Advantages Of Implementing Incentive Schemes

Positively motivating a team can reap many rewards. Good motivation can lead to not only increased sales, profits and business growth but can increase morale, loyalty to the firm and bonding a group of individuals as a team.

Many companies believe the way to an employee’s heart is through their pay check, and in many respects this is true. Everyone would like a bit of extra money, but money is quickly spent and forgotten about. To truly improve motivation and morale, incentives to reach targets and exceed them need to be implemented. Even small benefits, not necessarily monetary, such as health care or extra holidays can motivate.

When working, there is often little reason for employees to go above and beyond what they’re expected to do. However, by introducing staff incentives, employees that normally just do their job are suddenly encouraged to use their talents, grow as an individual through training and enjoy going to work. incentive programs are especially useful in the sales and retail sectors. Introducing targets for how many sales to make or how many customers they sign up for a loyalty card for example, then rewarding targets being met can greatly increase motivation.

Incentive schemes can also introduce an element of healthy competition between a team. If rewards are limited to just a few prizes for example, then staff will try to drive their sales up in order to win the prize. Not only is this good for the staff, it will also be good for your profits!