Incentives: Whom, When And How Much To Award?

Motivators play a major role in your life and urge you to perform better and better. One of the major motivators in anybody’s working experiences is incentives. Incentives are contingent motivators which pushes you to do perform in a superior manner by rewarding you for the job done by you.

Incentives can be any form. It can be given in monetary terms or the form of some vacation package or the form of discount coupons. To put it across in simple terms, these are the things for which the employee will work hard to pocket those extra benefits for his satisfaction.

Whom do you give an Incentive?

This can be a tricky one. There can be biased decisions which can overshadow the program, but moreover, the employer should have a well-placed structure in place to recognise the people who have worked hard to achieve the targets of the company. Develop a proper plan and get all your employees to participate in this. In this manner, you will also get the company’s goals achieved as well as urge them to work even harder for worthy recognition.

When do you give an Incentive?

Your programme should be well-structured to suit the employee working for you. Announce the prices when the company is at a low to motivate them to work harder or when your company is at a high to motivate them to take your organisation to newer heights.

How should you give an Incentive?

Incentives can be given in many ways and are just not related to specific monetary terms. Give the respective employee from some options. You can give a wide range of choices such as outdoor, lifestyle, experiential items, charitable options, etc. Let them choose what they want which shall keep them satisfied.

No matter how much the company is running into losses or gaining profit, it should never let go of the incentive programmes otherwise the employees won’t get another reason to work for.

Source: http://bwpeople.businessworld.in/article/Incentives-Whom-When-And-How-Much-To-Award-/11-02-2019-167061/

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