The uses and benefits of staff incentive schemes

Friday, 29 July 2011 05:13

The uses and benefits of staff incentive schemes

The uses and benefits of staff incentive schemes

If you're looking to ensure your company excels and your employees are super-productive, making use of incentive schemes for your workers is a great way of motivating and engaging staff.

Whether you want to reward employees for their hard work or inspire your workforce to go that extra mile, a programme that spurs workers on and rewards them is sure to be an all-round success.

Many firms employ incentive schemes as a motivational tool and indeed tempting workers with the promise of a prize can be a good way of concentrating people's minds to the job in hand. It could persuade staff members to make an extra special effort that in time becomes second-nature.

Meanwhile, some companies make use of such programmes for their sales teams as a reward for meeting objectives. You can nurture employee engagement, reward best practice behaviour or kick-start a positive attitude in the office by opting for one of these schemes.

There are all kinds of staff incentives to choose from, but vouchers are a popular reward. Multi-function vouchers can be used in a range of places and are ideal if you want an all-encompassing prize that caters for everyone. As well as gift vouches, there are also travel coupons you could gift as incentives that will pay some way towards an employee's aeroplane journey or package holiday.

Other types of voucher can be redeemed against leisure activities, meals out or high street purchases, and it's up to you which type you think will best cater for your workers.

Incentive schemes can also include online points systems and employee benefits packages.

Investing in these rewards is an ideal way to boost staff loyalty, so if you're looking to retain your workers, an incentive scheme might be worth some serious consideration. Recognising your staff's hard work shows that you take an interest and appreciate their effort, building a stronger working relationship.

Whether you're looking to reward, engage or motivate your workforce, you can rest assured that staff incentive schemes are a great way to do so, while also enhancing staff loyalty and potentially boosting your reputation as a fair and sought-after employer.



blog comments powered by Disqus

Finance articles

  • Top 5 uses for employee incentive schemes

    A well-designed incentive scheme for employees is a good way to motivate staff and help your company move towards its goals. There are a number of different ways they can be used and, if you pick the right ones, you will find such programmes are a cost-effective way to improve performance.

  • Low cost ways to improve employee benefits schemes

    Opportunities to reward your workforce will be in short supply if your company has been hit by the recession. However, there are still some small steps you can take to improve employee benefits packages without putting too much financial strain on the business.

  • Why set up a staff retention scheme?

    Staff retention is an issue all companies have to deal with, as losing key workers is both expensive and disruptive. There are ways to reduce the number of employees who leave and not all of them will break the bank.

  • How should staff reward schemes be organised?

    With money tight in the current tough economic climate, companies are looking at alternatives to pay rises to keep their employees motivated. Among the options to consider are staff reward schemes that demonstrate to workers that they are valued by the business.

  • What do customers look for in a business?

    With many people finding it difficult to manage their finances in the tough economic climate, it is easy to assume that price is the only factor that can help attract the public to your business. However, you may be surprised to discover how important service is to customers.

View More Articles

Related stories

Economy getting greyer

Older people now make up a far higher percentage of the workforce. Image:Thinkstock

Older people's employment rate is higher than before the recession, a new official report shows.

Unemployment falls by 4,000 to 2.51 million

Unemployment fell by 4,000 in the three months ending June 2013

Unemployment fell slightly in the quarter ending in June 2013, down 4,000 to 2.51 million with the rate remaining at 7.8%, according to the latest official figures from the Office for National Statistics.

Can auto-enrolment transform the UK pensions landscape?

Auto-enrolment aims to get Brits saving for retirement

Auto-enrolment begins on Monday 1st October 2012. It will be gradually introduced over five years and is designed to encourage employees to save for their retirement.

Unemployment falls by 5,000 in April to 2.51 million

Unemployment fell slightly in the quarter ending in April

The resilience of the UK's labour market was illustrated again as unemployment fell by 5,000 to 2.51 million in the three months to April.

Millions to get tax refunds earlier as HMRC starts PAYE year-end

HMRC's annual PAYE reconciliation agrees the correct amount of tax for millions

HM Revenue & Customs are starting their end-of-year PAYE reconciliations earlier which means up to 3.5 million people will receive refunds earlier than normal.

Unemployment rises by 15,000 to 2.52m in first quarter of 2013

Unemployment edged up in the quarter ending March 2013

Unemployment rose slightly, by 15,000 in the three months ending in March 2013, less than most economists predicted.

Niesr: "Underemployment" should be included in official figures

Underemployment of young people is a major problem, says Niesr

New research by the National Institute for Economic and Social Research shows that 30% of young people in work would like more hours making it more difficult for unemployed young people to get a job.

Benefit changes help cause unemployment rise to 2.56 million

Unemployment went up by 70,000 in the three months to Feb 2013

The latest set of employment data shows a bigger than expected increase in unemployment and the lowest rate of wage increases for over three years.

Newsletter sign up


In addition to the weekly newsletter, which areas of finance would you like to hear from us about:

Tick this box if you would like us to send you promotions from carefully selected third parties.

By signing-up you agree to the terms of use and privacy policy.

sign-up button

Get the latest information on: