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1021223-00006-00
Nate Obringer, RICP®
Financial Advisor
Prudential Advisors
9800B McKnight Road, Suite 223
Pittsburgh, PA 15237
Phone: 412-318-4129
Fax: 877-840-2322
Email: nate.obringer@prudential.com
September/October 2021
Reward Employees for Their Hard Work
Employees who enjoy their work and are motivated to perform at their peak are important to the success of your business. Employee incentive programs encourage excellence and promote worker loyalty that can help your company reach its business goals.
Advantages of an Incentive Plan
Employee incentive programs reward employees for excellent job performance and keep them invested in the company’s success. Offering incentives can help your company retain talented employees, reduce turnover and foster teamwork. Incentives also boost morale and increase job satisfaction. Employees are motivated because they know they’re working toward a goal. And higher job satisfaction typically means lower absenteeism.Implementing an Incentive Program
Defining priorities and goals for your business should be your first step in setting up an incentive program. If you’re just getting started, request feedback from employees on the kinds of incentives that would appeal to them. Then develop a plan that takes into account their responses and your company’s budgetary constraints. As a small business, you may have to limit the number of incentives you offer, so it’s important to know what employees value most.Incentives: What Kinds?
Incentives can be monetary, non-monetary or a combination of the two. Financial incentives might include:- Merit-based raises for meeting performance objectives
- Annual bonuses to reward excellent performance
- Holiday bonuses
- Small cash awards to recognize initiative
- Referral bonuses for recommending a job candidate who is subsequently hired
- Profit-sharing, wherein the company distributes a percentage of its profits to employees, frequently as a contribution to a retirement plan
Non-financial incentives vary widely but might include perks such as:
- Paid time off (PTO)
- Professional development opportunities
- Health and wellness initiatives
- Flexible schedules
- Tuition reimbursement
- Team-building activities (team lunches, yoga sessions, outdoor events)
- Annual holiday parties or picnics
- Company-branded items (clothing, mugs, water bottles, etc.)
Acknowledging Contributions
Employees appreciate monetary rewards, but they may not be the only factor in motivating employees. Recognition for their accomplishments makes employees feel valued as integral members of the team. Recognizing employees for their work is an incentive that costs the employer nothing but reaps huge benefits in the form of employee satisfaction and company loyalty.1048403-00001-00
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