Successful employee incentive programs have been proven to increase engagement, productivity, and solidify a company culture of high-achievement. While there are a variety of ways to reward your employees, your workforce is unique, and the best incentive plans for employees have your company’s details in mind. Follow the steps below to begin structuring the most effective employee incentive program.
How Do I Create an Employee Incentive Program?
Step 1: Define Your Program Goal
While an employee incentive program can enhance workplace culture in many ways, identifying a specific, measurable goal will set the foundation of your program. Whether you’re looking to increase employee retention or workplace productivity, keeping the goal simple will help when measuring the effectiveness of your program down the road.
Step 2: Determine Your Budget
Employee incentive programs, while an investment, are part of a smart business strategy. This doesn’t change the fact that budget-limitations exist, but it can help determine which parts of the company stand to gain from the investment. More importantly, it will help with allocating the budget into areas of the program where it can make the biggest impact.
Step 3: Factor in Your Audience
Arguably the most important question to ask- what motivates your employees? Enlist the help of manager and employee feedback through department meetings and company-wide surveys to understand what is most important to them.
Step 4: Choose Your Reward Method
Incorporating feedback from your employees, you can begin to determine the most effective employee incentives and rewards. With the right workplace incentive program provider, you can go one step further by structuring a multi-level program to reflect varying departments, each with their own reward options. Options include:
- Merchandise options from an online reward catalog;
- Reloadable debit cards;
- Gift cards from an array of providers; and
- Incentive travel to top resorts.
Step 5: Specify KPIs
Defining and tracking KPI’s will help determine whether your incentive program is on track to meet its goals. This is a great place to re-enforce your company’s mission statement.
Step 6: Pick an Incentive Platform
A well designed, easily accessible incentive platform will play a large role in your employee’s engagement with your program.
Step 7: Announce the Program
With the help of upper management, make sure to reveal the program to employees by emphasizing the value proposition. The more excited they are by the benefits of their participation, the more successful your program will be.
Step 8: Educate Employee Participants
Be sure to train your employees on how to use the reward program for higher engagement and ease of use. Integrate incentive program training into onboarding for new hires so they can learn your company values from day one.
Step 9: Manage and Maintain the Program
Keep the program at the top of employee’s minds with consistent incentive marketing and communication techniques. Incorporating rewards into monthly events alongside gamification and training opportunities will keep program activity high.
Step 10: Evaluate and Enhance
Analyze your program measurables alongside employee feedback to confirm what did and didn’t work. Revisit your strategy and adjust your program promotions accordingly!
Considering an Employee Incentive Program?
Now that you have an understanding of the basic steps to running a successful employee incentive program, it’s time to dig deeper and shop around. Visit Incentive Solutions’ employee incentives FAQ page for more information, or consider taking advantage of a free consultation with one of our sales team members about your current company goals. We’re happy to help!