Your employees, both current and prospective, will be delighted at all these lovely little carrots dangling before them. But what does your company get out of implementing a comprehensive incentive plan?

Here are a few points to consider:

1: Loyalty
Employees that feel their efforts are recognized, even in small ways, are far more loyal to their company. You’ll find that organizations with great incentive plans for employees not only can hold on to their staff for longer, but actually get corporate brand ambassadors in the process, as in their satisfied employees telling the world how great their employer is.

2: Employee retention
With loyalty also comes retention. On average, staff turnover is about 15% annually, but this varies depending on the sector. While some turnover is actually desirable (and, indeed, healthy) for corporate growth, you clearly don’t want to lose your best and brightest. Get your employee incentive plan right, and you’ll find that your employee retention rates will increase.

3: Motivation and engagement
Knowing that your work is recognized and rewarded is a huge motivation for any employee, so it makes sense to use workplace incentives to produce this. And, as we all know, a motivated team is also one that is engaged with the work they do and is more committed to the values, ethos and aims of their corporation.

4: Productivity
Last, but by no means least, a loyal, motivated, engaged, and above all happy workforce is far more productive. The strategic deployment of workplace incentives more than pays back with higher quality and volume work output.

You may think that incentive programs for employees are just a cherry on the cake, an extra that can be discarded, but that would be a mistake. Incentivizing your employees is a core component of creating, developing and retaining a world-class team. With a bit of creative thinking and planning, you’ll have a carrot that everyone will want to bite!

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Benefits of implementing employee incentive plans