Employee incentive programs are the ones that lure and attract employees towards staying committed and loyal to the organization. Incentives are nothing but rewards, recognition, and benefits that are introduced by an organization to keep the employees motivated and stay positive in the workplace. Employee incentive programs come in various forms such as reimbursement for further studies, more holidays, and increased flexibility in work arrangements.
Employee incentive programs can be selected as per the desires and personal styles of the employees and must be in alignment with the company’s values. In order to increase employee morale and make them engaged, employee incentive programs are highly essential in today’s times. Companies all over the world understand the importance of incentives which can be also cash-based or non-cash based depending on the industry the company is dealing in.
Employee incentive programs are quite vital to increase employee performance and keep them rewarded on a regular basis so that they will stay motivated to complete the task and achieve the desired goals. Annual service rewards definitely are helpful but the organization must look beyond and introduce the incentive programs that can be offered on a short-term basis to get the best out of the employees and also help them stay satisfied with the workplace.
Fun gifts, choice-based projects, extra time-off, more vacation periods, tuition reimbursement, bonuses, salary raises, sales incentives, profit sharing, professional development, referral programs, points-based recognition, and social recognition are some of the known ways of employee incentive programs.
Other interesting ideas for incentive programs include congratulating the employee in front of the team by throwing a small celebration, saying thank you for doing great work, making sure that the employees have the best equipment at work, honoring the best employees in front of the clients, customers and other stakeholders and giving them an assigned office cabin that sets them apart from others.