The Pros Of Incentive Programs - Deepstash

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The Pros Of Incentive Programs

The Pros Of Incentive Programs

  • Increased Productivity: Rewarding the delivery of tangible results reinforces that good work will be rewarded. 
  • Strengthens Succession Pipeline: Employees often try to improve their skills in the pursuit of incentives, ultimately increasing their own efficiency. 
  • Encourages Retention: A good incentive program increases employee job satisfaction and overall loyalty to the organization. 

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MORE IDEAS FROM THE SAME ARTICLE

  • May Encourage Deception: Employees may look for ways to make their performance appear to be good when it isn’t.
  • Misaligned Incentives: poorly conceived ones may incentivize risky and irresponsible behavior that undermines the mission of the company. 

  • Ongoing feedback from both customers and employees can help provide an indication of how well these programs are working.
  • Deal with issues directly and transparently to ensure that employees are clear about the program’s expectations and goals.

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  • 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-performing team members.
  • Consider both individual and group incentives to promote the...

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Employee Engagement

Employee engagement includes four elements and can be thought of as the degree to which an employee:

  • Feels committed to an organization
  • Identifies with an organization
  • Feels satisfied with their job
  • Feels energized at work.

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The Peter Principle

It refers to an observation wherein people who perform well in their job gets promoted until eventually, they will reach a stage where they are incompetent for that job.

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