How You Can Benefit From Staff Incentive Programs

It's good business to have a staff incentive scheme. Such schemes boost morale, reward star performers, help the team feel focused and competitive, along with a heap of other advantages. While the team will share in the rewards of superior performance, the BIG winner will be YOU!

But to be effective, staff incentive schemes need to be properly structured and well run. Incentive schemes go well beyond the occasional rewards for extra effort, such as the irregular hand out of tickets to the movies, prizes, dinners, weekend trips or sales bonuses. While these may be valuable, by themselves, don't constitute an incentive scheme.

Incentive schemes are far more detailed and structured, and they offer you some fantastic managerial benefits. For example:

  • They help you focus on your business' performance and results that really count.
  • They require you to measure outcomes.
  • They help you clarify your expectations and goals.
  • They help you determine priorities.
  • They reinforce good systems.
  • They help illuminate budgets and to understand exactly where your business is at.

But these aren't the only major benefits you'll enjoy from a well-structured staff incentive scheme. You'll also benefit when you examine:

  • Whether you'll introduce penalties for poor performance along with rewards for superior performance. How you'll include support staff.
  • The exact nature of the reward.
  • How much so-called "confidential" business information you're prepared to share with the team.
  • The balance between individual and group rewards.
  • How to handle "unexpected" results, especially those which show that "good employees" are not necessarily the same as "good performers".
  • How and who'll control the incentive scheme. Review periods and criteria.

I’d love to hear what incentives work for your business, please shoot me an email at the address below!

To Your Business Success

Cheers

Yale Morgan
Better Business Wide Bay
www.betterbusinessgroup.com.au
Email [email protected]
Ph 1300 711 743
Mob 0412 667 559


About Yale Morgan, SME Business development specialist

Yale heads up the Better Business Group (BBG), which, as a company has proven business development products and systems, that range from "Do It Yourself" products to fully systemised Business Coaching Programs.

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