Allow sufficient investment into your budget to cover all aspects of the employee recognition programme, including awards, administration, communications and promotional materials.
Ensure that the incentive is seen to be fair to and attainable by all participants.
Make sure your voucher selection offers sufficient choice that will appeal to everyone.
Ensure that the incentive is simple to manage, use existing measurement criteria and don¹t incentivise behaviors you can¹t measure.
Make sure your staff are aware of how to take part in the employee recognition scheme through clear and detailed launch materials.
Never forget the tax implications, and take specialist advice if you are unsure.
Regular motivational communication with employees is vital during the incentive period in order to keep the momentum going.
Don¹t forget to reward managers as well as staff.
Make sure you recognise the achievements of staff by presenting the voucher awards.
Always pay out employee awards as quickly as possible.
Motives for Developing an Incentive Scheme
Retention & recruitment: A good incentive programme will attract a greater number of suitable candidates to your company, and is often a strong deciding factor when candidates consider joining a company. Prospective employees are far more likely to be compelled to work for a well incentivised workplace.
Employee morale: Despite considerable research being freely available which clearly establishes the link between maintaining a motivated workforce and business success, many organisations still fail to understand its role in achieving their business objectives. A motivated workforce is far more likely to embrace and exceed company objectives. Ultimately a well motivated workforce will also reduce staff churn and unnecessary employee sick days.
Loyalty boost: a well implemented incentives scheme can significantly increase loyalty to your brand by creating an attachment or bond between the awarded recipients and your company. It has been proven that companies with high customer and employee loyalty are known to significantly outpace similar competitors in performance.
Goal orientation: Combining incentives and achievable targets for a common objective is a great way to exceed targets. By focusing on rewarding set milestones, a degree of stretch is created for employees and customers. A well managed incentive will help your organisation to achieve specific, measurable, achievable, realistic and time-bound aims by simply rewarding good behaviours.
Strengthened relations: By valuing the effort of employees or customers, brands can create a definite bond that enhances the relationship. For this relationship to work it should be beneficial for both parties involved, serving to create a long-lasting exchange.
