Now more than ever, your organization should consider an employee incentive program. Offering an incentive scheme can result to happy and engaged employees. If you still do not have an employee incentive program in your office, consider this infographic compiled by DCR Strategies:
- 9 out of 10 business leaders believe that an engagement strategy could positively impact their business, yet only 25% of them actually have a strategy in place.
- A 5% increase in employee retention can generate a 25% to 85% increase in productivity
- Organizations with higher than average levels of employee engagement realized 27% higher profits, 50% higher sales, 50% higher customer loyalty levels, and 38% above average productivity.
- 39% of employees feel underappreciated at work, with 77% reporting that they would work harder if they felt better recognized.
- More than 4 out of 10 employees consider rewards and recognition program opportunities when seeking employment.
- The presence of a corporate incentive program motivated 66% of employees to stay at their job.
For an employee incentive program to be effective, you need to follow certain steps. Promotional products such as imprinted computer accessories can be effective employee incentives. Here are the steps when creating an employee incentive program using imprinted computer accessories with logo.
MAKE IT PERSONAL
For employees, the recognition is as important as the reward. When tailoring your incentive program to match the employees and their contribution, you can get an additional boost for your recognition. You can consider giving imprinted flashdrives as a reward for hitting or surpassing their quota. This way, other employees will be motivated to perform well to receive flash drives with logo.
IT’S NOT JUST ABOUT MONEY
While everyone wants to get a salary raise, money should not be the primary motivating factor for employee morale. Dr. Larina Kase, a business psychologist and author of The Confident Leader, money can make employees unhappy if not sufficiently compensated. However, it has not been proven to result to motivation, satisfaction, or performance. Consider giving mousepads with logo instead. Aside from being tangible, imprinted mouse pads put a functional value to the incentive.
MAKE IT EASY TO UNDERSTAND
Make sure that your employee incentive program is easy to understand. Rather than motivate them, a complex program can become a source of frustration to the employee, A much less precise but easier to understand program is the better option.
EMPLOYEES SHOULD CONTROL THE OUTCOME
When designing an employee incentive program, you should make sure that the work of the employee will have a significant impact on the amount of incentive. The work of the receptionist may not affect the amount of profit the company will make. If this happens, the bonus scheme should be based on company profit.
ALIGN THE SYSTEM WITH COMPANY OBJECTIVES
People will do what you pay them to do so be careful and make sure that you incent desired behavior. If your incentive is based on the number of widgets produced, you are likely to get a lot of widgets. However, if payment is based on volume, quality may not be what you need. When giving out incentives like imprinted computer mouse, it should be aligned closely with company objectives. The employee will find themselves in an impossible position if the act of giving computer mouse with logo will reduce their compensation.
BONUSES HAVE TO BE A GOOD AMOUNT
Studies have revealed that in order for incentive pay schemes to have a meaningful impact on performance, it should represent at least 10 percent of the employee’s compensation..
INCENTIVES SHOULD BE PAID OUT REGULARLY
USB hubs with logo as an incentive should be handed out on a regular basis to be effective. However, for employees working on long term projects, handing out imprinted USB hubs frequently may not be feasible.
INSTITUTIONALIZE YOUR INCENTIVES
While gifts like imprinted microfiber cloths are unique and personal, it is also important not to create too many one-off perks. Incentives like microfiber cloth with logo should be handed out based on transparent goals.
Rewards like headphones with logo are not just good for boosting morale but also for the bottom line. For this reason, you should measure the ROI of the imprinted headphones you are giving. Meals do not count against employee income if 1) they are furnished on your business premises and 2) they are furnished for your convenience. In addition to tax benefits, there is a positive ROI to employee meals.
DON’T FORGET YOUR CULTURE
When rewarding your employees with items like imprinted speakers, you should never forget that the structure of your incentive scheme should be reflective of your company culture. Offering speakers with logo is one way of making your company stand out.
DEFINE TERMS AND CONDITIONS
Who are eligible to receive pocket guides with logo? How will performance be assessed? Your employee incentive program should clearly point this out. You cannot just give out imprinted pocket guide to anyone. There has to be a criteria.
ESTABLISH THE APPROVAL PROCESS
Who has the authority to decide on the recipient of imprinted sticky flags? Who will b exempted from the program? There should be a system for deciding who will receive sticky flags with logo.Promotional products like candies with logo are effective as employee incentives. When someone is rewarded with imprinted candies, other employees will be motivated to work hard knowing that their efforts will be valued.