Employee incentive programs are mainly set to attract, retain talent, and engage. Incentives are rewards and benefits used to motivate positive behaviour at the workplace. An employer should always choose an employee incentive program that suits the desire and personal style of your staff and also boost the company values. Incentive programs work because of the leverage of human behaviour. In this case, an employee rewarded more frequently is more motivated to comjhhyiii
RECOGNITION AND REWARD
This type of incentive matters more than ever in a business. An organization that rates its culture of recognition highly is four times more likely to see increased employee retention and over twice as likely to see increased employee engagement. Despite the research, organizations have started to recognize that recognition is a critical tool for incentivizing employees. Incentivizing employees effectively requires both social and monetary recognition
Cash is among the incentives that motivates an employee on how to find look for a new career. However, it was discovered that social recognition might be even more meaningful to employees than a tangible reward. It’s a low-cost reward and a way to allow everyone at your organization to express their gratitude to other co-workers publicly. Even a simple ‘thank you’ can be enough to keep an employee motivated. It’s said that when employee effort is recognized by the employer it results in happier workers and happier working conditions.
PROFIT SHARING PLAN
This rare type of defined contribution plan can be used as an alternative or implemented as a traditional plan. In most companies, a profit-sharing plan is where employees receive a contribution to their retirement account, sometimes they get the payment of an additional salary through their basic salary set. In this case, employers have the freedom to reduce the amount at any time so they can arrange an expense for a year or two if necessary. Beyond the normal and obvious financial incentives of this program, profit sharing empowers employees to view themselves as owners rather than just staff. This builds the company’s loyalty and incentivizes employees to stick around and invest their money and investment to grow the business.
HEALTH AND WELLNESS
Disease and injuries are some of the causes that hinders employees to be unable to perform at their peak hence health incentives are the best system for companies looking to prevent burnout and promote physical and mental health. This is serious and more critical since the pressure that employees face when taking less time off than they normally should. An easy example to apply in your business include free healthy lunches, on-site health screening, annual wellness fairs, and bike-to-work disbursement. You can also reward workers who meet wellness milestones like quitting smoking or quitting taking alcohol.
BONUSES AND RAISES
Rewarding employees with bonuses and raises can be incredible in a good plan. A high percentage of employees prefer bonuses based on their performance. The employer needs to lay objectives so that employees know exactly how and when they can achieve their bonuses. An employer should not set too difficult or too easy while striking his policies for the business. An employer should be careful not to pit employees against each other hence this can backfire and lead to alienation from your company.