Employees are the real motivators to success
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Free Download - "How To Determine If You Should Utilize An Incentive Program For Your Company" By Sheryl Strasser |
There are many company incentives offered these days such as bonuses, benefits, a corner office, a plaque, praise from senior staff, promotions, the ability to work on high-profile projects, and the list goes on. Stock options also became a very popular form of company incentives for a while as a way of giving participating employees an opportunity to get better compensation and a sense of company ownership. But in recent years with the advent of fraudulent activities by some upper level management that led to the devaluation of stock or the outright demise of companies, employees are a little more resistant to taking stock options in exchange for lower salaries as a form of company incentives. Many people no longer trust management to look out for their best interests and to ensure that their investments in the company are safe.
Company incentives, also known as variable pay programs were a novelty in the late 90's, they were considered non-traditional. They were good news for employees who could now add substantially to their bottom line even while the rates of merit pay were shrinking. Companies realized that they could afford to pay individuals for specific goals, without having to guarantee amounts to everyone regardless of performance. When earnings were down they no longer had to pay out guaranteed raises that could threaten the companies existence. Employees would still be able to keep their jobs and hence morale and productivity would remain high thanks to company incentives.
Company incentive programs however are not easy to design. Invariably they require that the employees have an opportunity to participate in their design. It is also important that a good company incentive program keep in mind the business philosophy, be aimed towards long term goals, defer some of the compensation to attract and retain employees.
A company incentive program also needs to have precise and attainable goals and have elements that are within the employee’s control. The company incentives should try and reward team and individual accomplishment, foster co-operation between teams and departments. Finally it should pay out at the earliest most meaningful time for the particular company.
Company incentive programs are not exclusive to large companies. Smaller business can find their own ways to provide variable pay. Creativity is required and done right can very well help smaller companies attract employees that might otherwise only look into employment opportunities with larger companies. Company incentive programs are a great way for smaller companies to stay competitive without lowering their bottom line, they may even find that implementing a company incentive program can boost their bottom line.
Employees are the real motivators to success - To learn more about this author, visit Sheryl Strasser's Website.
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Dianne CramptonDianne Crampton is North America's leading authority on team culture. She is an author and professional speaker and president of the leading team culture consultancy, TIGERS Success Series, Inc. Crampton has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down or to subscribe to TIGES Free monthly e-newsleeter go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: Winning Business Team Cultures And Why They Thrive, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
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