Employee Incentive Program during a Recession

January 10, 2013
Employee Incentive Program during a Recession

Employee incentive programs play a very important role. They keep the employees motivated, which is vital for enhanced performance of a company. However, economic downtown being experienced at the wake of recession has resulted to an increased number of businesses that are looking for innovative methods of keeping employees motivated. Before the recession, companies used direct incentive programs. Companies were offering incentives to employees in form of trips, dinners and other leisurely activities. However, this has changed as a result of poor economic trends that have affected many companies. Programs being embraced by companies are taking a goal-oriented approach. This has made them more ingenious and complex.

Today, companies are using incentives as a way of rewarding hardworking employees as well as motivating them. For instance, companies are offering incentives to employees based on their performance. Sales people are offered extra points and renewed contracts based on their performance. Unlike in the past when employee incentive programs were more vacation-oriented, companies are embracing innovative methods that results to a long term motivation. Other methods being used as incentives for employees include physical items such as gift cards, corporate gifts and even gas. However, it is important to note that different companies are also considering what is suitable for them.

Some incentive programs will work best for specific companies during recession. There are also incentive programs that can work best for small companies while being ineffective for large firms. As such, the best way of getting way of achieving your goal is to choose the right incentive program for your company. Analyze your company to find out which incentive program can work best for it. You can also consult senior employees in your company to find out what can motivate your team of employees. Nevertheless, employee incentive programs are still vital in maintaining an upward trend in the growth of a company.


http://blogs.payscale.com/compensation/2009/02/successful-employee-incentive-plans.html

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