Employee Incentives Ideas
What are Incentives? Why do companies give incentives to their loyal customers and best performing employees? What are the benefits of having an incentive program? Will your employees appreciate such a program, and in return, produce more capital and create a friendly work environment? Even the word “Incentive” sounds pretty good, doesn’t it? So how do we use incentives to motivate employees and promote the overall health of a business?
An “Incentive” is something that we attain by meeting a goal. This is to motivate and encourage employees to boost their productivity and morale. These incentives may be offered by their employer in the form of bonuses, rewards, and salary increases. Incentives can also be a form of cash or non-cash reward, such as plane tickets, concert tickets, and extra vacation time.
Progressive companies and businesses commonly offer performance-based incentives and compensation for their employees. It is an excellent way to retain the employees for longer durations, while they simultaneously produce higher quality work. With the use of incentives, not only do the employees benefit, but the overall company does as well. Incentives are an excellent way for you, the employer, to have a positive relationship with your employees and promote a healthy, profitable work environment.
Employee incentivesalso generate healthy competition between teams and individuals within the company. For example, if only certain individuals or employees receive an incentive, then that can motivate other employees to increase their production to attain the same rewards. Managers also set parameters and benchmarks on determining which employees are eligible for the incentives. Examples of some these parameters are perfect attendance, above average or excellent quality of work, and treating fellow employees with respect and kindness, ultimately reducing the stress in a work environment. By setting this benchmark, the company becomes productive as well by motivating their employees in a positive manner.
Offering incentive programs to employees is a very important proposition for companies. Whether it’s a small town Ma & Pa shop, or a multinational corporate powerhouse, an incentive program for employees creates a feeling of value to that business, and they tend to stick with the company for a longer period of time. Smaller firms may only provide informal and simple incentive programs while larger companies have more formalized reward systems. Thus, it is possible to improve the company’s sales and workforce through the compensation and incentives that they offer.
Simply appreciating and recognizing your employee’s good work is not an incentive. It is something that an employee perceives as something valuable yet it doesn’t need to be monetary (price associated). However, by allowing the employee to earn rewards in the form of money, it often elicits a better response. Aside from that, great incentives also provide greater quality of work since many employees are aiming for something which is worth exerting their effort. The challenge and excitement of all business starts on good employee motivation (through employee incentives) that the company provides, which encourages them to be better in terms of their performance.
Most employers offer their employees a paid vacation or yearly vacation. Did you know that most families decide to stay home on their vacation and work around their house because the cost to travel is so high? Why not provide your employees and customers with a travel incentive which is equipped with the lowest travel and entertainment discounts on the market? Using this type of incentive no only makes it affordable for them to travel but it also means you are encouraging them to go relax and take that much needed vacation.? Hotels Etc. offers a very unique employee incentive program that is certain to force your employees to take a vacation. For more information visit http://www.hotelsetc.com/employee-incentives