Rewarding your employees is a great way to encourage them to work harder, and in effect increase productivity. Incentives are meant to increase the enthusiasm of your workers. Incentive schemes should not be confined to direct sales activities only, but should be broadened to cover all other activities. When coming up with employee incentives, you should consider three factors, namely reward, recognition, and feedback.
Reward: It is important that you choose a scheme that rewards your employees for a job well done. Most organizations choose to reward their employees with cash prizes. Even though this is an acceptable practice, your rewards should encompass other financial elements that do not involve cash. A good example is a tax credits phone number.
Recognition: An employee is likely to work harder if he/she feels that his/her efforts are being recognized. Giving your employees that occasional pat-on-the-back lets them know that they are doing a good job and that you value their services.
Feedback: Employees should be in a position to monitor their performance on a real-time basis. This will enable them to know the areas that they need to improve based on set targets. In addition, the feedback that you give should clearly indicate the benefits that one stands to gain if they up their game.
Some of the top employee incentive ideas that you can implement in your organization include:
1) Contests: You could hold an annual contest for employees with the aim of rewarding the best performers. The winners should receive handsome commissions or other financial incentives. Non-cash incentives should play a major role in such contests, with winners being rewarded with shopping vouchers or fully paid holidays or the tax credits phone number. The contest should be run on an on-going basis in order to motivate employees to keep working hard with the hope that one day they will win.
2) Recognition: Giving special attention to the best performing workers is a great incentive for other employees to work hard. The attention should be through public presentation such as posting the ‘Employee of the Month’ picture on your notice board for all to see.
3) Set a Record: Instead of rewarding the top performing employees only, you could also come up with a scheme to reward the employees that show the greatest potential. This eliminates the winner-takes-all mind-set and encourages even the weaker employees to try to catch up. For instance, you could set a personal best target for each employee, and rewards will be awarded based on hitting or surpassing these targets.
4) Team Building: Incentives and recognition should not only apply to individual performers. Setting up teams and including them in contests will result in team members motivating each other to work hard so that they can emerge as the best team.
5) Helping Employees to Build their Potential: At times, acquiring new qualifications and talents can prove to be difficult than building on existing talents. For this reason, you should challenge your employees to not only build on their talents, but also seek for new opportunities.