subject: Employee Incentive Programs Can Boost Your Employees To Perform Better [print this page] Employee incentive programs have acquired a safe place in most companies across the nation. In many industries, salary isn't enough to attract and retain good employees, for a long time. The employees do expect incentives beyond monetary compensations from their employers. The tough competition for retaining the cream employees among the employers, working in industries belonging to one league is the main reason that has driven this expectation. There is an increase in the count of employers who have offered increasingly detailed and liberal employee incentive programs, to both workers and applicants.
There have been cases where a valued employee threatens the management to quit. In such a situation the management employs effective employee incentive programs, in order to be offer a far-fetched array of perks and incentives, so as the employee stays back. No employer would want a job opening to go unfilled for a long span of time, while a searching for the right person as a replacement.
The employee incentive programs are extremely flexible and can include many different things. All the companies have their employee incentive program designed so as to cater their specific needs. The formulation depends on the policies, profit and level of the concerned company. Usually the employee incentive program consists of any of the following:
Profit sharing
Stock options
Paid time off
Performance bonuses
Generous signing bonuses
Paid maternity leave
The greatest impact of the employee incentive program is on the performance of the employees. Performance is the key factor for the rise of any company.
A high-performance culture is critical to the future of the company. All the owners want their employees to be actively engaged in seeking customer-focused solutions to grow the business and enhance economic profit. They have the clear thought that they will generate shareholder value and boost economic profit by focusing on the key aspects of the business. Keeping this in mind the employee incentive program is initiated.
