Why employee incentives work
Usually when an HR department wants to start an employee incentive program, there is a big stop sign waiting for them at the accounting department. That’s because the ones who keep track of the payables and receivables don’t see the tangible benefits of an incentive program – and therefore view it as a waste of money. But the fact is that employee incentives really will provide tangible results. And if it’s properly developed and efficiently run your company will see the following:
- Better morale: When you thank an employee – and throw a reward in with it – they are going to feel very good about themselves, their job and their company. This attitude then turns outward toward your customers – who also feel good about dealing with your company.
- Teamwork: When employee incentive programs are designed to build a team culture, you will see people going out of their way to help each other. And they will reach across departments to make sure the job gets done right.
- Less turnover: Why do most people leave a company? Bad culture, poor benefits, better opportunity – yes. But not being recognized for the work they do will shuffle them out the door very quickly. When employees feel valued, they will not work for you – they will work with you.
- Increased efficiency: Happy employees are naturally more inclined to do the job in front of them. They attack the job with greater zeal than those who are just plodding along, waiting for five o’clock.
- Improved culture: Your company culture is what defines you. And if your culture is one of recognition for a job well done, and engages all employees to do the best job possible – people will want to work there and customers will want to come to you.
All of that adds up to a healthier bottom line – which should keep the accountants quite happy. And they won’t be the only ones. Employee incentives, by design, are intended to keep all of your employees happy, engaged and feeling a sense of value to the company.