2013-11-18 00:00:00 General English https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/incentive.jpg Create An Incentivisation Program For Your Employees

Create An Incentivisation Program For Your Employees

2 min read

The most important element of your business is your employees. An Incentivisation Program could be a great way to encourage your employees to take initiative, meet targets and build morale. But an implementation of such a program must be well thought and researched like all your business decisions. What is an Incentivisation Program? An Incentivisation Program is one where rewards and/or recognition are offered in exchange for employee’s performance. How to track and measure employee performance An important part of any incentivisation program is the method used to select and reward employees. Let’s take a look at the ways you can track your employees’ efforts: 1. Peer recognition: An excellent way to avoid conflict, create a feeling of unity and appreciation as well as avoid any stigma of favoritism is by having your employees chose their colleagues who deserve recognition. The recognition could take the form of an award, a gift voucher or a cash bonus. 2. Contests: A small scale contest with reachable targets could foster a spirit of healthy competition among your employees. But ensure the rules are clear and easily understandable and that employees receive the contest in the right spirit so that it does not lead to bad blood among them. Non-performance based contest like those centered on festival decoration, best addition to potluck meals can also be used to reward your employees who go out of their way to participate in office activities. 3. Points Programs: Points programs can be a great way to measure your employees performance across various categories. A point system will help your employees evaluate their contribution to your company’s progress and also help them gauge their rate of completion of tasks or if they are spending too many hours on non-essential tasks Non-Financial Incentives Though most commonly Incentive Programs take the form of bonuses and cash incentives, it makes sense to also explore non-financial incentives. Here are some of the non-financial rewards to consider: • Award Presentations: Sometimes a pat on the back for a job well done is enough of a recognition. The presentation of an award in front of peers not only lets your employee know that his/her efforts are valued but also gives new or junior employees a colleague to look up to and emulate • New Office space or Technology upgrade: Nothing makes an employee feel more special than a work place that has been specially augmented for them. A great way to reward an employee is to give them a special space to work in or give them the latest technology that will help enhance their creativity and efficiency • Employees who excel can also be rewarded with special privileges like more paid personal days, better parking spots and more flexible work from home or telecommuting options • Greater responsibility and more decision making capabilities: Employees who perform well can also be rewarded by providing them with a increased role in your business, the management of a team and a chance to lead on important tasks and projects The best practices to follow while implementing an Incentivisation Program are • Keep it simple- the easier it is to track the better it will be for you and the employees • Remember that different employees are have different motivations, so every program will not work to motivate every employee • Avoid creating grand expectations before hand, keep the program intuitive and immediate • Ensure that the reward is meaningful

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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