Employee Incentives That Will Really Work In 2017
Incentives are a great way to improve employees’ performances in the workplace and can really help a business grow. Research by International Society for Performance Improvement found that incentive programs, when used right, can boost performance levels by 25% to 44% – but what employee incentives are right for your business?
Employee incentives tend to be broken into three categories; cash incentives, not cash incentives and recognition awards, in this blog post we will discuss all three options to help you decide on the best employee incentive that will work in your business for 2017.
Bonuses are a cash incentive that is very popular with many business owners as it can help increase production for individuals and teams; it is added to the salary of the employee so they will be taxed. The main downside of bonuses is that employees will soon start to see the bonus as their salary and therefore perhaps not feel recognised for the work and effort they have put in to gain this bonus.
Glass recognition awards are given to show an employee that their hard work has not gone unnoticed and you are grateful for the extra effort they have put in to meet chosen goals. The benefit of a recognition glass award is that it can be kept for months and years to come, working as a constant reminder that the employee has been recognised for their achievements while encouraging others to strive to win the award too.
Business owners that offer their sales people commission only salaries will often consider non-cash prizes to encourage sales people to work harder to achieve targets and sell more products, these are often in the form of incentives for sales people that exceed quotas or sell the most chosen goods during a set amount of time. Again, the downside is that once the incentive is received it is often quickly forgotten about.
Now you have seen the three main types of employee incentives to motivate employees, which incentive do you think you will choose for 2017 for your workplace?