Understanding the Potential Benefits of Company Incentive Schemes 

There is an unfortunate trend among employees to often view company incentive schemes as irrelevant, pointless or patronising, but what this actually tells us is that the company in question has not implemented and supported the incentive scheme appropriately.  There is a lot of evidence to support the notion that incentive schemes, when done correctly, can boost productivity, morale and not only turn more of a profit for the company, but also create savings as well.

Have a clear vision

To start a new or modify an existing company incentive scheme, the first thing that needs to be clear is the goal of the scheme for the company.  This target needs to be laser focused so that the driving force of the scheme can be tailored appropriately.  Incentive schemes can be focused on many different things, such as increasing sales, reducing waste, improving morale and teamwork, reducing absenteeism, generating new ideas, improving eco-friendliness and many other possibilities.  The important thing is to ensure that your company has a specific focus and sticks to it, there is no value in trying to do too many things at once as employees will not engage with it as well.

Offer the right carrot

With a clear vision in mind, the next thing to do is figure out the rewards you will be offering.  This is something that comes down to knowing your team; for some staff, a cash bonus will always be a winner, but for many a prize or something else holds more value.  The key aspect of winning an incentive from a scheme is the kudos and recognition that comes with it.  Whether they are aware of it or not, most people are driven to work harder by the thought of positive recognition and acknowledgment of their hard work.  It is pretty hard to peacock around with a cash prize as, if anything, it makes you look arrogant and most people don’t like to do it.  This is where prizes such as event days or meals out are good incentives.

A grand day out

Event days might sound like a big organisational undertaking to offer as a simple reward, however there are many excellent companies out there like Funktionality that can offer the entire package management as a complete service.  It is these far more tactile and status driven rewards that a lot of employees will latch onto and work hard towards.
The power of a good incentive scheme really cannot be overstated, some reports have claimed as much as a 20% improvement in certain areas when such a scheme has been used.  Knowing your company, the purpose of the scheme and the people it is targeting are the three key components to designing a successful incentive. It is also important to remember that there is a lot of weight in more practical rewards, and experiences make for some of the most popular.  If you want to offer something exciting for your employees then contact an Australian incentive travel event management company, and see what wonderful carrots they can provide.