When you search for the meaning of ‘incentive‘ in the dictionary, it says ‘a thing that motivates or encourages someone to do something.’ And, a lot of large to small businesses are using an employee incentive program to attract and retain their talent.
Other than retaining talent, there are many advantages to a well-designed employee incentive program:
1. Increases Productivity: When you offer additional benefits, employees are motivated to perform better. Employees will not only work harder but also work smarter to finish the job on hand, in time, and work towards meeting expectations. But, keep in mind that not all employees are driven by financial incentives. For example, quicker promotions, firm-wide recognition, and personalized wellness rewards are also great ways to get people focussed on performance.
2. Happier Employees: A more satisfied employee is a great addition to any organization. They not only perform better, but their positivity can be infectious and spread across the team. Even clients will sense happiness, and confidently approach and want to do business with you.
3. Job Satisfaction and Loyalty: It’s getting tougher to retain employees for long stretches of a decade or more. Everyone is looking for work they enjoy, and they want to feel appreciated for their effort. If they don’t get it, they will look for opportunities elsewhere. They leave with unhappy memories, and the firm gets a bad reputation. Let a robust employee incentive program turn this around for you.
4. Fewer Absentees: Those who don’t like their workplace struggle every day to get up and get to work. And very often they won’t turn up. This leads to loss of business and productivity. Motivated folks, on the other hand, walk in with a spring in their step. They enjoy coming in and spending 75% of their day at work as they can see reasons to stay.
5. Strong Work Culture: Workplace politics and conflicts are common, but at times it extends beyond a season. Employee incentive programs can help teams bond beyond their work schedule. They will work together to achieve team goals and most likely encourage each other at work too.
One Size Does Not Fit All
Employee incentives have evolved over time, and what works for one company may not necessarily work for the rest.
Here’s how you can create a program that works for your company:
• Setting a realistic goal is important. It can be anything from improving attendance, sales, or developing the overall culture. Do not write more than 3 goals at a time.
• Analyze your employee’s requirements and see how these programs can impact them.
• If you want to create a plan that will be a hit, then it’s time to involve the people who will participate in it. So, involving team heads and employees to test out a few programs is a great startl. It also tells them to show a sense of responsibility and ownership.
• Create a structure. The program can’t be open-ended nor too constrained. Make a plan but keep it slightly flexible with scope for improvement.
• Get the budget approved by senior management. This has to be done before launching the program.
• Track the success of the program by conducting polls, asking peers, etc.
• Never delay the rewards. The sooner, the better.
If you are looking for a reliable wellness platform, your search ends with LEON. From choosing the right wellness plan for your employees to analyzing the effectiveness of the employee incentive program through reports, and integrating with Slack, LEON has everything under one roof. Talk to us today.