Tags: Incentives & Rebates
Should you add employee incentives programs to your company plans? If you're not doing so already, the answer is likely yes. As we put 2020 behind us and move into a new and evolving work environment, it’s more important than ever for companies to drive engagement, battle apathy, and incentivize employees to reach goals. One of the best ways to do so is through smart, effective employee incentive programs that offer tangible benefits.
Today’s employers have a wide variety of tools at their disposal to help incentivize employees to work smarter, get more involved, make good choices, and be assets to their company. Here's what you need to know to get started on your own program.
What Should the Company Reward?
The actions each employer rewards should support company objectives and be based on the company’s specific needs and challenges. First, identify one or more goals that benefit the company and staff. This can be something relatively general like reducing absenteeism or more specific, such as reducing on-the-job accidents. If the company is opening a new location, for example, you might tie incentives to meeting benchmarks or increasing sales.
Here are some common goal-oriented behaviors and accomplishments companies often reward:
-Improved health and wellness
-Longevity of service
-Referring customers or employees
-Working together as a team
-Completing a project
-Learning new skills
Your incentive program could be isolated or it might be part of a larger plan to improve office morale or company profits overall. You might also look at both short-term incentives, like a contest for the most sales, and long-term ones such as creating a wellness program.
How Can the Company Reward Employees?
Just as you customize incentive goals for the company, you should also customize the rewards earned. Certainly one of the most popular incentives is compensation. You could offer a one-time bonus in their paycheck or profit-sharing (particularly for incentive programs based on financial improvement for the company). and long-term incentive programs could tie in a special raise or reimbursement of an expense.
Rewards are the second most-used incentive method. Rewards may or may not be monetary. Many companies offer prepaid debit cards or gift cards since these are easy to manage and immediately rewarding to employees. But your rewards may include non-monetary gifts like the best parking spot, extra time off work, or company merchandise.
Finally, consider the value of recognition as an incentive. Being valued as an employee and given special consideration is also very motivating. You could recognize employees at a company meeting or ceremony, include them in an important project, or take their department to a special lunch. Appreciation can go a long way to improving morale.
What Are the Right Rewards?
How can your business choose the right incentive programs? First, start by talking to your employees themselves. After all, the goal is to reach them in ways that motivate them. So, find out what motivates them.
You might meet with employees and outline some options — such as prepaid reward cards versus gift cards or additional time off versus fringe benefits — to see what they think. Follow up with more anonymous polling or questions to learn what they value most.
Once you start an incentive program, reassess it on a regular basis. If you aren't seeing the participation you want, you may need to change the type of incentive — from a reward to compensation, for instance. Or you may wish to adjust the incentive parameters to entice more people to participate.
Where Should You Start?
Do you want to learn more about starting and operating an incentive program? Contact the experts at Group O. Our team can help you design the right incentive program solutions using our O-vations® incentive platform technology and customer incentive fulfillment solutions to deliver a rewarding experience for your organization and employees. Call today to get started.