Pay and incentive programs
Pay and incentive programs are being used both for knowledge workers and in non-knowledge worker occupations. In every industry, from restaurants to construction and low-tech manufacturing, companies are using more comprehensive pay and incentive programs to attract and keep workers in a tight labor market. Think about an industry you currently work in, have worked in, or would like to work in. What incentive programs do you believe would motivate you to perform at a higher level?
If you want to boost employee morale and drive engagement, you need employee incentive programs. Organizations worldwide recognize the importance of incentives, with the incentives industry now being valued at over $100 billion, $46 billion of which is attributed to non-cash incentives. Incentive programs work because they leverage human behavior. Incentivizing employees effectively requires both social and monetary recognition – the latter through a points-based reward system. I believe social recognition can be more meaningful to employees than tangible rewards. It is a low-cost way to allow everyone at your organization to express their gratitude for other team members publicly – even a simple thank you can be enough to keep someone motivated.
