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Benefits of employee incentive programs

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Berkeley Payment Solutions - providing businesses with customized employee incentive programs in North America.

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Benefits of employee incentive programs

  1. 1. Benefits of Employee Incentive Programs
  2. 2. • Employee incentive programs are often used in industries where performance is measurable, such as sales. Incentive programs provide rewards like cash, gift cards or extra time off to employees for reaching agreed upon goals. Typically, incentive programs have several benefits.
  3. 3. Job Performance • It’s no secret that job performance has a lot to do with the success of any business. When employees are performing their jobs well, productivity increases and so do company profits. • Implementing an employee incentive program helps to keep everyone engaged in their work and motivated to do well. If the program is planned and laid out to include both short and long term goals, the spike in productivity can last for quite some time.
  4. 4. Job Satisfaction • Anyone who works in any industry likes to feel appreciated and valued in their job. If employees go to work each day feeling as though their employer really values their contribution, they will be motivated to work hard and will never look elsewhere. • Incentive programs are one way to improve job satisfaction and create a happier work environment for both employers and employees. Knowing that the potential reward is there for the taking adds to the work environment and creates the reputation that the company really cares about the happiness of its employees.
  5. 5. Teamwork • There aren’t too many businesses that excel without the employees working together as a team. When a group of employees are working toward a common goal, it helps everyone set aside their own issues or annoyances for the good of the team. • Basing incentive programs on team goals rather than individual goals will encourage employees to work together and to pull their own weight individually. It’s wise to make the incentives reachable with a solid effort, so all members of the team stay focused and believe that they can reach the goal.
  6. 6. Company Savings • An incentive program doesn’t only benefit the employees. The company can also realize savings that are greater than the rewards they are handing out as part of the program. • With a good incentive program, there are fewer sick days taken, fewer recruitment costs and less employee turnover. The increase in profits realized from improved job performance must also be factored into the equation. • Setting up a successful incentive program isn’t always simple, but once it is in place and working the benefits will quickly become apparent. It is the goal of every company to have employees who want to come to work and want to work hard as a team once they get there. An effective incentive program can make this happen.

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