Employee Incentive Plans have become significant components in firms looking to stay competitive and on track with the pace of changes evolving in the workforce.
As humans, we have ups and downs; times when we can focus and times where we tend to lose focus. As a good manager, guiding your employees to work on what is most important and in the most efficient manner, an employee incentive plan can be an asset in your toolbox.
Consistent and methodical communication is necessary when implementing an incentive plan. It will ensure employees understand what is expected of them while decreasing the likelihood of morale problems that result from misinterpretations of how incentives are awarded.
At Ironstone, we have found that many employee incentive plans don’t reap their intended results. Making simple changes in your incentive plan will reward your employees and ultimately your firm.
Understand The Lifestyle & Culture Of Your Firm
When designing your incentive program, understand the unique lifestyles and demographic make-up of your staff. It is important to understand your firm’s culture so that you can tailor your program and rewards accordingly.
Conduct a survey with your team-Find out what motivates them. Remember, CASH isn’t always the #1 motivator. Provide your employees with choices, including enough options so that something appeals to everyone. For example: gym memberships, virtual days, etc…
Keep It Simple-Employee incentive plans should be quick and easy to administer.
Recognition is An Important Component of Any Program-Provide acknowledgment, approval, and gratitude in your incentive program. When employees realize that their contributions are important they are more likely to embrace the goals and objective of the firm.
Develop A Clear Set of Goals & Objectives-Goals should be realistic, achievable, and sincere. This is the key to building credibility for your program. The best plans encourage the behaviors that create successful results.
Four Critical Elements To Include In Your Incentive Program
1. The desired activity/goal
2. The tactical plan- how employees will work towards achieving the goal
3. The time allotted to achieve the performance level
4. The reward for achieving the goal
Employee Incentive Plans Are Not Just For The Employee. Your firm will benefit with increased motivation, increased company morale, increased loyalty, and increased productivity. Implementing employee incentive plans have shown to be effective by resolving organizational problems because they align the preference of firms and employees.
Ironstone will help you implement a successful employee incentive program, identify gaps in your existing plan, and collaborate with you to develop a solution to achieve the results you are looking for. We will work with you on creating detailed goals that drive results.
Contact us for assistance in starting and improving your employee incentive plan.
We want to hear from you! What employee incentives does your firm offer? Share your best ideas here! We always love hearing from you!
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