FORTUNE 100 COMPANY
Meridian Loyalty helped the client introduce and implement an “enterprise reward and recognition platform” that enabled managers to run their own employee programs. A centralized online tool was launched so managers can administer program promotions and reward individuals and teams for performance.
The program was expanded to more richly reward a wider range of employees and to reward the best employees at higher levels.
In addition, their Service Anniversary program and other corporate-wide initiatives were included on the platform.
The enterprise solution greatly benefited the client.
- In its first full year of operation, 30 programs ran on the enterprise platform and over $1 million was deposited into employee accounts. Currently there are over 280 programs on the platform annually and $10,000,000 is deposited into employee accounts.
- Since inception, the client has been able to realize measurable cost savings, most notably:
- Individual program costs have been reduced by an average of 16%
- The pay-on-redemption arrangement offers a cash flow advantage not realized with previously used methods in which the client paid for points at the time they were awarded
- Proved an effective solution as employees have embraced the system and access the platform outside the workplace
- Streamlined operation and administration of individual recognition and incentive programs
- Increased the perceived value of awards for employees
- Enabled reduced award spend rates for individual programs, as earnings from all programs are now deposited into a single award earnings account for each employee
- Created a highly visible, highly desirable and popular employee benefit, which the company now promotes as part of their recruiting efforts