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Why should I offer Employee Incentives?
Home » Management » Employee Incentives » Why should I offer Employee Incentives?Giving employee incentives, no matter which kind you choose for your company, motivates employees to work harder, boosts employee morale, and encourages the kind of work you want to see. According to the 2002 Employee Recognition Survey, conducted by WorldatWork and the National Association for Employee Recognition, creating a positive work environment is the top reason cited for giving employee incentives, with 84 percent of responding companies citing this as a goal of their program. Other goals include:
· reinforcing desired behaviors (76 percent)
· motivating high performance (73 percent)
· increasing morale (69 percent)
· supporting organizational mission/values (68 percent).
Another good reason to offer employee incentives: When done right, you could save your company lots of money. Sure, it costs money to reward employees. But if you’re rewarding them for bringing in more business, the cost of a gift certificate for dinner out, movie tickets, even a weekend trip for two, would likely be much less than the money that employee is helping bring to your company. For example, say an employee reaches a goal you set of selling 25 memberships to a gym in a given time period for $150 each. That employee just brought in $3,750 in business. You could afford, at that rate, to spend $500 on a weekend away for that employee and a guest. The result? A happier, well-rested, and very motivated employee who will work even harder to bring in the next 25 memberships.
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