Employee Incentive Program
Every company either big or small business has their own building blocks for employees’ motivation. By increasing the productivity of their firm, workforce and manpower were increased through the incentives that they offer to their employee. This can be in cash or non-cash form in order to recognize or reward their employee for their hard work and quality performance. Logically speaking, the extra effort that the employees exert to get an incentive is a great benefit for the company to increase their sales and marketing productivity.
In order for the companies and businesses to encourage and promote positive attitude and behaviors of their employees towards work is through the so calledincentive program. This program or plan is used to increase the overall performance of the employees, thus uplifting the company to produce greater sales and quality work. This is also a great tool to boost the morale and performance of the employee.
The company and business owner that offers great and beneficial compensation/incentives has the greater chance to retain their employees. Moreover, every employee would rather prefer to choose a company that offers good incentive for them, thus increasing employees’ retention rates. Remember that one of the valuable assets off every business is their employees so it is very essential to have an incentive program which can create positive effects from both employer and employees.
Some of the parameters or benchmarks in determining employee’s performance are attendance, participation, product or service quality, compliance, teamwork, productivity, referrals, customer service, and measurable behavior or activity. By the help of employee incentive program, any business can make the most out of their people by offering incentives to them. Sometimes it is a big challenge for the employer to motivate their employee. Then if you own a business how would you find way to create good employee incentive program and how would you plan it out?
Designing a great incentive program can be tough. It is somewhat a combination of skills, attitude, knowledge and abilities. An outstanding incentive program should be well-designed. Here are some steps on how to create a good incentive program:
1. Set your Goals. Setting your goal should be specific. It is like setting your “targets” high. Example, you wanted to improve customer service or increase your company’s sales and productivity. Then you should be able select some ideas on how you would improve such and what incentive will you offer in order to achieve this goals.
2. Measuring the goals achievement. You may use different parameters or metrics to measure if the goals you set were achieved. You can use customer satisfaction ratings, level of production and such.
3. Promoting the program. Decide on what strategy to use on how you will get employees excited about the program and how to keep the enthusiasm in them along the way. Deciding on how you would promote the program needs to make your people interested and motivated to achieve the goal.
4. Decide on what to reward. There are many incentives to choose from and you can offer either in a monetary form like bonuses and salary increase or non-cash incentive form like travel tickets or electronics and digital devices. A reward which will somehow arouse everyone to achieve your goals.
5. Set a deadline or timeframe. Set a deadline for your goal so that they will be persistent to have the goal done. This will help you great in getting the target in the proper direction.
6. Keep the enthusiasm. Get the employees excited about the program. Let people know the achievements of others. This is for others to keep inspired in performing their jobs.
The success of any companies depends on their people and their performance. That’s why designing a good incentive program depends on how you plan your program. It is very essential in keeping the productivity of your business and as well as putting your business on the right direction towards success. Good incentive program provides excellence to both employer and employees and especially to the organization. Good Employee incentive companies typically charge a fee to utilize their benefits. There are some benefit programs that do not charge feeds however the quality of the incentive may lack in performance. Companies like Hotels Etc. offer you the opportunity to supply your employees with the deepest travel and entertainment rates on the net. These types of incentives ensure you that your employees are going to take a vacation because it is affordable. Some of the incentives include 8 day vacations for as low as $99 plus tax. This type of incentives is what everyone wants, needs and desires. Visit Hotels Etc. to learn more about their employee incentive program options.