5 Employee Incentive Programs That Work
Motivating their employees to perform at the highest level has always been a challenge for companies. In most most cases, employees perform well, but how do you get them to go the extra mile and maximize their capabilities? One way to provide this motivation is to implement a performance-based reward program that compensates employees who reach important business goals. Below are five great examples of employee incentive programs that work.
Most employees enter a profession with an idea of how much salary they expect to earn, as they gain experience and attain higher positions within the company. Providing employees with meaningful annual bonuses both satisfies them presently and motivates them to work harder to realize the dream of business success that they have envisioned achieving for many years.
Every company knows that the business performance of employees is tied to financial compensation. As honorable as a company’s mission may be — and as enjoyable as the work environment is — money still makes the business world go around. The nice thing about performance bonuses is that they aren’t set in stone. The harder employees work, the more they can expect to receive in performance bonuses. In terms of productivity, this is a winning situation.
Valuable Special Gifts
Rewarding excellent performance with a special gift is another way to keep employees motivated from quarter to quarter. Naturally, the nicer the gift, the more motivation it inspires. For example, there is a big difference between offering a top performer a gift certificate to a salon and offering him or her a new BMW. If you want your employees to strive for new business heights, put your money where your mouth is, and offer them a truly valuable, special gift.
Opportunity for Promotion
Failing to be promoted after they have demonstrated business excellence is one of the main reasons employees leave a company in pursuit of better opportunities at companies where they would expect to feel more appreciated. Human resources are the most valuable resources, as the old saying goes. In order to put the principle into practice, you need to reward top performers with lucrative promotions. Otherwise, they may become bored and feel poorly paid.
Qualifying for an Incentive Travel Trip
When it comes to employee incentive programs that work, giving top performers the opportunity to qualify for a travel trip that entails a highly desirable destination and travels filled with unforgettable experiences, is the most unique incentive presented here, but it is also one of the most effective, especially for well-paid employees who are near the top of the career ladder. The exceptional uniqueness of the trip naturally motivates such employees to qualify for the next one.
Ready to Plan a Travel Trip?
If your company is dedicated to retaining top talent and compensating top performers with meaningful awards, it should consider making incentive travel trips a part of the reward structure. With the assistance of Incentive Travel Solutions, the trips you offer will be ones that create lasting memories, help employees form stronger bonds as co-workers, and motivate them to work diligently to qualify for the next incentive-based travel trip.