Why You Should Incentivise Your Employees
About 75% of organisations around the world use some kind of incentive program to reward their employees. Have you done your part yet?
Incentivising your workforce should be a part of your organisational and business plan. This is a motivational strategy to drive your employees to their peak performance. When done right, incentives will help retain the best skilled people in your company.
What does research say about rewarded employees?
- 150% happier with life
- 50% more productive
- 155% happier with their career; and,
- 50% more motivated
To start, it is essential to know who to incentivise and let employees know about these rewards. You could have criteria for reward such as:
- Successful delivery of project
- Management skills
- Increased customer satisfaction
- Quality of work and performance
- Attendance at work
Have positive reviews as the main criteria
Your customers’ reviews about how your employees performs are the best metrics to see which are the key players in your company. There’s so much that your customers can tell about your employee’s performance.
Tell your employees about these specific criteria so they become more motivated to perform their best to gather more positive reviews from customers. You can incentivise based on:
- The number of recommendations the employee received
- The number of customers they brought to review your company
So why should you reward your employees?
- Keep them to your side. Your outstanding performers are your best valuable assets. It is only fair to reward them and keep them on your side.
You see, you could always get new qualified applicants but people who already know how your company works are more efficient than investing on new talent.
- Workplace happiness. A fulfilled employee performs better because of the positive feeling of being rewarded – and incentives do the trick. When they feel gratitude from you, they will do their job at their best in return. In short, creating incentive programs increase workplace happiness.
Need something to get started with? Here are two ideas.
87% of employers focus on wellness-related incentives while 31% of employers offer disease management-related incentives. You see what they did there? Win, win. They rewarded their employees while keeping them healthy.
- Increased motivation. Once you establish that you are willing to provide rewards for their hard work, they will go the extra mile to get to their best performance. Rewards increase productivity and pushes them to work more efficiently.
Incentive programs are also proven to engage participants, increasing employee’s interest in their work. Put simply, use incentives as a way to ask your workforce to persist towards goals.
- And lastly, incentives amplify brand reach and positive reviews. Happy employees love to talk about their good-cultured company. They become your brand advocates by sharing their experience with your company to their friends and families. Overtime, this increases positive reviews for your company and brand.