I believe that the best incentive schemes should be simple in practice, simple to understand and reward the employee. A key to a very successful incentive scheme is to design it to work at team, department, site and business level. Making sure multiple aspects of the business is working towards the same incentive scheme will drive team working and employee engagment.
The end result for the incentive scheme has to be an increase in profits for the business and rewards for the employee as seen fit.
An example coming soon!
Is there a Perfect Incentive Scheme?
I don’t think it would ever be possible to develop a perfect incentive scheme due to the changing environments and industries the incentive schemes have to work in. I believe it could be possible to develop a perfect incentive scheme model, from which the end result and scheme can be tailored to bring perfect results.
I have started to write a theory on incentive schemes – “Tri To Incentivise”, developing a model on which an incentive scheme can be built and believe the perfect model must follow two main paths – “The Employees wants/aims” and “The Employers wants/aims”.
Please read my theory on incentive schemes called “Tri To Incentivise” for more information: http://www.hrinvasion.com/index.php?option=com_content&task=view&id=27
Incentives are becoming increasingly popular within businesses to add value and increase the positive affect an employee can have within the business.
When we typically think of incentives we think about the incentive schemes that are planned and the company offers as a policy. But in relation to motivation I believe they are also effective in a different way.
Incentives are offered/used in an ad-hoc manner everyday, without managers and employees realising. In order for a manager to motivate an employee, it is common that without realising it an incentive is offered e.g. while you get that done I will get you a drink. If you finish that off and get it to the customer on time I will let you go early.
The manager will offer an incentive to motivate the individual. I believe incentives are key for short term “Booster Motivation”.
Incentives come in many forms and do not always have a positive effect e.g. I’m sure you can all remember a time when your boss asked you to work late? The incentives offered to motivate and encourage you to put in the extra time could of ranged from time off in lieu, the incentive that it will look good to your boss during a difficult time, or even when redundancies might be round the corner.
Incentives are important and do motivate employees but I don’t believe they are key to motivation due to the fact that they can be used to “Fear Motivate” an employee into being more productive.
Being able to offer incentives are key to driving a business forward as they keep the employee interested and more productive. The type of incentive that can be offered will depend on the factors affecting your business and the outcome required.
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