EMPLOYEE INCENTIVES |employee motivation program|corporate incentive program|corporate incentive gifts|employee recognition idea 5 Different Types of Employee incentives you must knowEmployees are important to an organizations overall success and development and it is hence all the more important for us to understand that all people work for something or the other in return -- be it money, appreciation, a sense of achievement. However, it is seen that either companies don’t think about it; do a passion less attempt at trying to dole out incentives; limit it to the sales staff or worse -- don’t do it at all. But what are different kinds of incentives that exist? The reason why we think of employee incentives in clusters is the fact that it would be easy to think of ideas or do brainstorming if you know what you are looking for. Here are 3 broad clusters that the employee incentives can fall into: 1. Result-oriented employee Incentives: These are the most common types of incentives you would see in most companies. The incentives are tabulated and structured such that people who perform against certain pre-determined slabs of performance levels earn some incentives ranging from cash to corporate travel packages. The incentives in this category are usually rewarded for achieving results and are a very efficient way to rewarding and recognizing employees. 2. Time Honored employee Incentives: Sometimes, the veterans get some kind of incentives or other accrued bonuses due to the services rendered to the company for a long time. People who stay and work longer are usually considered loyal and they incentives are given in reflection to the employees’ contribution to the company for long periods of time. 3. Occasion based employee Incentives: Sometimes the employees get incentives irrespective or their performance with regards to some festive occasion or company specific occasion. A good example of an employee incentive scheme like this is the one most companies adopt during Christmas or any other festive occasion. These kind of incentives are minor and are usually construed as good will as far as the company’s view-point goes. 4. Company Strategy based employee Incentives: Companies sometimes adopt inventive based strategies to ensure that their employees are looked after appropriately enough. It could be a part of the HR policy that perhaps employees must be given some kind of incentives every quarter or so or when companies reach certain milestones. These are, however, company specific and employees are not guaranteed anything. 5. Other Incentives (department Specific Incentives): Some departments like sales and marketing have various other sub-categories of incentives for sales and even the managers get other incentives for meeting targets etc. Likewise each department might have its own sub-incentive system which runs differently compared to the main organizational strategy. Incentives might look redundant given that companies do pay salaries. But salaries by themselves won’t help motivate the employees. Incentives drive people to achieve things, to make the undoable do-able; to prove what they are worth and to try and remember or cherish those memories. They need to get that feeling of having achieved something -- while salary isn’t achieving anything. It’s like saying “You give me a salary, I come to work: Give me an incentive, I will work”. |
