Getting the most from your staff, in terms of levels of performance and loyalty to your business, is crucial. These factors both actively make and save your business money, so taking the steps to create an environment where staff feel motivated and valued should be a major consideration.
Incentives can help create the right environment to motivate your teams. But does motivating your team improve your ability to retain staff?
Doing a good job provides a sense of personal wellbeing. Actively rewarding staff for their efforts shows that as a business you’re paying attention to them and place value in their performance.
Incentives encourage staff to go above and beyond to prove how good they are. Achieving a strong performance in an incentive program can help team members to feel their efforts are worth something beyond their normal pay.
Help to stave off frustration or feelings of negativity, which can lead to employee attrition, by creating an environment where employees feel more appreciated and encouraged to perform to their best ability. This leads to increased job satisfaction and loyalty.
A sense of camaraderie
Building job satisfaction doesn’t just benefit an individual. When your staff buy into an approach of rewarding hard work and effort, you can create a team dynamic that is more supportive and pleasant to work in. This reduces the risk of potentially toxic behaviors developing across your team.
Incentives that reward entire teams can help tie groups together and forge stronger working relationships – because they have shared goals and targets. They help create an effective working environment – one that helps to improve loyalty and an increased sense of accountability, not just to your company but to colleagues. Strong team bonds encourage staff to remain with a business, especially if they have effective working relationships. This kind of team building becomes something which can over time help to attract other skilled employees to your business.
Incentive Research Foundation found that 81% of UK companies were offering non-cash recognition to employees in 2016See our Sales Incentives ideas and services
Shared rewards and experiences
The rewards you put in place for incentives should be highly desirable. They give your employees something tangible to work towards.
A shared goal can assist in team bonding between your best performers, while also encouraging your other team members to work towards achieving a similar level of success the next time you run an incentive.
This can help teams to support and motivate each other to do better next time. Even in a situation where there might be a sense of disappointment for not topping a leader board, you can help create an environment where your staff feel valued and supported. This can also help your staff to be more encouraged to do better next time as opposed to disheartened or demotivated for not succeeding.
Alternatives to pay rises
According to the Chartered Institute of Personnel and Development’s (CIPDs) Labour Market Outlook Report from Autumn 2018, up to 55% of employers are considering increasing, or have increased, staff salaries to help mitigate issues with employee retention.
However, reports from the Incentive Research Foundation, in recent years, suggest that the use of incentives as an alternative to pay rises is on the increase. The association found that 81% of UK companies were offering non-cash recognition to employees in 2016. Meanwhile, the Incentive Federation reported in the same year that businesses in the US were spending $90 billion on non-cash incentives annually, which was an increase of 17% from 2013.
A key part of the attraction seems to be that incentives, particularly ones with meaningful rewards attached to them, can provide a means of motivating employees that isn’t rolled into their pay. Rewards can be tactically used to drive performance, without needing to increase overheads via additional pay rises – which are also less likely to be acknowledged by an employee because they are just rolled into their existing salary. Consequently, this can make an incentive, and its subsequent reward, stand out, have a greater impact, and be a more cost-effective way to motivate and retain staff.
Helping you to drive performance and retain staff
Using incentives to motivate your team can build a more positive working environment. This can stave off the feelings that frequently cause staff to consider working elsewhere.
At CR Worldwide, we can quickly design, launch and optimize powerful incentive schemes for your business. This can drive employee performance and engagement and help to generate increased sales. Our programs are:
Easy to implement — They can be tailored to suit your business needs and goals, meaning you can be ready to implement an incentive scheme quickly.
Easy to use — They are designed so that they’re easy to understand and use. This allows staff to easily work towards their reward targets, track their sales, and compete with other businesses.
Easy to manage — They offer real-time reporting in participation with ROI and budget management. This means you can effectively manage, organise and track your employees’ performances, set rewards according to your budget, and get the most value out of your incentive scheme.
We’d love to help you engage, motivate and inspire your staff with our innovative sales incentive services. To speak to a member of our award-winning team: