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Tips on How to Create Effective Employee Incentive Programs
Written by: Sheryl StrasserArticle Overview: Tips on How to Create Effective Employee Incentive Programs
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Tips on How to Create Effective Employee Incentive Programs
Tips on How to Create Effective Employee Incentive Programs
If you wish for your business to generate more profit than usual, you need to work on creating two types of incentive programs: one for your employees and another for your customers.
COMMUNICATE – Use all the ways possible to know how your employees feel. Have them fill out evaluation forms, and encourage them to voice out their opinions. Make it a point to know them personally so that you’ll also be able to read between the lines.
EXTERNAL AND INTRINSIC MOTIVATION – Both are important if you wish to properly motivate your employees. It’s impossible for one to stand without the other. External motivation can be provided by giving away cash and other similar incentives like travel packages and gift checks. Intrinsic motivation can be provided by establishing company loyalty, aligning their goals with that of the company, and giving them sincere compliments when they do something exceptionally well. A simple pat on the back can do wonders to a person’s self-esteem.
MONITOR, MONITOR, MONITOR – Changes in an employee’s preferences may differ due to changes in the economy. Priorities may differ because of a change in lifestyle. Thus, it’s important to constantly monitor and evaluate the effectiveness of your program.
SHORT TERM VERSUS LONG TERM BENEFITS – Be aware of which incentives would work better for motivating people to achieve short term goals and which ones would work for long-term goals.
GIVE REWARDS INSTANTLY – If an employee does something well, give him the reward he deserves immediately. Don’t delay because your employees might think you’re begrudging them of the reward they deserve.
Tips on How to Create Effective Customer Incentive Programs
KNOW YOUR TARGET MARKET – Are you sure you know what your target market is? Determine everything about them from general demographic factors like age, gender, income class, to the little but important details like which colors or designs they prefer and so forth.
COMMUNICATE – Again, do everything you can to know what’s on your customers’ mind. Have them fill out survey forms, and to make sure that they’ll answer these, give them incentives to do so.
Keep in mind that although you truly need to spend money for both incentive programs to work, you don’t need to spend a lot because big capital doesn’t necessarily equate with effectiveness. Creativity and resourcefulness still counts so it’s definitely possible to have a successful incentive program without denting your company’s pockets too much.
REWARD CUSTOMER LOYALTY – Know who your loyal customers are. And when you’ve identified them properly, make sure that you reward them accordingly. Let them know that you’re aware of their loyalty to your company and that you’re giving them a reward because you appreciate it.
GIVING AWAY REBATES – Be careful when using rebates as an incentive strategy for your customers. Due to numerous controversies surrounding rebates, more and more consumers are feeling discouraged and reluctant to take advantage of rebates. If and when you do use them to encourage customers to patronize your products or services, make sure that you use a simplified process for your customers to redeem their reward: don’t dangle a carrot if you don’t plan to give it away in the first place.
GIVING AWAY PROMOTIONAL PRODUCTS – Promotional products are always welcomed by all kinds of customers. Be sure, however, that you give them something useful – even if it’s only in the aesthetic sense. If you skimp on the costs and design, your incentive strategy might end up backfiring on you.
So you want to intergrate a successful employee incentive programs
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Article Tags: colors, company loyalty, compliments, customer incentive programs, demographic factors, economy, employee incentive programs, evaluation forms, external motivation, gift checks, incentives, intrinsic motivation, motivating people, pat on the back, priorities, rewards, self esteem, target market, term goals, travel packages
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About the Author: Sheryl Strasser RSS for Sheryl's articles - Visit Sheryl's website  It's definitely easy to see that a employee motivation programs is a great choice when you're longing motivate your employees with a employee motivation program you can motivate your employees today without having to spend a huge amount of money. Click here to visit Sheryl's website   6 Ways to Use Rebates and Incentives for Increasing Sales 10 Ways To Improve Employee Loyalty Employee Motivation Programs Top Reasons Incentives Work A Look at Incentive and Rebates Programs Employees are the real motivators to success |
Related Forum Posts
Business Tips
- How about:
Tips for managers to handle employees more effectively?
Tips on how to deal with difficult customers?
Tips on how to deal more effectively with suppliers?
The only three I have in mind right now, but will try to come up with something else.
Chris
Re: Finding AND Keeping Good People
- Employee retention or as you mention “Keeping the Good People” is one of the biggest challenges for any growing business. It takes a huge effort from the entrepreneur’s end.
I can come up with the following when it comes to KEEPing the good people-
1. Motivation of the employees
2. Recognition of the needs of the employees
3. Activities to make the employees feel valuable towards the organization
4. Make benefits more accessible
5. Offer profit sharing incentives
6. Create clear career paths at the company
7. Consider telecommuting, job sharing and other flexible working arrangements
8. Incentives are essential and they don't have to be huge
9. Have other managers praise an employee's work
10. Be sensitive to the balance between work and private life
Post subject: It's Not Personal, just business
- I so agree! Actually, the business world as we know it IS in trouble. I heard some stats last week that they expect by the time 2050 that 70% of workers will be freelancers. Employee/Executive Bullying won't be able to stand it when it could be easier for someone to simply contract with the nicer guy (or gal). I, for one, will be choosing the nicer ones!
HRPreneur
- Hi everyone,
I am new to the forum and I recently started my own Human Capital (HR) consulting firm called HRPreneur Inc. HRP focuses on making human capital a strategic differentiator for SME's.
Below is a summary about HRP;
Who We Are:
HRP is a Human Capital consulting firm with 30 years of experience that becomes an extension of your company by providing a full array of services to help you create a highly engaged workforce focused on achieving strategic results in order to build a long lasting great company!
Mission:
HRP provides small and medium sized businesses a Strategic HR Business Partner to increase employee engagement, resulting in cost savings, increased productivity and results at an affordable rate!
Vision:
To inspire and warrant SME's reach their full competency!
Cost Effectiveness:
We provide over 30 years of experience at a fraction of the cost at a strategic executive HR business level
You will save between 50% to 60% in costs per year on salary, bonus, benefits, training, office space alone
We will provide you additional cost efficiencies through our services
Services:
• Strategic Human Resources Planning
• Organizational Redesign
• Change Management
• Organizational Culture Development
• Employee Engagement Programs
• Leadership Assessment and Development
• Compensation Design
• Talent Acquisition
• Assimilation and On-Boarding
• Performance Management
• Talent Management & Succession Planning
• Human Resources Due Diligence
• Human Resources Audit
• Full Service HR Outsourcing
Any experience with McManus UK Ltd.?
- Did anybody already deal with any of the McManus UK Ltd offshore entities? I do have a program, but not enough cash. I have been advised that they can fund investors with access to Private Placement Programs but they don’t want to joint venture with me. They want a fee for the service. This is why I want to find out if anybody has had first hand experience with this group?
Patrick Ohara, Financial Consultant
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