Incentives for employees are rewards and privileges offered by an employer to employees who perform and behave beyond expectations.
What Are Examples of Employees Incentives?
Common incentives for employees include:
- Social recognition: public praise, personal email, thank you note, etc.;
- Referral programs;
- Tuition reimbursement or assistance;
- Additional time off;
- Flexible work hours;
- Team building activities.
Why Are Employee Incentives Important?
Employee incentives are a common way of motivating workers to perform their job to the best of their ability. The motivation of employees is an important contributor to the success of a company.
Benefits of introducing employee incentives include:
- Increasing productivity;
- Attracting employees who are better qualified;
- Building a stronger company culture;
- Fostering employee loyalty.
How to Create an Incentive Program for Employees?
The steps to build an incentive program include:
- Surveying the employees to know what kind of incentives would best suit their needs;
- Creating the program: how it operates, how it connects to the work of employees, what are its objectives, etc.;
- Presenting and promoting the incentive program to the employees;
- Integrating the program into the practices of the company;
- Monitoring the program to make sure the objectives are met.