Employee incentive programs play a great role in incentivizing and encouraging the performance of the employees with pay and other benefits. Research has proved that money is not the only factor that stimulates the employees to perform better.
So, here is what the business professionals and performance experts have to say about the employee incentive programs that work for them:
Endow Employees with Learning & Development Programs
If Marielle Smith, VP of People, GoodHire is to be believed, learning and development programs prove to be the greatest ways that help employees pick up their performance. So, investing in such programs proves to be beneficial for both the employer and employee.
The employer benefits from a highly trained employee, and the employees in turn benefit by working upon their skill set, which makes them feel satisfied followed by being more marketable for future prospects.
Link the Bonuses with the Projects
Davis Lin, CEO of Client Acquisition Lab works with contractors on a basis. He makes use of the project bonus to provide them with the incentives. Whenever the contractor finishes off the project within the set time meeting the requirements, he is paid an additional bonus. This gets him complete more projects within the set time frame.
Share Profits Equally
Steven Sashen, CEO, Xero Shoes says that they have a profit sharing program in place. As per this program, the amount to be paid is divided equally amongst all the employees. When the program was introduced and the first payment was released, the company noticed improved productivity and raised employees morale.
First Choice on New Jobs for Highest Rated Employees
style=”color: #000000;”>According to Derek Christian, Owner, Handyman Connection of Blue Ash, they have linked their incentives directly to their client’s feedback. Once a client avails their service, he is sent an email requesting to rate the service they were offered. According to the ratings, the craftsmen who get the highest ratings are given a bonus along with their first choice on new jobs. This makes the craftsmen work hard to delight the customers and gets in repeat business and referrals for the company.
An Extra Day Off
Nate Masterson, Marketing Manager of Maple Holistics believes that when it is about building a compelling employee incentive program, the companies have various tried and trusted solutions available. But most of these are either expensive or are in the form of gift vouchers or cash bonuses.
But there are companies who feel that giving a day off is the best possible way to keep the employees motivated and getting a chore done on time. These days can be made accruable and employees must avail these before the end of the business year. They can also be provided with cash-bonus as per these days when the year ends. The employees generally prefer working harder in exchange , in turn, getting some free time to spend with their families.
So, each of these employee reward programs centers on the needs of the employees like profit sharing, getting more time to spend with family, or a future in the business. Therefore, the greatest employee incentive programs not always revolve around cash bonuses, but it is the incentives that add great value over the long term.