Whistle Rewards - 3x3x3 Challenge with Drew Carter
Whistle is a Rewards and Recognition platform on a branded company card. Make all your staff ambassadors.
Transcription:
What is Whistle Rewards?
Whistle is a rewards and recognition platform. We improve employee engagement and retention by focusing on what matters to staff. The better question is why Whistle? We're not the only or the first rewards and recognition company. The answer is simple. The industry is failing. I used to run one of the largest established companies in the space. When I asked leaders of the employee engagement business about our impact, the answer was we issued two million points last month. They said nothing about improving engagement. Later I learned about a large item in our P&L called Breakage. Leadership explained to me that was our profit when clients didn't use all the points they had purchased or gift cards that had expired. It felt illegal, and it likely is. We created Whistle because the recognition industry is more concerned with profit margins than helping their clients. Whistle focuses on making staff feel valued and belonging.
How is Whistle Rewards different?
Well, there are three critical elements to employee engagement today. One, recognize staff immediately. It's like potty training a puppy. If you wait, they won't remember what it's for. Two, smaller, more frequent rewards have a bigger impact than larger infrequent rewards. Rather than give out $100 in monthly rewards, give four $20 rewards every week to achieve higher retention at a lower cost. And three, people want cash, not some curated rewards catalog or company swag. They want cash, ask them, and we have the only branded card available on the market. But there's also a fourth element for companies. They need to make it less expensive. The cost of perks has done nothing but increase, and very few companies have seen any improvement in engagement or retention. Companies need to find ways to show staff they care at a lower dollar cost and lower time cost and Whistle does all four.
Who is a good fit for Whistle Rewards?
So your clients that are happy with the status quo are not our target, but companies that are ready to do something different who recognize the current glide path will not work are our targets. As you talk to your clients, those that are looking for thought leadership and new angles will be interested in Whistle. They can't be fighting transactional reactive fires every day. They need to be in an environment where they have the head space for some strategic thinking. Those are our people.
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Transcription:
What is Whistle Rewards?
Whistle is a rewards and recognition platform. We improve employee engagement and retention by focusing on what matters to staff. The better question is why Whistle? We're not the only or the first rewards and recognition company. The answer is simple. The industry is failing. I used to run one of the largest established companies in the space. When I asked leaders of the employee engagement business about our impact, the answer was we issued two million points last month. They said nothing about improving engagement. Later I learned about a large item in our P&L called Breakage. Leadership explained to me that was our profit when clients didn't use all the points they had purchased or gift cards that had expired. It felt illegal, and it likely is. We created Whistle because the recognition industry is more concerned with profit margins than helping their clients. Whistle focuses on making staff feel valued and belonging.
How is Whistle Rewards different?
Well, there are three critical elements to employee engagement today. One, recognize staff immediately. It's like potty training a puppy. If you wait, they won't remember what it's for. Two, smaller, more frequent rewards have a bigger impact than larger infrequent rewards. Rather than give out $100 in monthly rewards, give four $20 rewards every week to achieve higher retention at a lower cost. And three, people want cash, not some curated rewards catalog or company swag. They want cash, ask them, and we have the only branded card available on the market. But there's also a fourth element for companies. They need to make it less expensive. The cost of perks has done nothing but increase, and very few companies have seen any improvement in engagement or retention. Companies need to find ways to show staff they care at a lower dollar cost and lower time cost and Whistle does all four.
Who is a good fit for Whistle Rewards?
So your clients that are happy with the status quo are not our target, but companies that are ready to do something different who recognize the current glide path will not work are our targets. As you talk to your clients, those that are looking for thought leadership and new angles will be interested in Whistle. They can't be fighting transactional reactive fires every day. They need to be in an environment where they have the head space for some strategic thinking. Those are our people.
Click this link to subscribe to the BenefitsAlly Substack for FREE!
https://benefitsally.substack.com/