Here’s an attempt at divulging all the aspects of an employee incentive program to consider. Before venturing into building an appropriate one for your establishment. From the “what’s, why’s to how’s of creating an effective employee incentive program.
What exactly is an employee incentive program? “An employee incentive program is a formal scheme used to promote or encourage specific actions or behaviour by a specific group of people during a defined period of time. They are particularly used in Business management to motivate employees and in sales to attract and retain customers. Scientific literature also refers to this concept as pay for performance. ” Not only is it a motivational scheme, it promotes teamwork, boosts morale and hikes service levels.