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The Importance of Incentive Programs

Mar 18, 2008
Incentive programs are used to motivate individuals to achieve business goals and accomplish aims with the prospect of a reward, either monetary/material (money incentives or gifts) or honorary (employee recognition), in exchange for exemplary performance in the academe or in the workplace. Because of this, incentive programs work hand-in-hand with employee/student achievement recognition.

Incentive programs are considered an important factor that can influence the success of a company through employee satisfaction and improved drive and motivation, as it is also a tool that can help in the reaching of not just business goals but personal professional goals as well. Incentive programs help boost the morale of workers and imbibe a continuous, positive attitude and a healthy yet competitive working environment.

Monetary incentives are definitely welcome among rank and file employees belonging in the lower income bracket, since these are tax-free giveaways from the company in exchange for an above-par performance. But what can management do when the top performing client is uninspired and is not after monetary incentives, since the amount he or she earns is more than enough? The answer to that is a promotion incentive.

Incentives come in different forms inside a company - money-based and promotion-based. It takes a sound and solid in-house character assessment team to notice when it is suitable to dangle money in exchange for an improved performance and when it is time that the deserving tenured employee gets a new workstation along with a new title and improved compensation. However, in this case, compensation is just a matter of formality and propriety.

Award programs provide numerous categories for the awards they hand out to employees. Some, like awards for milestones in service tenure, will take a long time and require dedication and loyalty. Still, there are awards that do not take very long to accomplish, including annual awards for performance-based recognition.
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Why is there a need for Incentive Programs and how you can benefit from this.
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