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A good way of ensuring high staff retention is to introduce incentive schemes, which reward employees for exhibiting best-practice behaviour. Such initiatives come in a range of formats, with top performers able to secure rewards including weekend breaks, DVDs, books and shopping vouchers. Ensuring your workers remain motivated is extremely important for businesses, especially during difficult economic conditions when staff may be facing redundancies, pay freezes, mergers or takeovers. A high turnover of staff could be detrimental to your firm, particularly if you are losing your best employees because they feel unappreciated. However, there are a number of issues to consider when deciding on whether or not you should introduce an incentive scheme to boost morale. The first task is to allocate a budget, making sure you accurately estimate how much it will cost to launch and maintain the plan. You will need to calculate how much you will pay out for each performance indicator, whether it is lead generation, appointments confirmed or prospects converted. Once you have organised your costs, it is important to have a good idea of how your incentives scheme will be launched. This includes how it will be promoted to staff members, so they are aware of the way it works and what benefits they can expect. Making sure the initiative is well advertised in advance could guarantee personnel are looking forward to launch day. Before implementation, it is also advisable to explore the tax implications of such schemes and how this will affect your organisation. A financial expert or the provider of your programme should be able to give you help in this area. You will need to decide who will be in charge of the day-to-day operation, making sure they provide adequate feedback to both personnel and management regarding its success. Having a structured plan as to how long you are hoping to run your rewards scheme, as well as ideas for maintaining its momentum, is also recommended. Keeping employees informed can be achieved by sending out regular email alerts, while introducing a workplace league table is a good way of adding a competitive edge. Another key factor to consider before you implement an incentive scheme is what you are looking to accomplish and which employees are going to be eligible. Therefore, it is a good idea to set goals early, as well as think about whether you are hoping to incentivise individual members of staff or teams. Love2reward provides rewards, motivation and incentive schemes. If you are looking for ways to offer your employees rewards, take a look at our staff incentives today.
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