Incentive program that

Connect with a member today. Stan decided to run a similar incentive program the following year. The objectives must be simple, specific, and obtainable. Begin with not more than 3 clear, briefly stated objectives and communicate them to all participants.

Identify which individuals or teams can achieve your goals and objectives; those are your program participants. Inviting input on the rules, rewards and other aspects of the program will increase ownership and engagement in the program. What steps will be necessary to achieve the goals? Do participants have the resources they need in order to achieve them?

Develop a communication strategy to keep participants updated and engaged throughout the program. Branded programs are typically more effective than generic programs.

Training management in execution of the program is critically important to the success of the program or campaign. The right program dashboard or other technology can help to reduce the time spent on administration. Technological advances allow participants to redeem rewards online and, in some cases, the rewards may be digital.

Were the participants motivated to change their behavior? What is it:. This program rewards employees who work so well with their teams, they inspire everyone else to collaborate as well. These employees are always looking for ways to help others out. Offering this incentive might just turn all your employees into team players. If you already have high employee satisfaction, adding rewards for those who achieve certain tenure benchmarks will drive your employee retention rates to lofty new heights.

Team members may feel exhausted after a long project, especially if complex projects happen on a regular basis. The employees who always show up first are often the most motivated and enthusiastic ones—key contributors to your company goals. Inspire them to keep up their go-getting attitude with a reward program that proves you notice and appreciate their efforts. This program has the potential to lower costs and maybe even the company-wide carbon footprint while also caring for the environment your employees feel so passionately about protecting.

Spot awards work almost like pop quizzes. This incentive also has an element of surprise that keeps your incentive program dynamic, giving you the freedom to reward different behaviors and actions at different times. Inspire employees to do good work by offering incentives in the form of development opportunities they need to do even better work.

By offering this incentive, you encourage a cycle of constantly improving work that feeds long-term success. An incentive program that rewards employees for appreciating and caring for their coworkers comes along with multiple benefits: enhanced retention, sky-high morale, and fruitful collaboration.

A program like this may also spotlight employees who might feel left behind by performance-based incentives they find out of reach. Reward employees for behaviors you appreciate with the health and wellness perks they want. Make it easy for your employees to improve their skills by reimbursing part or all of their tuition when they take a class that is relevant to their job.

Want to improve productivity and morale? Share the profits. Set aside a percentage of the net profits for four months, six months, or 12 months and divide it equally among your employees. This is a great way to motivate your team members to keep pushing those profit numbers up. If your team meets certain goals for all four quarters, arrange an end-of-the-year team retreat. Plan something that will appeal to everyone as much as possible , like a weekend in the city complete with tours, team activities , and maybe a show in the evening.

If you want your employees to work hard to keep your company growing, consider giving them the business. A third of it over ten years would work well. Then the holding company could begin to purchase the rest of the business over the next 20 years until they own it all. Flex time allows your employees to arrive at work anytime between certain hours e. If your team meets its goals, start with casual Friday and then maybe increase it to casual Monday from there.

Giving time off to volunteer is a great way to benefit your employees and your community. After a job well done, a work happy hour may be just the reward your employees are looking for. Conducting an office Olympics is a great way to blow off steam and build group cohesion.

You can compete as individuals or divide into teams for a livelier event. Here are some ideas for events:. This one is simple: reward your employees by purchasing a corporate museum membership and allowing them to take their families whenever they want throughout the year.

Your employees lead busy lives. Finding time to clean their house or apartment can be a difficult task. Set up an employee incentive program that pays for a cleaning service to tidy their dwellings once a week or twice a month. Everybody loves a good concert.

Team members often ask this question, but managers and owners know the truth: payroll is taxed twice, but perks and incentives can be written off as a necessary business expense. Non-monetary incentives e. Employers can offer a combination of incentives based on sales numbers, productivity and other predetermined standards depending on their business goals. Benefits include:. Offering incentives to your employees can bring the following benefits to your company:.

Spot bonuses or spot awards are small cash prizes given to employees in direct response to an achievement. Employers give out spot bonuses as a way to give special recognition to employees working on challenging projects or taking extra initiative beyond the scope of their position. You may have a fund for spot bonuses or use discretionary funds to give them out occasionally depending on what other incentives you offer.

One benefit of offering spot bonuses is that they provide an immediate response to positive employee behavior. Even if an employee gets a yearly bonus based on performance, getting a small amount of cash right away provides positive reinforcement. Employers can celebrate and reward project completion by planning for project bonuses. Project bonuses usually specify a particular deadline that employees have to meet in order to get a cash reward.

When implementing a project-based compensation incentive, clearly list the criteria employees need to meet to get the bonus, including budgetary restrictions and milestones. Project bonuses encourage teamwork and camaraderie, as everyone on the project team can have a stake in whether or not everyone receives a project bonus.

Each person would be motivated to work as a team and help each other accomplish the goal. Performance bonuses are regularly scheduled cash awards that reflect employee success. Salespeople earning a higher commission percentage for making more sales are a common example of performance bonus incentives.

Companies generally pay performance bonuses when employees contribute directly to their financial success and growth. Annual or quarterly performance bonuses are a popular way to track employee performance goals and reward top performers. Read more: How to Motivate Your Employees. Standardized raise systems can also be a great compensation incentive, especially when a company wants to focus on long-term employee retention. Employees become eligible for merit-based pay raises based on performance reviews and meeting certain benchmarks.

Unlike performance bonuses which are paid out as one lump incentive, merit-based raises reward employees with long-term salary growth. Over time, merit-based raises can add up and give employees a strong incentive to continue working for your company.

For example, many companies offer cost of living adjustment raises every year. Some also assess employee performance and reward employees who met or exceeded expectations with a higher pay rate. Clearly outline merit-based raise policies in your employee handbook to ensure fair compensation and equal opportunity for growth. Related: How to Communicate a Pay Raise.

Profit-sharing refers to when a profitable company distributes some of its revenue to employees. This is a particularly popular incentive technique among startups who may not be cash-flow positive. Profit-sharing allows employers to reward employees with the results of their work by giving out higher bonuses when the company makes more profit.

Referral bonuses are payments that employees receive in exchange for connecting their employer with a candidate for an open position. Employers offer rewards if they hire someone that an employee recommended and they stay in the position for a minimum amount of time, usually a few months.

A gain-sharing plan is a type of incentive where employees receive cash compensation as a result of increased productivity in one or more areas such as customer service, content creation or increased production manufacturing. In this situation, you estimate the amount of money your company saved based on a more productive work environment. For example, if your manufacturing plant lost over packaged food products in the month of August due to employee error, and only in the month of September, the amount of money you saved would be split among your employees.

Beyond monetary incentives, there are also creative non-cash incentives you can consider offering your employees to boost morale and increase productivity.

Some employees may enjoy time spent outside of the workplace. Offer them a free vacation to a local or destination resort. Offer better workplace equipment such as a nicer desk, computer or chair. This can help employees work more comfortably and efficiently, and let them know that you care about their wellbeing.

Read more: How to Improve Office Ergonomics.