Successful companies have been using employee incentive programs with great success for some time now and if there ever was a time to start such a program with an aim to increasing employee productivity– now is it. Whilst some management level staff might be opposed to establishing such programs during a period of sluggish economic growth, others recognise that this is the perfect time to do so, for just as companies frequently invest more heavily in marketing during times like these, so too do they take advantage of any opportunity to boost and enhance productivity in the workplace – even if it means increasing outgoing expenditure to achieve it.
Why invest in employee incentive programs?
There are some excellent reasons for investing in employee incentive programs for your company, moreover the benefits to establishing such programs aren’t only directed at your company’s profit margins, but also at your employees. Surveys of employees around the world have consistently shown that they want more than a paycheck every week, fortnight or month – they want something more from their jobs. These surveys have shown that what employees want more than anything else, besides a good paycheck, is job satisfaction, job security and to feel that the role they play at work is appreciated at all levels, particularly at a management level.
A good employee incentive program therefore helps employees to feel safe, secure and appreciated at work, moreover research into the subject has consistently provided great news for companies that have established such programs – they work. Employee productivity rises, customers and clients receive a better standard of service and employees are more loyal to their company than ever before – now what management level decision maker doesn’t dream of such outstanding results?
Therefore it can safely be said that whilst employees provide their employers with better standards of work and greater levels of workplace productivity, in return the employee incentive programs established by their employers provide their employees with:
- The motivation to work harder and to higher standards for their employer
- A feeling of appreciation for their efforts in addition to enhanced job satisfaction and security
- A chance to enjoy the benefits provided by employee incentive programs such as holidays abroad
Guidelines for great employee incentive programs
In order to establish a successful employee incentive program, one that achieves what it sets out to do for both parties – employers and employees – some criteria must be established. This should include:
- Clearly specified rewards criteria
- Rewards for everyone who meets the criteria
- Individualised employee rewards (e.g. an overseas holiday for the most productive employee)
- Regular meetings between employers and employees to keep everyone abreast of what’s going on with the program
Remember that the program isn’t just about the company – it’s also about the people who make the company. Moreover, as has been pointed out by industry experts on so many occasions – a company’s employees are their greatest and most valuable asset.
The possibilities for rewards are seemingly limitless, you could offer cash bonuses for example or time off work, perhaps offering a day off every week, fortnight or month for the most productive employee in the company. Another possibility for employee incentive program rewards is an all expenses paid overseas holiday including, for example, a stay in a Lanzarote holiday villa for the winning employee and their partner or spouse. This obviously isn’t a reward that would prove cost effective to offer every month, though it would certainly provide an incentive as an end of year reward, one that every employee would surely want to work towards.
Zoe Ferguson writes in behalf of a property company that has Lanzarote holiday villa listings. They also have a directory of apartments and resort towns.