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The Importance of Incentives - igniting business for the better - Incentive & Motivation
Tips To Increase Motivation On Business
- Productivity is what keeps businesses alive and incentives increases it. They might be an incentive in how your office culture is, or how you reward great work – but incentives that drive sales, outcomes and maximise effort will have a huge impact.
- Well rewarded employers work harder and longer while having lower attrition, sickness and absence levels. They are engaged in transforming your business and more likely to innovate. Incentives, financial or not, are the best way to harness great intentions and to show consideration.
- Nurture engagement and motivation. The latter can be influenced by factors like salary while the former is a function of pride related to work, level of responsibility, camaraderie, skills and values alignment with the businesses, and the company’s culture.
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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.
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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Incentive Program Essentials
- Goals and objectives should be clearly defined for staffers.
- Workload should be equitably distributed to avoid resentment from staffers who feel they have to carry poor-p...
Effects Of Incentives On Business
- Motivational Tool: Incentive programs motivate employees to be more productive and consequentially increase the company’s earnings.
- Promoting Teamwork: members of teams that earn bonus according to collective productivity may support and encourage each other to perform at top levels.
- Morale Boosters: if employees see a direct correlation between effort and earnings morale and job satisfaction increases while turnover and absenteeism decreases.
- Service Levels: employees competing for or striving to meet the goals of an incentive plan may provide higher degrees of service to your customers.
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Innovation and Creativity
Creativity is about formulating new original ideas, while innovation is about how those ideas are being incorporated to produce and introduce new, useful, and feas...
Innovation in Entrepreneurship and Startups
Innovation can be achieved by mature, large companies, not only by startups.
While most innovation comes from startup companies, some of the top innovative companies are mature and large (Apple was founded in 1976 and generates $228 billion. Google: 1998, $78 billion, Microsoft: 1975, $87 billion.) The myth acts as a self-fulfilling prophecy and deters large companies from attempting to innovate like startups.
Being born creative
Creativity can be learned and exercised.
It can be affected by your practices, how you expose yourself to old ideas, procrastinate to let them incubate, trigger the combination of those ideas into new ones, and relax to let it happen. Great ideas might feel accidental, but they are not.