Wednesday, September 28, 2011

Are You Using Employee Incentives To Motivate Your Team?

Do you use incentive programs to motivate your staff? Although incentives are often used for in-house sales teams, a new study from Staples Advantage shows that all kinds of employees value rewards programs and that they can be effective tools.

Staples Advantage found that incentive programs are great for not only retaining but also recruiting employees. In the survey, more than 70 percent of employees whose companies don't offer incentive programs say they would love to work for a company that has one. How badly do employees want incentive programs?

  • One-third of employees say they'd be willing to work an extra In week each year if they got an incentive program
  • 30 percent would be willing to take on more responsibilities
  • More than 40 percent would be willing to give up the annual holiday party

Employees in the survey whose companies do offer incentive programs report that the programs have made them:

  • Feel more valued (85 percent)
  • Happier and more motivated at work (70 percent)
  • More loyal to their company (65 percent)
  • More productive and able to get better results (about 60 percent)

If you're going to add an incentive program to your business, Staples identified some factors to keep in mind to make your program more effective:

  • Align the rewards with clearly established business goals.
  • Make sure the incentives reinforce the values of your company.
  • Offer a wide range of incentives.
  • Create frequent opportunities for redemption.
  • Involve employees at all levels.
  • Clearly communicate how the program works, what rewards employees can earn and what is necessary to earn them.

It's important to choose rewards that motivate your particular type of employee. For instance, a young, single workforce might prefer different rewards than one made up mostly of middle-aged parents. According to the Staples Advantage survey, the most popular types of rewards are travel, electronics, small household appliances, bags and entertainment

Get regular employee feedback as you start and manage your incentive program. What should you reward employees for? While the focus should be on advancing your company's goals, keep in mind that Staples Advantage survey participants said they wished their programs recognized them for:

  • Mentoring others (45 percent)
  • Fostering teamwork (40 percent)
  • Working on weekends (35 percent)
  • Driving company morale (35 percent)
 

15998 Results For "Incentives" In Books

 

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