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Overall incentives for business fit into the rewards and recognition classification, and employers use these to improve productivity, teamwork, profitability, attraction and retention, reward high performers , motivation etc.
When we talk about incentives the first thing which springs to mind is the financial incentive, one which is in a form of a bonus or profit share.
After speaking with a number of people from different groups and different industries, there appears to be an overarching ‘dim view on financial incentives’ from an employee’s perspective. The outcome from the conversations was that in many cases the employee felt they had been “duded out” of what they should have received.
The overall consensus was that either a recruiter or the company sold the financial incentive scheme in the best light, and once the target had been reached the company changed the goal posts, or there were undertakings made but never formalized.
So how can companies including SME’s ensure their incentive schemes are supporting their values, strategic goals, and in the process regaining credibility with their employees?
5 tips
Overall, incentives are a great way to motivate employees and recognize them for their hard work.
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