What does it REALLY cost to manage
your own Incentive Program in-house?
Paying a staff member (Executive Admin, HR, IT, Sales, and/or Accounting) to gather data, enter it into a tracking tool (i.e. Excel Spreadsheet), and then provide the information in a usable format all takes time. In addition, manual data entry allows for human error and potentially fraudulent activities. The average small-business spends at least 10+ hours per week managing an in-house incentive program. Medium to large sized companies often employ an entire full-time Accounting/HR team to administer even a basic incentive program. At $15/hr, even 10 hours per week adds up to a minimum of $600/month to simply track and measure an in-house incentive program.
Snowfly’s unique system allows any business, large or small, to export simple reports from your in-house data gathering tools and have them seamlessly uploaded into our software platform. There is no need for separate data-entry tasks or to create new spreadsheets to track each new behavior or reward that you want to add into your incentive program. Create an automated export schedule one-time, or let us tie directly into your metrics tracking system, and we take care of the rest!
After data is manually recorded into the in-house program tracking tool, someone on the Management and/or Executive Leadership team needs to review the files and check for accuracy. In-house programs/tracking systems rarely include any kind of oversight tools to ensure that the program is being administered fairly among all participants and according to all applicable internal HR policies.
Snowfly’s program seamlessly integrates complete oversight and management tools into the daily administration of every one of our customized incentive programs. We do all of this automatically and in real-time using tools that are built right in to the cloud-based online platform. Each level of management has their own hierarchical permissions and can run reports at any given time to see exactly where the program stands regarding budgeting, rewards, and engagement with participants. Leadership can determine the effectiveness of their rewards, their incentive budget, and the behaviors that are being targeted. If adjustments need to be made, they can be implemented quickly and easily.
Most in-house incentive programs include one or more of the following rewards: gift cards, gas cards, company swag, local event/game tickets. All of these prizes/rewards are great, except SOMEONE has to manage the inventory, keep track of what’s in-stock, go purchase new cards/gifts/tickets, and order new swag items (plus store them all). Buying prize inventory involves time away from the office, maintaining petty cash receipts, reimbursing for gas/mileage, and paying anywhere from 3-6% in activation fees (in the case of VISA/MC/AMEX gift/debit cards). Why go through all of that extra hassle?
Snowfly has an entire suite of proven reward options that are included in our incentive program software. Program participants redeem the points they have accumulated by performing targeted behaviors and simply choose their favorite reward option which is automatically fulfilled through the incentive program portal. No more running to the store to buy more gift cards or running out of the “preferred item” and being stuck with an inventory of rewards no one wants. Snowfly’s program fees even cover the costs of loading, shipping, and fulfilling all reward options.
Creating graphs and charts in Excel that demonstrate the effectiveness of an in-house incentive program is not easy. Creating real-time, mobile responsive, customized dashboards that are available to each participant in your incentive program in Excel is downright impossible. Maintaining in-house tax reporting tools and required IRS documentation for incentive programs is another bothersome task that requires extra hours of work at the end of a pay period, month, or quarter when incentives are awarded.
Snowfly automates the entire reporting process, even employee incentive taxation reporting, and provides all necessary reporting tools directly to your Management, Accounting, HR, and/or Payroll teams and can even seamlessly integrate with your Accounting software tools. Our program offers an entire real-time on-demand reporting suite for users, managers, and executives to check any aspect of the program that pertains to their level of access. Program participants know where they stand, what goals they have achieved, what behaviors they can perform to receive additional rewards, and know what past rewards and prizes they have already received. For HR/Payroll teams, no more worries over when and how to tax an employee for an incentive reward…simply apply our tax documentation to your payroll system and the hard work is done!
Most of our new clients come looking for an automated incentive program for the simple fact that they are tired of managing it and their employees believe it has become stale and needs to be more exciting. The problem is that more often than not, that incentive program they spent months deciding on and then implementing in their business hasn’t been changed in several years, if ever. Because of the amount of time and effort that was originally involved in simply setting up their manual in-house program, the idea of updating the program to keep it exciting for their employees is often delayed for a very long time. Adding a new reward, announcing and implementing a new contest, running a daily or weekly promotion, or even just changing the prizes becomes more hassle than it’s worth so nothing is done at all.With Snowfly, all that changes. Customized prizes, rewards, contests, promotions, behaviors and targets can all be added or removed from the program at any time with a few mouse clicks. Our program, with our gamification dashboards and actual game play stays fresh and our budgeting tools ensure you are getting the highest return on your incentive dollars investment.
How much does training cost in your organization? How much do you think it would cost to train a new person to manage your in-house incentive program if the person who was maintaining the program suddenly quit, became ill and had to miss work, or if the program documentation and data was lost due to unforeseen circumstances (malicious or not)? How patient would your employees be if their incentive plan suddenly stopped working or was cancelled because no one was trained or available to manage it? What does it cost your company to train each new hire on company policies and procedures, including their eligibility for additional compensation through performance-based incentives?Snowfly alleviates all of these problems and negates the possibility of data being lost, of your program being unavailable, and even the costs of training new hires on the ins-and-outs of your in-house incentive program. Because of our cloud-based software, employees can access the tools anywhere they have internet access (at work, at home, on their mobile devices) and our interface is easy to understand, intuitive, and requires no special skills or training. Best of all, participants know exactly which rewards they are eligible to earn at any given moment and are notified when promotions, new contests, or new behaviors become available to them. No training needed.
What is the cost involved with lost opportunities in your business? Imagine the power of being able to announce a new sales contest and 15 minutes later have your entire sales team engaged in the contest including data collection, tracking, and reporting and reward the contest winner(s) as soon as the contest ended, in real-time. What effect would that type of control over available opportunities have on your bottom-line? Are you taking full advantage of the principles of gamification, the new corporate “buzz-word” for engaging employees, specifically millenials ? Are you speaking the langauage of your employees and able to motivate everyone in your company regardless of demographic or age-group? What hidden costs are you incurring because your employees don’t feel valued, appreciated, or engaged in their work…and what would you save in hiring costs if you could simply improve your tenure statistics by 10%? or 25%? or even 50%?
Snowfly’s innovative incentive platform incorporates every one of these aspects and helps your business take advantage of the opportunities presented to you so you can take advantage of them when they come up. Employee engagement, average tenure, job satisfaction ratings, and overall workplace morale are just some of the improved metrics that our clients realize in just a short time after implementing our program. Some other benefits of our system are improved teamwork and internal communication and recognition among peers, employees feeling valued by their employer, and the ability to adjust on-the-fly to the changing needs of the business and the voice of your employees.
No one likes or wants to think about the possibility of their employees stealing from their company. Yet every year, news reports surface of unscrupulous individuals who have embezzled from company incentive programs, pension plans, etc. because they had access to the funds and were able to do so for years without being caught. No system can prevent ALL fraud, but manually managed incentive programs are especially vulnerable to stealing and/or “misplaced” funds by those responsible for their oversight.
The Snowfly system automatically tracks and records every action, activity, reward, behavior, and prize redemption. And since our system is maintained fully in the cloud, and backed-up on outsourced servers, fraudulent activities can be traced back to the offending party and are nearly impossible to tamper with. While there is no 100% guarantee against stealing or fraud, if it does happen, Snowfly can help catch the offender(s) and provide documentation sufficient for use in potential wrongful termination suits and/or legal prosecution.