Incentive programs improve performance.
Carefully selected and implemented incentive programs, using rewards - whether in the form of gift cards, travel/vacations, cash or time off increase performance by an average of 22%. Team incentives can increase productivity as much as 44%.
Incentive programs engage participants.
Employees are motivated by being rewarded. When aprogram is initially offered, employers see a spike in the level of interest and motivation among employees. As the program continues an even greater performance level and job satisfaction can be achieved.
Incentive programs attract quality employees.
Organizations that offer incentive programs with the right mix of benefits, training rewards and recognition have the ability to attract higherquality workers than other organizations.
Long-term programs outperform short-term programs.
Be in it for the long haul. Studies prove that programs that run longer than a year produced a higher percentage of performance and met the goals of the program.
Executives and Employees value being rewarded.
Both executives and employees report they value incentive programs. Employees come to workwith a new attitude and executives see a healthier and happier work environment.
Types of Incentive Companies
Full-service performance improvement companies.
Using a solutions-based approach, the full-service performance improvement company develops an analysis its core business issues to offer a wide variety of communications, training, measurement and rewards services. By conducting researchon the company and determining which groups of people can affect it business goals, they can recommend targeted applications to motivate those groups of people.
Full-service incentive companies.
The full-service incentive company can provide incentive programs from design through operation, including promotions, administration and awards. They can offer a variety of less sophisticated and costeffective "off-the-shelf" programs. These companies typically work with current users of incentive programs and assist with developing marketing campaigns, terms and conditions of incentive travel and/or non-travel rewards such as merchandise, certificates, gift cards, etc.
Designing a Successful Incentive Program
An incentive program represents a substantial investment to most organizations.Engaging all employees to participate in the program will help them receive a sufficient return on their investment. Based on the concept of quality performance, incentive programs will increase an employee's perception of themselves in achieving their program goals. In order to properly motivate, programs must be designed to offer a variety of products and services to employees based on theirinterests and needs. The programs need to have carefully determined their rewards methodology in order to maintain an employee's motivation. In addition, successful campaigns require clearly defined rules, aligned rewards, efficient communication strategies and measurable success metrics. By combining each of these elements into the program, companies are better able to engage program participantsand enhance the overall program effectiveness.
In order to create an effective incentive program, an organization must keep the overall objective in mind when considering program design and implementation. Objectives should be clearly defined based on the company's goals and need to be specific so employees understand their expectations. Objectives can vary depending on the needs of eachorganization and they should be challenging, yet achievable. If objectives are viewed as unattainable, the program will not be successful. Once the program goals have been defined, all aspects of the program should be measured against this goal in order to ensure the program's success.
Types of Incentive Programs
Employee: Employee incentive programs can increase overall employee performance. These...