Rewards are among the most effective ways to motivate any workforce. Aside from being a tried-and-tested process to boost productivity, it’s a good way to establish working relationships with your current pool of workers and is even better by keeping existing talents within the company.
Crafting an employee incentives program may seem easy, but it requires a lot more finesse than simply alloting a budget for employee benefits. Different factors come into play when you’re trying to come up with an incentive scheme, and these factors can vary widely depending on your workforce, industry, and clients.
If you’re looking for some ideas on what to keep in mind when designing an incentive program, here are some things you should consider:
The composition of your workforce
What good is an incentives program if no one is interested in it? This is often the first issue that many people encounter when it comes to creating incentive programs. This can be attributed to the fact that while companies may be quick to offer incentives, they don’t necessarily understand who’s going to be taking them.
Doing a quick survey of your company’s workforce is the best way to get this done. Companies who promote employee participation are more likely to be seen as keeping their worker’s best interests at heart, in addition to knowing exactly what their employees want.
Current economic and social conditions
Before you think that this may seem like a lot of work, considering these factors is necessary when it comes to designing incentive programs. The reasoning behind it is simple: It allows you to have a buffer when it comes to factors that may affect your employees’ productivity.
For a more concrete example, you may want to look at the price of goods and commodities. Employees who will worry about these expenses may underperform at work. Having something like an allowance for food and groceries will set their minds at ease and allow them to work at peak efficiency.
The type of clients you have
Finally, an often overlooked area when it comes to creating employee incentive programs are the clients that they handle. There’s a chance that your workforce is already interested in the companies/industries they handle on a daily basis, and wouldn’t mind some perks when it comes to their engagements with the industry.
This is mainly playing on the innate tendency of your employees to take pride in their work and whom they’re working for. For that reason, it becomes easier to create an incentive program that revolves around “you work for X, therefore you get Y” rather than trying to make a general one that not everyone may appreciate.
Workplaces have evolved when it comes to motivating its employees. An employee incentive program is more practical and can bring more enjoyment to everyone; you only need to be able to think creatively. Your workers and your company will benefit from the incentive program. The best thing about it is that you will continue to satisfy the needs of your clients and keep your business operational.