8 Pros and Cons of Incentives - BrandonGaille.com
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What Are the Pros of Incentives?
- Having a good salary and benefits package is great, but having extra incentives for a job well done makes workers feel appreciated. That decreases turnover and increases profits.
- Offering incentives for a good job creates a sense of caring or kinship in the worker and, over time, it increases the worker’s loyalty and their investment into the welfare of the business.
- Having a tangible reward tied to their performance is a simple method of motivation and combats boredom.
- They are easy to include in any industry or working environment. The rules which govern how the incentives can be earned must be clear and precise.
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What Are the Cons of Incentives?
- Create conflict: those who don’t receive incentives may be jealous of those who do regardless of merit. Those who receive incentives might also be upset if they worked harder than others to get the same reward.
- The focus of work becomes competitive instead of being focused on quality and people will only work as much as it takes to earn the incentive.
- It eliminates productivity for everyone except top performers who are more benefited by incentives.
- Incentives can become quite costly as they need to continue to rise on a scale of cost in order to remain effective.
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