In this day and age, strengthening business operations can be a lot of hard work. At the core of are your employees. They are among your greatest assets, and you should be taking care of them. Focusing on employee care will help increase retention.
A lot of companies have come up with different ways to make their employees feel satisfied and valued. You’ll often hear of things such as AT&T retirement plans, free travel, and year-end bonuses. But how do you come up with incentive programs that work?
Thankfully, some guides can help you. Here are some essential steps that you might want to bear in mind:
Determine your goals and objectives first
You cannot create a program without identifying the goals and objectives first. Otherwise, your initiative will be just an exercise in futility. Ask your stakeholders about what they want to achieve. Is it increased sales? More efficient deployment of items? Improved attendance? At this point, you need to clearly and specifically identify these objectives. It would also help to seek counsel or advice from a representative of the employees.
Who are the beneficiaries of the program?
The answer is relatively simple here. Of course, it is your employees. But you need to dig deeper and be more specific. Each department is anticipating a different kind of reward or incentive. For example, the people in your sales department might be expecting sales commission and travel incentives. The members of the C-suite might be expecting bonuses in the form of equities. Some employees might be seeking discounts on the products that your business is making. You can go back to your objectives. For instance, do you want your employees to be healthy? If “Yes!” is your answer, giving them free gym memberships might be a logical and practical thing to do.
Determine the budget
The foundation of your program is your money. With that, you need to have a structured budget. You need to decide if this program is just a one-off or a mainstay. This is because programs like this incur costs on top of the actual rewards and incentives. In this case, it is a must that you consult your finance department to determine where the company will source the program’s budget.
Be clear with the communication
After many deliberations and finalization of the program’s provisions, the next thing you will need to do is communicate the rewards program to your employees. Be specific and clear with the rules and conditions. Check twice or thrice to avoid loopholes, which can be exploited.
In the end, you should remember that incentive programs are one of the many ways to increase employee retention. This works, especially if the rewards packages are handsome. But you need to make sure that your company always adapts to changes and trends in this aspect. Furthermore, invest heavily in improving your corporate culture. No amount of money or reward can replace that. If you need more guidance, feel free to consult a professional.