Starting an incentive program for your business is a great way to encourage and motivate your employees to achieve goals, whether for the company as whole or for the employee as an individual.
Today, many companies are providing incentive rewards to employees for such things as achieving wellness goals, meeting sales goals or just to show their appreciation for a job well done.
The Benefit of Incentive Awards
Incentive Awards offer many benefits to your company, including:
- Encouraging actions by a targeted audience
- Providing measurable outcomes for both you and your employees
- Providing strategic motivation for a defined time. i.e. quarterly or monthly
One of the most popular incentive programs being used today by businesses across the country is the prepaid gift card incentive. Not only are these type of cards easy for employers to use, but they are also considered a favorite of among employees. By using this type of incentive for your program, you may encourage greater participation by your employees.
Research has also shown that people who are in charge of planning employee incentive programs find the prepaid card is more effective than just giving cash.
If you are tasked with developing a program, this option may allow you to drive employee engagement in greater numbers than any program you have ever produced. In addition, prepaid cards tend to be used in greater quantities than cash incentive programs.
Employee Appreciation and Sales Incentives
If you want to reward your employees for their accomplishments or drive sales, developing an incentive program is key. When your employees feel appreciated, they are more motivated to perform at top levels all year long. An incentive program offers you the opportunity to recognize jobs well done and encourage other employees to step up their game.
Another incredibly popular program worth considering is a wellness incentive. When you show your employees that their health is important to you, they are more likely to make it their priority as well, which means less sick days and better company performance.
With the initiation of the Affordable Care Act, the U.S. Department of Health and Human Services has issued new rules for employee health-contingent programs in hopes of further supporting these programs.
They are also moving to make it easier for people with certain health conditions to be better able to participate without discrimination because of their health issues.
How will this affect your program, or a program you wish to start?
These rules may actually encourage greater participation in wellness programs with incentive awards because your employees will know their specific health concerns will not affect their participation. It may also allow you to offer different types of incentives for different types of health care needs.
In fact, some companies who utilize these types of reward incentive awards programs see a 25% to 30% drop in their employee health care costs.