Employee Incentive Programs: Which One is Right For Your Business?

by Evil HR Lady on October 9, 2017

Your employees need a reason to want to stay with your company. Thus, employee incentive programs are important. So, what incentive program is best for your company? Here are the pros and cons of different employee incentive programs so you can decide which is right for your business.

Annual Cost-of-Living Raises

Pro: Everyone can look forward to a raise at year-end.

Con: All you have to do to get the raise is not get fired. That’s a pretty low standard. While there is value in keeping employees’ salaries steady—which is what a cost-of-living raise does—it also doesn’t reward high performers, which are the people you want to keep around.

To keep reading, click here: Employee Incentive Programs: Which One is Right For Your Business?

{ 1 comment… read it below or add one }

Maria Rose October 9, 2017 at 2:44 pm

What I found worked as an incentive for retention of good employees was making each individual feel valued for their efforts with no one abusing the team. Each was responsible for working their shift and took on their job responsibilities seriously knowing that they effected the whole team. Time off requests was given in ahead of time and efforts were made to find an appropriate substitute to cover if needed.
This was done in a job area that usually had high employee turnover and it resulted in low if any turnover. The only negative factor to this was employers had to deal with a slightly higher labor costs because over the years of retention, the employees got cost of living wages until they got to maximum wage so no employees were at starting wage. But the performance of the employees was at top level achieving all goals.

Reply

Leave a Comment

Previous post:

Next post: