt
We've seen it happen in the steel industry, we've seen it happen in the department store sector, we're watching it happen in the auto industry and the print media industry.
News flash: Waiting is the same as going backward. Standing still while the world keeps turning is a sure plan to fall behind. As the industry changes, you're sitting around, waiting for the rotation to reverse and go back to the "good ole days." It's not happening. We need to move forward, not wait for the economy to come back so we can flip the lights back on in the same old factory with the same processes and the same products and services.
Don't wait! Investigate!
If you're a part of the incentive industry ecosystemߪ
Now, with the majority waiting, is the time to investigate all those ideas you pushed aside when invoices were flying out the door. Nothing should be dismissed. Review processes, challenge old saws (hint: they are usually dull), and look at the industries I mentioned above. What did they do (aside from waiting)? Make changing your business, and the models that support it, your number-one priority.
As the industry waits for the rebound, you have a unique opportunity to leap ahead and be in the right place at the right time when the economic issues abate and money starts flowing again. Remember, as you move forward and everyone else stands still, your movement is accelerated.
If you're a client who uses incentives, rewards, and recognition…
You're not off the hook. The same logic holds true for individual programs as it does for the industry as a whole. As you and your competition take time off from motivation and engagement (again, not a good idea, but everyone else is doing it, right?), use the time to look at your programs and your investments in people and performance. Since your program was installed (I use that word on purpose; sense of permanence, don't you think?), things have changed a lot! From social networking; to lower costs to fulfill; to new competitive entrants; to younger workers, older workers, and contract workers, pretty much all of the assumptions that were used in developing your program have changed. Shouldn't your program, too?
When was the last time you took a long hard look at what you're doing, or are you pretty much on autopilot? Again, companies that use this time wisely to analyze and review their needs and how they've been fulfilled will end up miles ahead.
Faster Than You
There is a great story in the book Unleashing the Killer App. Paraphrasing, to my best recollection:
Two explorers in the jungle come across a hungry tiger. One explorer sits down and puts on sneakers. The other explorer asks him why he's putting on sneakers; he can't possibly outrun the tiger. The first explorer explains that he doesn't need to outrun the tiger–just the other explorer.
It's the same thing now. Put on your sneakers. Don't play the waiting game and get running!
Incentive online columnist Paul Hebert is currently managing director at i2i, an influence consultancy. Over the past 20-plus years, Paul has worked with many Fortune 100 clients to develop non-cash reward and recognition strategies within an overall audience engagement plan. He writes a monthly online column on incentive industry trends, and he blogs about the incentive industry and how to best engage your target audience, at Incentive Intelligence.
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