An employee incentive program is designed to reward and recognize exceptional employees for reaching goals that are aligned with company goals, achieving milestones, or by simply doing a great job. These programs have proven to be very successful in increasing motivation, morale, and the overall performance of the office. It’s also a wonderful way of showing your employees that the company appreciates their hard work and dedication to the company.
If that’s not enough, here are ten key reasons why your company needs an employee incentive program:
- Reciprocated Benefits – An employee incentive program is beneficial for all parties. Employees feel valued and motivated which leads to productivity and commitment to the company. A motivated, concentrated, and loyal employee is an intangible asset.
- Improved Motivation – Work is called work for a reason, it’s not exactly fun. Staying motivated at work can be difficult at times. These programs are an excellent way to maintain motivated employees and to improve motivation within employees that are finding it difficult. By offering rewards, employees can find it easier to stay motivated since they reap the rewards and also feel good about working hard for a company that’s willing to recognize hard work.
- Improved Company Morale – Rewards and recognition can go a long way. The no longer gloomy office is now buzzing with happy employees, and everybody can notice. People aren’t late, dragging their feet into the office but rather are excited to go into work.
- Improved Company Loyalty – Maintaining loyal employees can be a challenge at times. However, by offering incentives for hard work is a great way to show appreciation but also maintaining commitment from employees. An employee is more likely to stay with a company where there’s some relationship there that encourages hard work but also recognizes it as well.
- Improved Productivity – By setting clearly defined goals with a reward tact onto the completion of said goal does wonders. Employees are more prone to do more, quicker because they know that it won’t go unnoticed. Incentives encourage this types behavior.
- Improved Completion of Objectives – With incentives motivating employees it’s easier for them to reach goals and objectives that are aligned with the company’s.
- Lowered Costs – Although implementing an incentive program means you’re allocating money to create a budget of your choosing, but that’s nothing compared to what the company will be saving on reduced absenteeism, recruitment costs, and employee turnover. You’ll also be able to see the ROI from how productive and motivated employees are in the office.
- Lowered Absenteeism – With incentives in the mix people will be more hesitant about using those sick days. The day they called in sick to go to the beach instead could have been the day they were rewarded.
- Improved Team Work – With many incentive programs offering group rewards it can almost work as a team building exercise. Employees working towards a goal or objective will pull together to achieve the results they want.
- Lowered Turnover – With improved motivation, productivity, company morale, and loyalty make for a great work environment. With more employees enjoying coming into work and working with one another people will be more hesitant to leave. The advantage to this is the company is saving time and money by not having to recruit or train new employees.