Drive Corporate Cost-Savings

In an effort to “do more with less”, the first tactic many companies turn to is right sizing their workforce. While right sizing is an option, companies need to rethink their cost control strategies and look to new, more innovative ways to improve employee and capital efficiency in the workplace.

Successful companies make their greatest resources – their top performing employees, part of the solution by engaging them in the cost-savings effort.

Employee cost-savings programs

To motivate employees to drive cost-savings in your organization, reward and recognize them for every cost-savings initiative they develop and implement. Give your employees the opportunity to directly contribute the company’s bottom line.

How it works

Employees can save the company money in various ways such as:

• Negotiating contracts.
• Getting better pricing from suppliers and vendors.
• Lowering travel expenses by finding better rates for flights, accommodations and transportation.
• Reducing shipping and courier costs.

I Love Rewards works with top employers to create online, on-demand cost-savings solutions that use an innovative, points-based currency to reward employees for their cost-savings initiatives. Every time your employees save the company money they are awarded a percentage of their savings in points, which they can redeem for brand name products, gift certificates and travel experiences of their choice.

Why it works

Your employees are the best source for cost-savings initiatives because they are at the front line of your business – they see how much is spent, what it’s spent on and how they can negotiate or reduce the cost. By rewarding employees for performing cost-savings activities, you motivate them to repeat the positive behaviour and continue to look for greater opportunities to save.

The bottom line: This innovative approach gives employees the motivation and the incentive to save money, two factors that are essential to securing employee engagement and alignment to corporate cost-savings objectives. It also provides a quantitative measure of your organization’s overall cost-savings and identifies top savers in your company.

The proof – Employees save Comm-Works over $1M in just 7 months.

Comm-Works, the leading North American provider of technology and infrastructure services, wanted a cost-savings program that would motivate their employees to save money and reduce costs. They launched “C4 Savings” in October 2008 with the goal of saving $1 million in one year. Within seven months Comm-Works has:

• Surpassed their goal of saving $1 million. Total dollars saved based on approved claims from October 2008 to May 2009 is $1,010,797.
• Expanded “C4 Savings” to two other locations.
• Increased the number of submissions of savings made by employees, demonstrating employee engagement.

Read the complete case study here.