Which Workplace Incentive Program Has the Highest Success Rates?
Given the amount of money spent on workplace incentive programs every year in the United States, you would think they’d all be effective. This isn’t the case; however, and many programs have left their creators wondering what went wrong with their workplace incentive program.
A well-constructed workplace incentive program brings with it a whole host of benefits, which include better performance and more engaged employees. At the same time, putting together a plan that works isn’t always an easy task. Luckily, there’s a simple way to learn how you can maximize the positive impact of your workplace incentive program. All you need to do is look at the qualities of the most successful ones already out there.
In a Quality Workplace Incentive Program, Quotas Are Key
Studies have shown that programs designed for the long-term tend to do better than versions that run for six months or less. This wasn’t the only notable discovery, though. Among the incentive programs that brought forth the most success were those that placed emphasis on quotas.
As opposed to programs designed to reflect a tournament-based competition, quota driven programs with a more open-ended style achieved better results. Instead of having a certain amount of potential winners, a program based on quotas could give everyone a fair shot at succeeding. Employees who achieve incentive goals have the motivation to continue the same trends. Beyond that, having attainable quotas keeps everyone striving to work harder for the sake of earning more.
Peer-Based Recognition Should Be a Key Factor in Your Workplace Incentive Program
Recognition can be a powerful motivating factor, especially when it isn’t coming from the top. That isn’t to say that hearing something positive from the boss isn’t always a plus, of course. Many employees simply attribute more value to recognition from their fellow workers. A person’s peers tend to have a better understanding of what they do on a daily basis; as such, receiving positive feedback from them can have a much heftier impact. The importance of peer recognition can go a long way toward making a workplace incentive program successful. Luckily, companies can design a program in a way that opens lines of communication across an entire workforce.
Effective recognition-based programs tend to have social aspects to them. These allow any person in the company to recognize the hard work of another employee. The recognition, which can be on a cloud-based platform or leaderboard, is public and available to anyone who wants to see it. This kind of visibility can fuel employee engagement and inspire a certain sense of unity. A more cohesive workforce is one that can reach new levels of productivity.
The Most Successful Programs Make Employees Feel Valued
It can be easy for a person at the top of a company to focus entirely on the numbers, particularly the bottom line. The issue with this is that it can also be easy to forget about the people who make everything possible. Working down in the trenches can be very demanding, but something as simple as a gesture of thanks can make the workload feel lighter.
Compensation incentives, salaries and benefits will support an employee’s needs, but only on a fundamental level. On the other hand, factors like recognition and the potential for career advancement go a step further. A member of your workforce who feels like he or she “belongs” will always work harder. They will also feel more fulfilled than someone who believes their employer doesn’t appreciate them.
Establishing a sense of belonging isn’t only about recognition of the individual. The recognition should highlight the goals and values of the company! For example, if someone achieves an award for what they’ve done on the job, the award ties in with an aspect of the company. This applies whether it’s teamwork, cutting expenses or customer service.
The people who work hard for you should always understand why they’re important in the grand scheme of what you’re trying to accomplish. Everyone fits into the picture in their own way. Rewarding people who strive for excellence in their roles will go a long way toward helping your workforce reach its full potential.
The most successful workplace incentive program is the one that truly inspires your salesforce. Reminding them that they’re valued members of your team is the most effective means of doing this. At Loyaltyworks, we provide everything you need to create a program that will help your employees, and your company, reach new heights. Visit us online or give us a call at (800) 844-5000 if you have any questions about incentive programs and what they can do for your company.