Types of Incentive Plans, Tips and Ideas for Employee Recognition and Retention
17 Types of incentive plans information, ideas and tips.
Finding a way to incentivize your employees to maintain good quality and great efficiencies in their work can be challenging. Many times the budgeted amount for incentives is very small or it is in the budget at all. The Management team often times must come up with ideas that will motivate their employees and not cost any money or is in a reasonable price range. The different types of incentive plans for employees vary depending on the outcome that you are looking for.
An incentive is something that is provided to employees in order to get them to work harder to achieve the goals and objectives of a company. Each employer may use different types of incentive plans for employees. Some use monetary rewards for better than average performance while others prefer to reward their employee's certificates or awards of some sort.
Incentivizing your employees involves motivating your employees to perform well. It may not be necessary to reward them with anything that costs money if the incentive is to make the management staff proud of them. A good leader shows their employees respect and tells them how much they are appreciated on a regular basis. When the staff has a great respect for the leaders in the business they will work hard so that they can provide good results and make their leaders proud. Many employers overlook how much impact praise and recognition can have on the motivation of their employees.
Some employee incentives resources offered by companies include:
- No cost refinance for employees
- Corporate incentive gifts
- New car incentive
- Incentive travel
- Early retirement incentives
- Incentive pay program
- Lifestyle vacation incentives
- Performance based incentives
- Tuition incentive program
- Attendance incentives
- Incentive travel
It is important that when an incentive is offered, especially with certain types of incentive plans for employees, that the rules and guidelines are made very clear. If there is confusion about the incentive and the employees do not understand what the requirements are, you may find that the whole purpose of motivating them does not work because you did not explain it well.
It is a good idea to lay out the guidelines, including the minimum requirements that are necessary to qualify. This should be put on paper or in an email and posted somewhere that all employees can access it. It should be made very simple and give an example as well. It should suggest that the employee speak to their Supervisor if they are unclear about the process so they can get any misconceptions cleared up.
Remember that, in most cases, you will not be able to please everyone all of the time. There may be employees that feel that the incentive is not enough to push them to do better. It is important to find ways that will incentivize them.
Talk to them and find out what kinds of things they would like to see put in place in order to give the employees a place to reach for. Ask them what things would be good incentives for them. Some suggestions may not be feasible but then the employee will feel as if their opinion counts and that they are valued as an employee. The different types of incentive plans for employees can be administered in many different ways so exploring different ideas from different employees should not be a bad thing at all. It should actually be looked at as a way to get more people on board with the objectives of the company and moving their performance into a higher level. Employees will appreciate any incentive, whether monetary or in the form of encouragement and will work hard to do the best for their employer.
Also see these links for more related information on types of incentive plans
holiday gift ideas for women and most unique mail order catalogs:
- Efficiency and productivity
- Funny employee awards
- Employee of the month programs
- Employee retention tips