Incentive programs are designed to improve quality and speed of a business’ output while rewarding its best-performing employees.
However, even a good incentive program has room for improvement to become a great one, which is why there are plenty of reasons to consider revamping your employee incentives.
For new rewards for old employees
Your highest performers will most likely be the ones claiming their rewards time and time again, but if you are offering the same reward each time, the employee may lose his or her motivation.
Even if you only add new options as rewards, rather than changing them outright, it will give those high performers more choice when it comes time to claim their prize for such hard work.
To appeal to all tastes
If your incentive program hasn’t been producing the results you’d hoped – or even the results you could be getting – you might consider altering the reward to ensure you’re appealing to your entire workforce.
Movie passes, for example, won’t appeal to everyone on the team, just as dinner vouchers won’t incentivise others. Talk to your staff about rewards everyone can enjoy, whether that’s extra time off, gift cards, company-paid outings or something else.
To remind people the incentives are there
When your employees have been working at the company for a while, it can become easy for them to forget about the various incentives and schemes on offer as they simply focus on the daily grind.
Revamping your employee incentive program and ensuring everyone knows about it could be a great way to recapture the attention of anyone who has been on cruise mode for a while, and help push them to achieve more each day.
To make it easier or harder to achieve
Remember that a rewards scheme needs to directly correlate with the work done. If no one in the company is capable of meeting the standards you have set to achieve the incentive rewards, you may be setting the bar too high. Conversely, if an unusually large portion of your employees claim the reward each month or quarter, the bar may be set too low.
Take a look at the figures and refresh what it means to meet the standard, and ensure the level of reward is suited to the amount of extra work achieved.
To incentivise individuals as well as groups
Many incentive initiatives focus solely on either the individual or the group. In any workplace, there will always be those who work harder so as not to let the team down, just as there will be a few who care less about the teamwork aspect and more about their own results.
Take a double-edged approach and ensure your high-performing individuals are not being let down by their team incentive by introducing individual rewards, and help promote teamwork by ensuring your have group goals and incentives in place as well.