CORPORATE INCENTIVE PROGRAM |
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Corporate Incentive Programs: getting the Bang for your Buck The Human Resources Managers in most companies have a major work to get done each year, or even multiple times in a year. For them, the act of getting their corporate incentive program right or to generate sufficient results from the approach they have out in is a point of major concern. Given below are a few tips to ensure that it can be done to pound the bang from every buck you spend on such a program. |
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1. Consistency and Simplicity; First things first, no one really likes or enjoys reading all that legal stuff that shows itself on all corporate memos and announcements. Make the incentive program rules easy-to-understand and simple. Avoid the high-brow corporate talk and remember that these are employees that you have entrusted the success of your company to, so be straightforward with the program. Keep a steady course through the program and ensure that you don’t change the course of the program halfway just because you realized that it wasn’t what you had in mind. Consistency and simplicity goes a long way in getting you the desired results. 2. Report Achievements When you are running corporate Incentives programs, what is the point if the results or the report of the kind or quantity of the incentives doled out is kept behind code-protected firewalls or with the senior management? Every employee has a right to know about he corporate incentive program they have been a part of and these achievements have to be reported on a periodic basis. 3. Do the prizes strike an emotional chord? You don’t have to distribute expensive prices. They just have to strike the motional chord. You have to give something that they can remember your company for. However, if you do decide to give away inexpensive prizes, employees will think of you in a negative way. They won’t appreciate anything cheap, but they haven’t asked for anything expensive either. Hence, the thumb rule is to give something they are can emotionally bond with or something that you know they like very much. Since the value of something rests with the beholder, it is better to get to know what they like before you decide to give away prizes in your corporate incentive program. |
4. It’s not always about them and Us Most companies limit their corporate incentive programs to their sales staff and marketing functions only while the rest of the functions are virtually ignored. That doesn’t have to happen. While sales incentives is a major part of corporate incentive program, you can implement six sigma, quality circles, employee recognition programs, reward and recognition programs etc and ensure that all the functions or departments are involved in your program. Programs of these types produce not only the desired short-term goal but also produce long-range results. Promoting team efforts pulls the organization together and gets everyone going in the same direction. That camaraderie is hard to change once the program is completed. 5. State the objectives: Any successful program must have laser focus objectives stated in a clear and concise manner. For example decreasing attrition to by 5 % per annum is more measurable (and more meaningful) than simply stating that you would like to decrease attrition. You could even use tools like internal benchmarking and goal setting -- both individual and team, to enhance their productivity and to make clearer objectives. Circulate the objectives to all delegates and ensure that they have a thorough understanding of what’s expected of them; of the program and of the host departments. |
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