The Best Incentives for Employees Aren’t What You Think They Are
When it comes to developing the best incentives for employees, one of the most important aspects is engagement. There are a variety of tactics you can use to drive employee interest and enthusiasm in your program, and we will discuss a few of them in the post below.
Why Employee Recognition Is Important
This may seem like a no-brainer to some, but many people still wonder why employee recognition is a fundamental component of a satisfied workforce. The fact of the matter is employee psychology can vary widely across an organization. Some individuals feel empowered by public recognition. Other employees are driven by reaching attainable goals with a clear and measured reward structure.
Regardless, having a well thought out incentive system can be a key aspect to driving employee satisfaction and performance. When your sales force is engaged and driving toward a universal goal, your bottom line benefits. In the sales field especially, the healthy competition and a constant drive to be number one can create significant value for a company.
Recognition Variety is Key for Best Incentives for Employees
Unfortunately, employee incentives are not one-size-fits-all. As we discussed in the previous paragraph, different employees respond to different performance feedback. That’s why the most successful incentives programs are more than a simple reward system.
Yours should take into account not only the need for public recognition, but also performance metrics, and customized rewards.
Once you have a comprehensive solution in place, it’s also important to ensure your rewards options are meaningful. But what do we mean by that?
Variety Keeps Incentive Programs Relevant[ezcol_1half]
Think about a lot of big companies. They almost all have corporate recognition programs for milestone years of service. At five years, you might get a plaque. At ten years, you might have a choice between a clock and a suitcase. But have you ever heard a single employee get enthusiastic about having such limited options? Of course not.
Your rewards catalog must be relevant and contain redemption options across a variety of point and recognition structures. This way, even employees who are at the bottom still receive some attention, while employees at the top (who are your best earners) have the best options. And we do mean options.
It’s important that employees have choices. What one finds valuable another may deem trashy. And vice versa! The key to having the best incentives for employees is tapping into a system that spreads the balance and truly has something for everyone…without negatively impacting your bottom-line.[/ezcol_1half] [ezcol_1half_end]
Ready to Get Your Employee Recognition and Incentives Program on Track?
If you’ve been wondering how to drive greater employee engagement, and increase the loyalty of your workforce, look no further. We have years of experience creating the best incentives for employees. Just contact Loyaltyworks, and we’ll help you boost your top line.