How incentive schemes can help boost employee performance

Friday, 01 July 2011 09:38

How incentive schemes can help boost employee performance

How incentive schemes can help boost employee performance

A happy workforce will put in more hours and effort than one that is disillusioned and feels unappreciated, so it really pays to take the time to boost staff motivation and look at all the ways in which you can reward employees for their hard work and dedication.

If you are concerned that incentive schemes will be costly for your business then don't be, as there are plenty of affordable options – and don't forget that your outlay on staff rewards will be more than made up for by the work people put in when they feel their efforts are being recognised.

Although one-off reward schemes can be effective, you will find that a consistent performance management strategy pays dividends.

This may involve regular meetings with line managers, reviews and training sessions to help employees get to grips with every aspect of their role.

Implementing such a strategy is a good way to keep in touch with your staff and make sure that you understand their needs in the workplace, but you could find it becomes even more effective when combined with an incentive scheme.

After all, if you are already evaluating the performance of your employees, it is not difficult to decide who should receive recognition for their work.

You may want to use a structure that provides rewards at the end of a particular project, or at certain intervals throughout the year. Regardless, such initiatives can be an excellent way to motivate staff and boost morale within a company.

One of the best things about such schemes is that they can be tailored to suit your business, allowing you to decide the benchmarks for which employees should be recognised.

And they are versatile too, giving you plenty of options to ensure that the rewards you hand out will really be appreciated by the recipients.

Gift cards are a popular choice because individuals can then choose to use them as they see fit, whether that is to indulge themselves with a new CD or to get some money off big ticket items.

Alternatively, you may want to reward a team for their efforts on a particular project, in which case you could treat them to a day out or a meal as a token of your thanks.

Running an effective programme of staff incentives can also help boost employee retention, helping you to develop a competent and stable team that will work hard for you and are loyal to the company.



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