DAY NINE – INCREASE PERFORMANCE THROUGH AN EFFECTIVE INCENTIVE PROGRAMME
9 | INCREASE PERFORMANCE THROUGH AN EFFECTIVE INCENTIVE PROGRAMME
Motivation, behaviour and performance are the primary driving factors of competitive advantage, but with the stat released by Gallup that just 13% of workers are engaged worldwide it begs the question, what could you be doing to increase motivation levels?
Incentivising is a proven technique used by many organisations on an ad-hoc basis however many fail to realise the benefits that come from a formalised and consistent programme. The IRF (Incentive Research Foundation) report that incentive programmes that run for a year or more produce an average 44% performance increase. This report clearly demonstrates the importance of building this into your employee package, but how should you approach your internal incentive programme?
– Incentives should be company-wide, and inclusive of every member regardless of their role and level within the company.
– Be creative and also offer input to your team, one size will not fit all so enable your employees to tailor incentives that will truly motivate and engage them.
– Your programme should be centred around shaping behaviour, cultivating individual development and enhancing loyalty in line with your company values.
– The criteria that you set should not simply reflect your own business priorities, it should also reflect your client/customer priorities too.
– Be consistent with your communication, an effective programme needs by in from all levels and a good level of understanding from all individuals to encourage effective participation.
An incentive scheme not only brings about opportunity to enhance performance and loyalty, it also gives you the chance to re-establish individual expectations, company values and employee attributes that lead to success. Adopt an internal incentive scheme today, and deliver your key objectives in a more attractive and motivational manner to maximise your competitive advantage.
- Do you offer an employee incentive scheme?
- How has the effectively contributed to the attraction, engagement, retention and productivity of your employees?
- How have you aligned your incentive criteria with your business values and customer/client priorities?