Performance incentives increase productivity, improve teamwork and morale, increase engagement, and reduce turnover. But not all performance incentives are created equally. When creating incentives, consider this question: If a year from now you are walking down the hall for the annual review and you’re happy with your employee, what is it that they accomplished to make you feel that way? Is your life running smoothly? Are you no longer missing flights or appointments? Are your priority projects being taken care of? Your life no longer feels chaotic? Now think about what performance incentives will motivate your employees to be their best selves so your work life will feel exactly like that. Here are a few tips for creating performance incentives for your employees.
Travel and Trips
Travel is one incentive that helps motivate employees to reach business objectives. Whether it takes the form of business trips or an incentive travel program, employees like travel incentives because the idea of traveling to new or exotic locations typically appeals to people who have a demanding work life. Travel is often a better motivator than cash because it is out of the ordinary. Cash is used and then forgotten, but the memories high-performing employees experience during travel can last forever. Travel is also an opportunity for employees to connect with each other, which can improve teamwork and productivity.
Bonuses
Performance bonuses are another great incentive option. Almost everyone likes the idea of extra income to supplement their wages, so performance bonuses work on most motivated employees. Research has shown that performance bonuses improve job satisfaction, employee engagement, and loyalty. They even foster trust between employees and management. Bonuses are a great way to help meet short-term and annual business goals.
Equity in the Company
Another motivation that is currently popular in many incentive programs is equity. Giving high-performers equity in the company is a great way to increase productivity and engagement across the board. Long-term incentives like equity are useful because they encourage high performers to make decisions that will benefit the company in the future even if the decision doesn’t benefit their compensation in the current year. Equity incentives also improve retention for senior executive talent.
In order for you to achieve a seamless work and personal life, you need highly productive people working behind the scenes. A strategic incentive program will ensure your best talent stays motivated and continuously strives to do their best. A good performance program will also attract better talent. Incentives like travel, bonuses, and equity can help make sure the right people take on C-level support positions.
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