More than half of America’s companies are using incentive programs to motivate their employees. An incentive program is used to reward overall employee performance. This, in turn, raises employee morale and efficiency. There are many types of incentive plans and the way a company chooses to celebrate its employees can highlight the company’s own culture and values.
Employee incentive programs come in many forms. The most common are rewards that are compensation based, like a bonus at the end of the year or quarter. Gifts are another common type of reward but should be proportionate based on performance. Creative gifts that are in line with the company’s image can be perceived better by employees than traditional cash rewards so this can save your company money! Other incentives like perks can also help boost morale. Instituting experiences like Take Your Pet to Work Day or Casual Fridays can be a great way to lift spirits.
Increasing productivity makes investing in employee incentive programs worth the expense. Companies that institute reward systems for employee achievements enjoy 50 percent higher sales, and productivity that is 38 percent above average. The most common type of recognition for employees, which nearly 90 percent of companies recognize, is the anniversary of service. Employees can enjoy a small token of appreciation for each year they are employed, which makes them feel more loyal.
In instances where a business triumph can’t be credited to one particular person, like meeting sales goals or hitting a revenue marker, it can beneficial to reward the whole team. This makes employees feel like they belong and raises overall happiness in the workplace. Taking a half-day off or bringing in lunch is a great way to reward everyone.
When creating an employee incentive program, make sure that all of your team members are aware of all incentives they can attain. This ensures transparency and clearness about goals and expectations. The employee has a goal to shoot for and this can help drive their productivity. Good incentive programs can help both the company and the employee not only meet, but exceed their goals.
About Josephine’s Professional Staffing
Founded in 1988, Josephine’s Professional Staffing has nearly 25 years of business success and is continuously committed to providing superior quality staffing solutions to companies in the Bay Area. We proactively and consistently search for avenues to provide staffing solutions in the field of administrative, accounting, healthcare, light industrial, technical and professional services while taking pride in each of our employees. Josephine’s Professional Staffing is a Certified Small Business Enterprise (SBE), Underutilized Disadvantaged Business Enterprise (UDBE), Woman-Owned Business Enterprise (WOSB), Economically Disadvantaged Woman-Owned Business Enterprise (EDWOSB), and Minority Woman-Owned Business Enterprise (MWBE). We can be reached at firstname.lastname@example.org or 408.943.0111 and are located at 2158 Ringwood Avenue, San Jose, CA 95131