Staff incentives
In the battle to recruit and retain the best staff, the usual pay and benefits are no longer sufficient; it is the company that can differentiate their package and engage employees that will succeed.
A staff incentive scheme is perhaps the most straightforward way to motivate staff, but the scheme's objectives must first be identified: what do participants have to achieve, how will this be measured and what will they receive in return?
Some typical questions you might want to consider are as follows:
- What can the business afford to spend for each lead generated/prospect converted/appointment made/suggestion submitted, etc.
- How will the incentive plan be launched and communicated?
- How long will the incentive program operate and how will momentum be maintained?
- Who will administer the scheme?
- How will the tax implications be handled?
- Who will be involved in the scheme and who will be ineligible?
- Is the scheme aimed at incentivising individuals or teams?
Love2reward is the UK;s leading provider of multi option gift vouchers. However if you are looking to introduce performance related incentives, we can offer consultancy and cost effective solutions.
The solutions we recommend you consider for this initiative are as follows: